Direct Deposit of Tax Refund
To encourage more savings for retirement, the IRS allows taxpayers to have their federal income tax refunds directly deposited into an account with a bank or other financial institution. The refund can be split into multiple (up to three) accounts, including IRAs and/or Coverdell Education Savings Accounts (CESAs).
Taxpayers electing to direct deposit their federal income tax refund will use either:
- IRS Form 1040 if directing to only one account; or
- IRS Form 8888 if splitting a refund between two or three different accounts.
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How to Direct Deposit to a Thrivent Financial Account
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For a Mutual Fund Account
Replace the X's as shown above with the fund and account number as it appears on page 2 of your Mutual Fund Year-End Statement. For example, if your fund and account number is 17-1234567890, include it on the form like this: LU51-017-1234567890.
For an Annuity Contract
Replace the X's as shown above with the contract number as it appears on your annuity statement. Be sure to include any letters that are part of the contract number, if applicable. For example if your contract number is B1234567, include it on the form like this: 4112PB1234567.
Important Information on IRA Direct Deposits
For direct deposits into an IRA, please be aware that the contribution will be treated as a current year contribution. If you want it to be treated as a prior year contribution and if the contribution was received at Thrivent Financial prior to your tax filing due date (without regard to extensions), you must contact us after you receive your transaction confirmation.
What Happens if Your Refund is Changed Due to a Math Error or Refund Offset?
The instructions for IRS Form 8888 detail what the IRS will do if the refund is increased or decreased due to a math error or refund offset. If the deposit into one or more of your accounts is changed and the account is subject to contribution limits (such as an IRA); you may need to correct the contribution or file an amended return.
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The information provided is not intended to replace qualified tax advice. Neither Thrivent Investment Management Inc. nor its representatives provide tax advice. For complete details, consult your tax advisor.