8888 Direct Deposit of Refund to More Than One Account

2007 Form 8888
Direct Deposit of Refund to More Than One Account
Purpose:

This is the first circulated draft of the 2007 Form 8888 for your review
and comments. The major changes are explained below.

TPCC Meeting:

None, one may be arranged if requested.

Prior Version:

The 2006 Form 8888 is available at:
http://www.irs.gov/pub/irs-pdf/f8888.pdf

Other Products:

Circulations of draft tax forms, instructions, notices, and publications
are posted at:
http://taxforms.web.irs.gov/draft_products.html

Comments:

Please email, fax, call, or mail any comments by May 31, 2007

Neal Dickman
Tax Forms and Publications
SE:W:CAR:MP:T:I:F

Email: Neal.E.Dickman@irs.gov
Phone: 202-622-5013
Fax: 202-927-6234

Major Changes to the 2007 Form 8888
1. On line 4, the line references to the tax refund line were updated since some tax
forms were changed.
(2007 WRN for Forms 1040A, 1040EZ and 1040NR-EZ)
2. In the Purpose of Form, the instructions relating to the telephone excise tax
refund were deleted. The refund only applied to the 2006 tax year.
(Notice 2006-50)
3. In the instructions for lines 1a, 2a and 3a and line 4, the line references for the tax
refund line were updated due to changes on the tax forms.
(2007 WRN for Forms 1040A, 1040EZ and 1040NR-EZ)
4. In the last example on refund offsets, the text was clarified that to “correct your
contribution” means that the taxpayer has to fund the IRA contribution with
money from a source besides the tax refund.

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I.R.S. SPECIFICATIONS

TO BE REMOVED BEFORE PRINTING

INSTRUCTIONS TO PRINTERS
FORM 8888, PAGE 1 of 2
MARGINS: TOP 13 mm (1⁄ 2"), CENTER SIDES.
PRINTS: HEAD to HEAD
PAPER: WHITE WRITING, SUB. 20.
INK: BLACK
1
FLAT SIZE: 216 mm (8 ⁄ 2") 3 279 mm (11")
PERFORATE: (NONE)

Date

8888

©

©

See instructions below and on back.

2007

Attachment
Sequence No.

56

Your social security number

1a

1a Amount to be deposited in first account
b Routing number
d Account number

©c

Checking

Savings

2a

2a Amount to be deposited in second account

©c

b Routing number
d Account number

Checking

Savings

3a

3a Amount to be deposited in third account

©c

b Routing number
d Account number

Checking

Savings

Total amount to be directly deposited. Add lines 1a, 2a, and 3a. The total must equal the amount
shown on Form 1040, line 74a; Form 1040A, line 44a; Form 1040EZ, line 11a; Form 1040NR,
line 72a; Form 1040NR-EZ, line 23a; Form 1040-SS, line 12a; or Form 1040-PR, line 12a

General Instructions
Purpose of Form
Use Form 8888 if you want us to directly
deposit your tax refund to either two or
three of your accounts at a bank or other
financial institution (such as a mutual fund,
brokerage firm, or credit union). If you file
Form 8888, you cannot choose to get any
part of your refund as a check. You cannot
request a deposit of your refund to an
account that is not in your name (such as
your tax preparer’s own account). An
account can be a checking, savings, or
other account such as an individual
retirement arrangement (IRA) (see page 2
for more information on IRAs), health
savings account (HSA), Archer MSA, or
Coverdell education savings account (ESA).
You cannot have your refund deposited
into more than one account if you file Form
8379, Injured Spouse Allocation.
Note. If you want your refund deposited to
only one account, do not complete this
form. Instead, you can request a direct
deposit of your refund on the tax return
you are filing.

Do not file a Form 8888 on
which you have crossed out or
whited out any numbers. If you
CAUTION do, the IRS will reject your
direct deposit and send you a check.

Why Use Direct Deposit?
● You get your refund faster by direct
deposit than you do by check.
● Payment is more secure. There is no
check that can get lost or stolen.
● It is more convenient. You do not have
to make a trip to the bank to deposit your
check.
● It saves tax dollars. It costs the
government less to refund by direct
deposit.
The IRS is not responsible for a
lost refund if you enter the
wrong account information. You
CAUTION should check with your financial
institution to get the correct routing and
account numbers and make sure your
deposit will be accepted. Do not use the
routing number on a deposit slip if it is
different from the routing number on your
checks.

