Putting your refund to (better) use


It’s tempting to take that refund and blow it on a new toy, but did you know the IRS makes it possible for you to save you from yourself if you have other things that money would be better spent on?

What about spending it on your future self? If you really need to pad your savings account, or maybe invest in your retirement, you can actually have your refund divided into up to three different accounts. Some for savings, some for retirement, and maybe a little bit for fun.

The IRS offers a Split Refund option that lets you divide your refund up to three ways, into any amounts you want, and have it direct deposited.

US Savings Bonds are another option. You can request to have your refund used to buy up to $5,000 in paper or electronic US Series I Savings Bonds for yourself or someone else. You use Form 888, Allocation of Refund (Including Savings Bond Purchases).

To use your refund to invest in your future self, let us know you’d like one of these options when we file your return. You can also read more about splitting up your return in this article from the IRS.

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MARK K. ASHMAN, CPA, PC      Phone: 970-245-5435      Fax: 970-244-8542

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