Question: What is a split refund?
Answer: A split refund lets you divide your refund, in any proportion you want, and direct deposit the funds in up to three different accounts with U.S. financial institutions.
Question: What are the benefits of splitting my refund?
Answer: By splitting your refund, you get the convenience of directing some of your refund to your checking account for immediate needs and sending some to savings for future use. Plus, you get the safety and speed of direct deposit, meaning you will have access to your refund faster than if you opt to receive a paper check.
Instead of choosing between depositing your refund into a checking or saving account and later moving part of your refund to another account, you can allocate your refund among up to three different accounts and send your money where you want it the first time.
Question: Does my refund have to exceed a certain amount to split it into different accounts?
Answer: Your deposit to each account must be at least $1.00.
Question: Must I file electronically to split my refund?
Answer: No, you can split your refund regardless of whether you file electronically or on paper.