Sample Check

1234

JEFFREY MAPLE
SUZANNE MAPLE
123 Pear Lane
Anyplace, VA 20000

Ä

ANYPLACE BANK
Anyplace, VA 20000

OMB No. 1545-0074

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Attach to Form 1040, Form 1040A, Form 1040EZ, Form 1040NR, Form 1040NR-EZ,
Form 1040-SS, or Form 1040-PR.

Name(s) shown on return

PL
E

15-0000/0000

SA
M

PAY TO THE
ORDER OF

Signature

Revised proofs
requested

Direct Deposit of Refund to More Than One Account

Department of the Treasury
Internal Revenue Service

4

Date

O.K. to print

DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Form

Action

Routing
number

$
DOLLARS

Account
number

"’86". 1234

|:250250025|:202020

Ä

For

Do not include
the check number.

4

Specific Instructions
If you file a joint return and you complete
and attach Form 8888, you are allowing
your spouse to receive the refund on your
behalf. This cannot be changed later.

Some financial institutions will
not allow a joint refund to be
deposited to an individual
CAUTION account. If the direct deposit is
rejected, a check will be sent instead. The
IRS is not responsible if a financial
institution rejects a direct deposit.

Lines 1a, 2a, and 3a
Enter the portion of your refund you want
directly deposited to each account. Each
deposit must be at least $1. The amount of
your refund can be found on Form 1040,
line 74a; Form 1040A, line 44a; Form
1040EZ, line 11a; Form 1040NR, line 72a;
Form 1040NR-EZ, line 23a; Form 1040-SS,
line 12a; or Form 1040-PR, line 12a. The
total of lines 1a, 2a, and 3a must equal the
total amount of your refund.

Lines 1b, 2b, and 3b
The routing number must be nine digits.
The first two digits must be 01 through 12
or 21 through 32. Otherwise, the direct
deposit will be rejected and a check sent
instead. On the sample check, the routing
number is 250250025. Jeffrey and Suzanne
Maple would use that routing number
unless their financial institution instructed
them to use a different routing number for
direct deposits.
Your check may state that it is
payable through a financial
institution different from the one
CAUTION at which you have your account.
If so, do not use the routing number on
that check. Instead, contact your financial
institution for the correct routing number to
enter.

Note. The routing and account numbers may be in different places on your check.
For Paperwork Reduction Act Notice, see back.

Cat. No. 21858A

Form

8888

(2007)

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I.R.S. SPECIFICATIONS

TO BE REMOVED BEFORE PRINTING

INSTRUCTIONS TO PRINTERS
FORM 8888, PAGE 2 of 2
MARGINS: TOP 13 mm (1⁄ 2"), CENTER SIDES.
PRINTS: HEAD to HEAD
PAPER: WHITE WRITING, SUB. 20.
INK: BLACK
1
FLAT SIZE: 216 mm (8 ⁄ 2") 3 279 mm (11")
PERFORATE: (NONE)

DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Form 8888 (2007)

Lines 1c, 2c, and 3c
Check the appropriate box for the type
of account. Do not check more than one
box for each line. If your deposit is to an
account such as an IRA, HSA, or other
similar account, ask your financial
institution whether you should check the
“Checking” or “Savings” box. You must
check the correct box to ensure your
deposit is accepted.

Line 4
The total on line 4 must equal the
amount you want refunded to you
shown on your tax return (Form 1040,
line 74a; Form 1040A, line 44a; Form
1040EZ, line 11a; Form 1040NR, line
72a; Form 1040NR-EZ, line 23a; Form
1040-SS, line 12a; or Form 1040-PR,
line 12a). If the total on line 4 is different,
a check will be sent instead.

Individual Retirement Arrangement
(IRA)
You can have your refund directly
deposited to a traditional IRA, Roth IRA,
or SEP-IRA, but not a SIMPLE IRA.You
must establish the IRA at a bank or
other financial institution before you
request direct deposit. Make sure your
direct deposit will be accepted. You
must also notify the trustee of your
account of the year to which the deposit
is to be applied. If you do not, the
trustee can assume the deposit is for the
year during which you are filing your
return. For example, if you file your 2007
return during 2008 and do not notify the
trustee in advance, the trustee can
assume the deposit to your IRA is for
2008. If you designate your deposit to
be for 2007, you must verify that the
deposit was actually made to the
account by the due date of the return
(without regard to extensions). If the
deposit is not made to your account by
the due date (without regard to
extensions), the deposit is not an IRA
contribution for 2007. In that case, you
must file an amended 2007 return and
reduce any IRA deduction and any
retirement savings contributions credit
you claimed.
You and your spouse, if filing
jointly, each may be able to
contribute up to $4,000
CAUTION ($5,000 if age 50 or older at
the end of 2007) to a traditional IRA or
Roth IRA for 2007. You may have to pay
a penalty if your contributions exceed
these limits.

