Form 8888 is the tax form every taxpayer can use to split their tax refund into two or more accounts and/or purchase US savings bonds.
It’s a simple tax form that you can fill out in about five to ten minutes. As long as you know what you’re doing, it’s a hassle-free tax form that most taxpayers won’t require a tax professional.
See 8888 Form 2022 instructions to file.
Splitting tax refund using 8888
In a single Form 8888, you can split your tax refund into seven different pieces. Allocate your tax refund to three direct deposits, three series I savings bonds, and a paper check. Although it’s rare for most taxpayers to split their tax refunds utilizing each of the three, it’s possible.
Note: Use Form 8888 only if you’re splitting your refund into two or more pieces. If you want to get the tax refund direct deposited into your account, use the appropriate boxes on Form 1040 instead. See 1040 instructions to file for the 2022 tax season for your 2021 taxes.
Fill out Form 8888 online
Form 8888, Allocation of Refund, is available to fill out online. However, this version of Form 8888 is only for those who are preparing a paper tax return. If you’re e-filing your tax return, you can file the 8888 through the tax preparation service you’re using to submit it.
What is Form 8888?
The IRS Form 8888 is a tax form used to split a tax refund and allow taxpayers to purchase Series I savings bonds with the refund money.
You don’t necessarily need to purchase series I savings bonds with the entire refund amount, and the same goes for your refund. You can do it piece by piece. For example, assume your tax refund is $5,000. You can split it halfway into two different accounts to directly deposit $1,250 each. Then, you can purchase $2,000 worth of savings bonds and allocate the rest to a physical paper check.
Additionally – this has been in the discussions for recently – you cannot use Form 8888 for the stimulus check, in other words, your Economic Impact Payment.