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Category: Refunds

Form 8888: Can I deposit my refund into more than one bank account?

If you are receiving a refund from the IRS, TaxSlayer offers you the option to deposit your Federal refund into two or three different accounts at a bank or financial institution in the United States.  Keep in mind that you must choose to receive your Federal refund by Direct Deposit and your name must also be associated with each bank account provided.

* According to the IRS, you cannot have your Federal refund deposited into more than one account or buy Paper Series I Savings Bonds if you are filing Form 8379, Injured Spouse Allocation


TaxSlayer Entry: If you would like to allocate your Federal refund to more than one bank account using your TaxSlayer account, it can be done during the e-file process.  Once in the e-file process, you will be asked for banking information for direct deposit on the Bank Account page.  Provide your routing and account and enter the applicable amount of refund to be deposited into that account and select "Continue".  You will be returned back to the same screen where you will select the button to "Add" another bank account.  Complete the required information for the additional bank account along with the remainder of your refund to be deposited and select "Continue".  TaxSlayer will automatically generate Form 8888 to send electronically with your return.


State refunds are only deposited into the first account listed.


NOTE: You may only choose this option with TaxSlayer if you choose to pay your TaxSlayer fees with a debit, credit, or pre-paid card.  This is not an option if you choose to have our fees deducted from your Federal refund.