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Deposit tax refunds 1, 2, 3

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in Small Business Tax

Starting with 2006 tax returns, you’ll have more “direct deposit” options if you’re entitled to a refund. The IRS is creating a new program that will enable you to divide your refund among three accounts: checking, savings and retirement. (IRS internal release 2006-085) You can elect to divide your refund among all three, only two or just one. Use new Form 8888. Note: Last year, the IRS direct-deposited 52.7 million refunds, amounting to $134.2 billion, into taxpayer bank accounts.

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