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Winning Ways to Use IRS Form 8888

by Laura Hendrix - July 11, 2017

According to the IRS, the average amount of an individual tax refund year last year was $2,797 and 70% of tax filers are expected to receive refunds this year. Tax time can be a great opportunity to build financial stability by increasing savings.

Step One: Use IRS Form 8888 to automatically save all or part of your tax refund. You can deposit into up to three accounts including savings accounts at a bank or credit union, TreasuryDirect® online, IRA (traditional, Roth, or myRA), or a Coverdell education savings account. In addition to account deposits, tax filers can purchase U.S. Series I Savings Bonds

Step Two: You must have an account (or accounts) in your name to use direct deposit. You can’t deposit your refund into someone else’s account. There are many other good reasons for not depositing your refund into someone else’s account. Beware of financial abuse and scams at tax time. The routing and account numbers for each account must be listed on Form 8888. Contact your financial institution if you don’t know where to find these numbers. If you purchase savings bonds, you’ll need the names of the owners. You can purchase savings bonds for yourself, your spouse, child, grandchild, or anyone else. Bonds can have an owner and co-owner and you have the option of designating a beneficiary (someone to inherit the bond if the owner dies).

Step Three: Enter the Save Your Refund contest at Your Refund is a promotional campaign sponsored and funded by two nonprofit organizations - America Saves and Doorways to Dreams. The purpose of the Save Your Refund campaign is to inspire tax filers to save all or part of their refund. Save a minimum of $50 for the chance to win weekly prizes. Submit a photo to be entered to win the grand prize of $25,000!

There are additional benefits of using Form 8888. Direct deposit is a faster way to receive your refund than by check. You don’t have to make a trip to the bank. You don’t have to worry about a refund check getting lost or stolen