Reposting this since it’s tax time again. Another good use of this is for meeting bank account bonuses direct deposit requirement, government payments always qualify.
Every year different financial institutions offer you bonuses for depositing your tax refunds into their accounts. Some tax software will also offer you a 5-10% bonus if you use your refund to purchase gift cards instead of receiving it as cash.
I’ve always thought that you’d only be able to get one of these bonuses, but it’s actually possible to split your tax refund into multiple accounts. I was made aware of this by reader, Jackalope. Splitting your refund into multiple accounts is pretty easy, all you need to do is fill out and file form 8888. The IRS even reminded taxpayers about this feature recently.
You are still somewhat limited though, you cannot split your tax refund into more than three accounts. If anybody knows of a work around to split it into more than three accounts, let us know in the comments.
If you know of any companies offering bonuses, please let me know in the comments section below or contact me directly.
