Direct Deposit of Your Tax Return RefundThe IRS allows you to divide your federal income tax refund among up to three existing accounts, including IRAs. The amount must be at least $100.
If you are depositing your refund into only one account, you can simply fill out the two lines in the refund section of Form 1040 and Form 1040A—one line is for the routing number and the other one for your account number. If you want to deposit your refund into two or more accounts, you will need to fill out IRS Form 8888 and indicate on Form 1040 or Form 1040A that you have attached that form.
Tax refunds into a Wells Fargo Funds IRATax refunds deposited into an IRA account will be treated as a current tax year contribution. If you have made a deposit into your IRA prior to the tax filing deadline and wish to designate it as a prior year contribution, please contact us after we have received the contribution and before the tax filing deadline. To qualify as a prior-year contribution, deposits must be received no later than the tax filing deadline, not including extensions.
The following information should be included in the Refund section of Form 1040 or on Form 8888:
If you have any questions, please email us or call one of our representatives at 1-800-359-3379.
Any tax or legal information in this website is merely a summary of our understanding and interpretations of some of the current income tax regulations and is not exhaustive. Investors should consult their tax advisor or legal counsel for advice and information concerning their particular situation. Wells Fargo Funds Management, LLC, Wells Fargo Funds Distributor, LLC, nor any of their representatives may give legal or tax advice.