Just curious. I've never used this form before, have a client that will probably use it this year. Just wondering if the IRS handles this well and as speedily as the regular direct deposits.
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Haven't used it in a long time. Was just fine for my clients. Just make sure you know what the client wants and read the instructions carefully. If the refund is less than expected, there's an ordering procedure. If something is critical, such as funding an IRA, make sure that account is listed in the right order to not receive less than expected. -
What is the reason for using 8888? Split the refund into more than one bank account, purchase savings bonds, fund an IRA?
One of my clients used that last tax season and it did not work out exactly as planned because IRS ended up sending them a paper check after 6 weeks! I think the reason was that on a MFJ the refund is made payable jointly, but the IRA account was only in one name.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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No, I think is just a husband and wife wanting money in different checking/savings accounts. No IRA or anything.Comment
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