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www.irs.gov/Form8888. What’s New New entry space. An entry space has been added for the appropriate calendar year at the top of the form. Reminder Continuous-use form. Form 8888 has been converted from annual revision to continuous use. The form will be updated as needed. General Instructions Purpose of Form Use Form 8888 if:
Information about Form 8888, Allocation of Refund (Including Savings Bond Purchases), including recent updates, related forms and instructions on how to file. Use Form 8888 to directly deposit your refund (or part of it) to one or more accounts at a U.S. bank or other financial institution.
This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information. Do not file draft forms and do not rely on draft forms, instructions, and pubs for filing. We incorporate all significant changes to forms posted with this coversheet.
You can purchase savings bonds with your tax refunds in multiples of $50, up to the yearly maximum of $5,000. The use of Form 8888 to purchase savings bonds in 2024 will leave you with two options for the remainder of your refund balance after your savings bond purchase: (1) deposit the remainder of your refund to one or more accounts – such as a
Purpose of Form. Use Form 8888 if: You want us to directly deposit your refund (or part of it) to either two or three accounts at a bank or other financial institution (such as a mutual fund, brokerage firm, or credit union) in the United States, or.
You can use your tax software to do it electronically. Or, use IRS’ Form 8888, Allocation of Refund, if you file a paper return. Just follow the instructions on the form. If you want the IRS to deposit your refund into just one account, use the direct deposit line on your tax form.
Application for IRS Individual Taxpayer Identification Number. Get or renew an individual taxpayer identification number (ITIN) for federal tax purposes if you are not eligible for a social security number.
Use Form 8880 to figure the amount, if any, of your retirement savings contributions credit (also known as the saver’s credit). The maximum amount of the credit is $1,000 ($2,000 if married filing jointly). TIP This credit can be claimed in addition to any IRA deduction claimed on Schedule 1 (Form 1040), line 20.
This is your adjusted gross income . . . . . . . . . . Standard deduction or itemized deductions (from Schedule A) . . . . . . . . . . Qualified business income deduction from Form 8995 or Form 8995-A . . . . . . . . . Add lines 12 and 13 . . . . . . . . . . . . . . . . . . . . . . . .
You can put some into your checking account, some in your savings account, or some in other accounts, such as an individual retirement arrangement or IRA. Use the Form 8888, Allocation of Refund (Including Savings Bond Purchase) to split your refund.