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Ronald Cutler, P.A. Ronald Cutler P.A.
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Splitting A Tax Refund


Taxpayers have a lot of different choices when it comes to how they receive their federal income tax refunds, one of which is to split the amount among two or three different accounts. Splitting refunds give taxpayers more options for managing their funds. For instance, a taxpayer could send some of the refund to an account for immediate use and put the rest in another account for future savings. Fortunately, splitting a refund is a relatively simple process and can even be done electronically.

What is a Split Refund?

A split refund is a method of dividing a taxpayer’s refund, in any proportion that he or she wants, and then depositing those funds directly into up to three different accounts with:

  • A U.S. financial institution;
  • A reloadable prepaid debit card; or
  • A mobile application.

There are a lot of benefits to splitting a refund. For instance, instead of depositing the entirety of a refund into a checking or savings account and then later having to move some of those funds to another account, taxpayers can allocate that refund among up to three accounts (or financial institutions) and send it where they want right from the get-go. Splitting a refund can also be achieved via direct deposit, which means that a taxpayer will have access to those funds a lot sooner than if he or she opted for a paper check.

How Do I Split My Refund?

Splitting one’s refund is actually pretty easy and can be done electronically or by using tax software. Those who choose instead to file a paper tax return, however, will need to complete and attach Form 8888, which is the form dedicated to the Allocation of Refunds. When completing this form, the taxpayer will need to direct the IRS as to how much of a refund goes to which accounts (they don’t have to be divided equally). Ultimately, it’s possible to split a refund up to seven ways in any combination of the following:

  • Three direct deposits;
  • Three Series I savings bonds; and
  • One paper check.

It’s also important to note that, while taxpayers can direct their refunds to any of their own accounts, or even to prepaid debit cards or mobile apps, they can’t deposit refunds in someone else’s account, unless that account belongs to a spouse and they are receiving a joint refund.

What Kinds of Accounts Can Receive My Refund?

Taxpayers can direct their refunds to any of their checking or savings accounts with a U.S. bank, as long as the financial institution in question accepts direct deposits and they can provide a routing and account number. Some banks, however, will accept direct deposits only for certain types of accounts, so it’s important for taxpayers to double check with their financial institutions before directing the IRS to send a refund.

Do You Have a Tax Problem? Call Us Today for Help

Call 386-490-9949 today to speak with experienced CPA, former FBI Special Agent, and dedicated Florida tax lawyer Ronald Cutler, P.A. about splitting your own tax refund.


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