Ever wondered how to save a piece of your tax refund but it never seems to work?

As of January 2007, you can use IRS Form 8888 to split your refund into as many as 3 direct deposits. You could have part go directly to your checking account and part to a savings account. At the time you file your income tax return, you can pick up to 3 U.S. financial institutions for the direct deposit of your tax refund by simply filling out the routing number and account number(s). (These are on your check or account statement and the form tells you how to identify the numbers.) Now you can decide how you want to divide your refund. Putting some of your refund directly into savings can make it easy to save.

Be careful of scams – The IRS will not send you this form in the email unless you request it. If you receive a form in the mail without asking, do not use it. Fake forms called W-8888 are being sent to unsuspecting consumers. The forms are accompanied by a letter on bank stationery to make it look as if the letter and form came from your bank. If you return the form , it is used to steal your identity.

Source: Maryland State Law Library (MSLL)                                                                      Date last reviewed 01/09/08 (PLL/M.A.J.)