TIP

For more information on IRAs,
see Pub. 590, Individual
Retirement Arrangements
(IRAs).

Page

Changes in Refund Due to
Math Errors or Refund
Offsets

2

Other offsets. If you owe other
past-due amounts (such as state income
tax, child support, spousal support, or
certain federal nontax debts, such as
student loans) subject to offset by the
Treasury Department’s Financial
Management Service (FMS), the
past-due amounts will be deducted first
from the deposit to the account with the
lowest routing number. Any remaining
amount due will be deducted from the
deposit to the account with the next
lowest routing number and then from the
deposit to the account with the highest
routing number.

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The rules below explain how your direct
deposits may be adjusted.
Math errors. The following rules apply if
your refund is increased or decreased
due to a math error.
Refund increased. If you made an
error on your return and the amount of
your refund is increased, the additional
amount will be deposited to the last
account listed. If you asked that your
refund be split among three accounts,
any increase will be deposited to the
account shown on line 3. If you asked
that your refund be split among two
accounts, any increase will be deposited
to the account shown on line 2.
Example. Your return shows a refund
of $300 and you ask that the refund be
split among three accounts with $100 in
each account. Due to an error on the
return, your refund is increased to $350.
The additional $50 will be added to the
deposit to the account shown on
line 3.
Refund decreased. If you made an
error on your return and the amount of
your refund is decreased, the decrease
will be taken first from any account
shown on line 3, next from the account
shown on line 2, and finally from the
account shown on line 1.
Example. Your return shows a refund
of $300 and you ask that the refund be
split among three accounts with $100 in
each account. Due to an error on your
return, your refund is decreased by
$150. You will not receive the $100 you
asked us to deposit to the account on
line 3 and the deposit to the account
shown on line 2 will be reduced by $50.
Note. If you appeal the math error and
your appeal is upheld, the resulting refund
will be deposited to the account on line 1.
Refund offset. The following rules apply if
your refund is offset (used) to pay past-due
federal tax or certain other debts.
Past-due federal tax. If you owe
past-due federal tax and your refund is
offset by the IRS to pay the tax, the
past-due amount will be deducted first
from any deposit to an account shown on
line 3, next from the deposit to the account
shown on line 2, and finally from the
deposit to the account shown on line 1.
Example. Your return shows a refund
of $300 and you asked us to split the
refund among three accounts with $100
in each account. You owe $150 from a
prior tax year. You will not receive the
$100 you asked us to deposit to the
account on line 3 and the deposit to the
account shown on line 2 will be reduced
by $50.
Printed on recycled paper

If the deposit to one or more
of your accounts is changed
due to a math error or refund
CAUTION offset, and that account is
subject to contribution limits, such as an
IRA, HSA, Archer MSA, or Coverdell
ESA, or the deposit was deducted as a
contribution to a tax-favored account on
your tax return, you may need to correct
your contribution or file an amended
return.
Example. You deduct $1,000 on your
2007 tax return for an IRA contribution.
The contribution is to be made from a
direct deposit of your 2007 refund. Due
to an offset by the FMS, the direct
deposit is not made to your IRA. You
need to correct your contribution by
contributing $1,000 to the IRA from
another source by the due date of your
return (determined without regard to any
extension) or file an amended return
without the IRA deduction.
Paperwork Reduction Act Notice. We
ask for the information on this form to
carry out the Internal Revenue laws of
the United States. You are required to
give us the information. We need it to
ensure that you are complying with
these laws and to allow us to figure and
collect the right amount of tax.
You are not required to provide the
information requested on a form that is
subject to the Paperwork Reduction Act
unless the form displays a valid OMB
control number. Books or records
relating to a form or its instructions must
be retained as long as their contents
may become material in the
administration of any Internal Revenue
law. Generally, tax returns and return
information are confidential, as required
by Internal Revenue Code section 6103.
The average time and expenses
required to complete and file this form
will vary depending on individual
circumstances. For the estimated
averages, see the instructions for your
income tax return.
If you have suggestions for making
this form simpler, we would be happy to
hear from you. See the instructions for
your income tax return.