The Internal Revenue Service announced that a draft of Form 8888, "Direct Deposit of Refund," a new form for taxpayers who opt to split their refunds among accounts, is now available for public comment.
Starting in January, taxpayers will have more flexibility on where the direct deposits of their 2006 federal income tax refunds are sent. They can split their refunds among up to three checking or savings accounts and three different U.S. financial institutions by using the form, which will be available for returns filed either on paper, or electronically.
Taxpayers can continue to use the direct deposit line on Form 1040 to electronically send their refunds to a single checking or savings account.
Tax professionals, taxpayers and other interested parties have 30 days to make suggestions regarding the form and its instructions. The draft form is posted on the IRS Web site, under the tax professional section, or can be accessed at http://www.irs.gov/newsroom/article/0,,id=161331,00.html.
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