Deposit Your Tax Refund Into Your IRA
Your tax refund can give your finances a boost, but only if you don't spend it away. And now it's easy to put that money straight to work for you. No more having to wait for a check and then deciding what to do with it. Now you can request — on your Form 1040 — to have your federal tax refund automatically deposited into a Traditional, Roth or SEP (Simplified Employee Pension Plan) IRA. Here's how.
To deposit your entire refund into one Traditional, Roth or SEP IRA:
- On line 74a of IRS Form 1040, indicate the amount you want to have automatically deposited into your IRA. For 2008, you can contribute up to $5,000 ($6,000 if you're age 50 or over).
- On line 74b, insert the following routing number: 021409169
- On line 74c, select: Checking
- On line 74d, insert the following account number: 018 followed by your IRA contract number (example: 018N1234567).
If you need assistance, please call us at
1 800 842-2776.
To split your deposit among up to three accounts (IRA or other):
You'll need to complete two forms: IRS Form 1040 and IRS Form 8888 (Form 8888 is the form you'll use to give instructions for automatic deposits to more than one account).
On Your Form 1040
- On line 74a, indicate the total amount you want to have automatically deposited into your accounts. Also check the box to indicate that a Form 8888 will be attached. For 2008, you can contribute up to $5,000 ($6,000 if you're age 50 or over).
- Leave lines 74b, 74c and 74d blank.
On Your Form 8888For each account into which you'll be making a deposit:
- Enter the amount to be deposited.
- Enter the following routing number: 021409169
- Select: Checking
- Enter the following account number: 018 followed by the IRA contract number for the IRA into which you're making the deposit (example: 018N1234567).
If you need assistance, please call us at
1 800 842-2776.
IMPORTANT: A direct deposit to a Traditional, Roth or SEP IRA made after January 1, 2008, will automatically be made as a 2008 tax-year contribution. If you wish to have your deposit made to an IRA as a 2007 tax-year contribution, please call and speak with a TIAA-CREF consultant at
1 800 842-2776 after TIAA-CREF has received the funds.
In order to qualify as a 2007 tax-year contribution, the deposit must be received by TIAA-CREF no later than April 15, 2008. Please note that only federal tax returns (not state tax returns) can be automatically deposited to an IRA. Your IRA must be established before you can request that your tax refund be automatically deposited to it.
Open a TIAA-CREF Traditional, Roth or SEP IRA.
The tax information contained herein (including any attachments) is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding any tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed herein. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
