Form 1040 Instructions - 2015 Page 72
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105 2015 Form 1040—Lines 75 Through 76d
It saves tax dollars. It costs the
Injured Spouse
DIRECT
DEPOSIT
government less to refund by direct de-
If you file a joint return and your spouse
Simple. Safe. Secure.
posit.
has not paid past-due federal tax, state
Fast Refunds! Join the eight in 10 taxpayers
It's proven itself. Nearly 98% of
income tax, state unemployment com-
who choose direct deposit—a fast, simple, safe,
social security and veterans' benefits are
secure way to have your refund deposited
pensation debts, child support, spousal
sent electronically using direct deposit.
automatically to your checking or savings
support, or a federal nontax debt, such
account, including an individual retirement
If you file a joint return and
as a student loan, part or all of the over-
arrangement (IRA). See the information about
!
check the box on line 76a and
payment on line 75 may be used (offset)
IRAs later.
attach Form 8888 or fill in
to pay the past-due amount. But your
CAUTION
lines 76b through 76d, your spouse may
part of the overpayment may be refun-
get at least part of the refund.
ded to you if certain conditions apply
If you want us to directly deposit the
and you complete Form 8379. For de-
amount shown on line 76a to your
IRA. You can have your refund (or part
tails, use
Tax Topic 203
or see Form
checking or savings account, including
of it) directly deposited to a traditional
8379.
an IRA, at a bank or other financial in-
IRA, Roth IRA (including a myRA), or
stitution (such as a mutual fund, broker-
SEP-IRA, but not a SIMPLE IRA. You
Lines 76a Through 76d
age firm, or credit union) in the United
must establish the IRA at a bank or other
States:
financial institution before you request
Amount Refunded to You
Complete lines 76b through 76d (if
direct deposit. Make sure your direct de-
If you want to check the status of your
you want your refund deposited to only
posit will be accepted. You must also
refund, just use the IRS2Go app or go to
one account), or
notify the trustee or custodian of your
IRS.gov and click on Where's My Re-
Check the box on line 76a and at-
account of the year to which the deposit
fund. See Refund Information, later. In-
tach Form 8888 if you want to split the
is to be applied (unless the trustee or
formation about your return will gener-
direct deposit of your refund into more
custodian won't accept a deposit for
ally be available within 24 hours after
than one account or use all or part of
2015). If you do not, the trustee or cus-
the IRS receives your e-filed return, or 4
your refund to buy paper series I savings
todian can assume the deposit is for the
weeks after you mail your paper return.
bonds.
year during which you are filing the re-
If you filed Form 8379 with your return,
turn. For example, if you file your 2015
If you do not want your refund direct-
wait 14 weeks (11 weeks if you filed
return during 2016 and do not notify the
ly deposited to your account, do not
electronically). Have your 2015 tax re-
trustee or custodian in advance, the
check the box on line 76a. Draw a line
turn handy so you can enter your social
trustee or custodian can assume the de-
through the boxes on lines 76b and 76d.
security number, your filing status, and
posit to your IRA is for 2016. If you
We will send you a check instead.
the exact whole dollar amount of your
designate your deposit to be for 2015,
Account must be in your name. Do
refund.
you must verify that the deposit was ac-
not request a deposit of your refund to
tually made to the account by the due
Where's My Refund? will provide an
an account that isn't in your name, such
date of the return (not counting exten-
actual personalized refund date as soon
as your tax return preparer’s account.
sions). If the deposit isn't made by that
as the IRS processes your tax return and
Although you may owe your tax return
date, the deposit isn't an IRA contribu-
approves your refund.
preparer a fee for preparing your return,
tion for 2015. In that case, you must file
Effect of refund on benefits. Any re-
do not have any part of your refund de-
an amended 2015 return and reduce any
fund you receive can't be counted as in-
posited into the preparer's account to pay
IRA deduction and any retirement sav-
come when determining if you or any-
the fee.
ings contributions credit you claimed.
one else is eligible for benefits or
The number of refunds that can be di-
You and your spouse, if filing
assistance, or how much you or anyone
rectly deposited to a single account or
!
jointly, each may be able to
else can receive, under any federal pro-
prepaid debit card is limited to three a
contribute
up
to
$5,500
gram or under any state or local program
CAUTION
year. After this limit is reached, paper
($6,500 if age 50 or older at the end of
financed in whole or in part with federal
checks will be sent instead. Learn more
2015) to a traditional IRA or Roth IRA
funds. These programs include Tempo-
at IRS.gov.
(including a myRA), for 2015. You may
rary Assistance for Needy Families
owe a penalty if your contributions ex-
(TANF), Medicaid, Supplemental Se-
Why Use Direct Deposit?
ceed these limits, and the limits may be
curity Income (SSI), and Supplemental
You get your refund faster by di-
lower depending on your compensation
Nutrition Assistance Program (food
rect deposit than you do by check.
and income. For more information on
stamps). In addition, when determining
Payment is more secure. There is
IRA contributions, see Pub. 590-A. If the
eligibility, the refund can't be counted as
no check that can get lost or stolen.
limits on IRA contributions change for
a resource for at least 12 months after
It is more convenient. You do not
2016, Pub. 590-A will have the new
you receive it. Check with your local
have to make a trip to the bank to depos-
2016 limits.
benefit coordinator to find out if your re-
it your check.
fund will affect your benefits.
For more information on IRAs, see
Pub. 590-A and Pub. 590-B.
-72-
Need more information or forms? Visit IRS.gov.
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