Since the IRS has just announced the beginning of the 2025 tax season. If you are wondering if you could have a split refund, the answer is yes. Nowadays, it is possible to get a split refund and in any proportion you would like to.
Therefore, the IRS will allow taxpayers who qualify for a 2024 tax refund to get direct deposits into a maximum of 3 accounts. Thus, you could receive your money in up to 3 completely different accounts as long as they are United States financial institutions.
How can I get a split refund from the IRS in 2025?
The Internal Revenue Service informs taxpayers who would like to get a split tax refund in 2025 to use Form 8888. For your information, this form is known as Allocation of Refund.
Bear in mind that the IRS will only be able to send your tax refunds to up to 3 bank accounts that are in your name. Thus, it is mandatory that they are in your name.
For those who are wondering what types of accounts can be used, the IRS claims that they could be:
- A checking account,
- A savings account,
- A traditional individual retirement arrangement (IRA), Roth IRA, Roth SEP or SEP IRA
- A Coverdell education savings account (ESA)
- An Archer MSA
- A health savings account (HSA)
Could I get a portion of my refund in the form of an IRS paper check?
The Internal Revenue Service also allows taxpayers who qualify for a tax refund to get part of it in the form of a paper check. However, it is not advisable to request a paper check.
Among the reasons why you should not claim a paper check are 2 important ones. Firstly, paper checks will take longer to arrive than direct deposits. Secondly, you may lose your refund check.
Losing a paper check from the IRS can be unpleasant and you will have to initiate a refund trace. Then, make it simple and request a direct deposit into 1, 2 or 3 accounts.