WASHINGTON (11/16/06)--Beginning in 2007, for tax season 2006, you'll have the option to have your refund direct deposited into as many as three destinations, making it easier for many families to channel their refunds to savings vehicles (USDA Family Economics News Nov. 2006).
Automated saving--much like automated payroll deduction--is especially important for enabling lower-income working families to boost their savings rate. Refund splitting provides the mechanism for families of all income levels to take advantage of one single decision during the tax preparation process and boost their savings.
Use IRS Form 888 to designate which accounts--and in what amounts--you want your refund disbursed. Simply list the account number and routing number for any account in your name. For more information, visit the Split Refunds Web site at splitrefunds.net.
Printed Saturday, November 22, 2008
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