Let's see how Frank, a tax preparer, uses Tax Layer Pro online software to start a conversation about splitting the taxpayers' refund. Okay, coming down the homestretch here, as I said, with the dependents and credits related to your kids, you will be getting back $8,700 from the IRS and another $130 from the state. Great! So, what's next? I'm just making some finishing entries to get your taxes ready to file electronically. The next item asks for information about your bank or credit union accounts for a direct deposit. Account more than one? Yes, you can split your refund into two or three accounts or buy US savings bonds. Some people like to put some money right into checking and spend it right away, and then the rest into savings so there's a little left over for emergencies like a car repair or a medical bill or a life goal, like buying a new house. I do want to save some money, but once I get the refund, I'll just divvy it up and do it myself. Sure, you can do that, but it's generally easier to let your tax return do that for you. I mean, I just indicate whether each account is checking or savings, and then I enter the bank name, routing number, and the account number for whichever account you'd like. Okay, I mean I have all these items with me, but wait, wait, this is going to slow things down. No, no, not at all! A special form gets filed electronically along with your tax return. You get the deposits in both accounts and the usual amount of time. Okay, great! Here's the numbers for my checking and savings accounts. All right, excellent! I've entered all the bank information for the two accounts. Now, how...
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Video instructions and help with filling out and completing What 8850 Form Refund
