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How to Send a Tax Refund to an IRA

1.

Complete your federal income taxes, or, if you work with an accountant, specify your wish to send part of your tax refund to your IRA.

2.

File Form 8888, entitled "Direct Deposit of Refund to More Than One Account," and attach it to your tax return. Form 8888 is also used to direct part of a refund to checking or savings accounts, health savings accounts and Coverdell Education Savings Accounts.

3.

Understand that your IRA contribution will be made in the form of a direct deposit. Confirm that your financial institution accepts this type of deposit.

4.

Direct that your refund go into an account owned by you and your spouse if you file your income taxes jointly.

5.

Verify that you include the proper bank account number and routing number on Form 8888.

6.

Check to make sure your IRA deposit was placed in the correct account after you receive your tax refund.

Tips and Warnings

  • Use Form 8888 only if you want your refund to go to two or three accounts (such as your savings account and the IRA account). If you only want to send the deposit to a single account, simply indicate this on the "direct deposit" line found on your tax return.
  • It is your responsibility to verify that your IRA custodian credited your deposit to the correct tax year. The IRS will not provide any information about this when directing the refund to deposit. Ensure that your deposit is associated with the tax year you intended to avoid major problems later on.


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