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Save and Spend on Tax Day

Get the most out of your IRS options

En español | Now you can spend and save your tax refund. Under Internal Revenue Service guidelines, if you use direct deposit for your refund, you can divide it among up to three checking and savings accounts, regardless of which 1040 form you use or whether you file a paper or electronic return. And by using direct deposit, you’ll get your refund sooner than waiting for a check. File Form 8888 with your return, and be sure to verify the routing and account numbers with the institutions because you are responsible for any mistakes.

With split refunds, the IRS hopes taxpayers will save more and rely less on refund anticipation loans.

Hispanics are more likely than others to take out these advances, which charge high fees. The IRS also recommends adjusting employee withholding to pay only the taxes required. While a refund may feel like a bonus, it’s giving the government an interest-free loan.

Visit to learn more and download Form 8888.

For more information, visit AARP Tax-Aide online , which can provide year-round tax counseling, 24 hours a day, seven days a week.

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