Direct Deposit of Your Tax Return RefundInstructions on how to deposit a physical tax return refund check.
The 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 Advantage Funds IRATax refunds deposited into a Wells Fargo Advantage Funds IRA in 2013 will be treated as 2013 tax-year contributions. The 2013 aggregate annual contribution limit for Roth and Traditional IRAs is $5,500 ($6,500 if you are age 50 or over). If you wish to designate the refund deposit as a 2012 tax-year contribution, please contact an Investment Specialist at 1-800-359-3379 after the deposit has been received by Wells Fargo Advantage Funds, but before April 15, 2013. In order to qualify as a 2012 tax-year contribution, the deposit must be received no later than your tax filing deadline, not including extensions. The 2012 contribution limit for Roth and Traditional IRAs is $5,000 ($6,000 if you are age 50 or over).
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.