What Is A Split Government Tax Refund?
A split government tax refund is a service that the government will provide to the taxpayers for free that allows them to split the amount of their refund into three separate accounts. For example, if you receive $3000 back in your refund you can have the government divide that return into 3 -$1000 deposits into three separate accounts. This service is provided by the government for free and will be done as an electronic deposit into those accounts.
What If I Want A Split Refund Placed Into A Bank Outside Of The United States
You cannot process a split government tax refund into an account that is held outside of the United States. This transference of money beyond the U.S. borders is against the law. Requesting this action from the government is, in fact, an open invitation to have yourself audited. If you want to have a split refund done you will need to keep the accounts in a U.S. bank so that the transaction is legal.
Can I Have A Split Refund Deposited Into Someone Else’s Bank Account – I Currently Owe Them Money
When you apply for a split government tax refund you must have the refund deposited into your own privately held account. If you are married you can have the money deposited into a joint account that you are part owner. You can not however deposit money into someone else’s account. This practice is strictly forbidden by the government for several reasons. First and foremost, the chance of their being a problem is very high. Should the deposit not appear there would be countless lawsuits to fix the problem. Second, it is not proper handling of personal information. And finally, the chance for a crime to be committed in this manner is very high. If you owe someone money, withdraw it from your own account once you received your refund, and repay them accordingly.