Deposit Your Tax Refund into Your IRA

Your tax refund can give your finances a boost, but only if you don’t spend it. 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. If you already have a TIAA-CREF Traditional, Roth or SEP (Simplified Employee Pension Plan) IRA, you can request — on your Form 1040 — to have part or all of your federal tax refund automatically deposited into the IRA. Here’s how.

  1. On IRS Form 1040, complete lines 73b through 73d. For the 2011 and 2012 tax years, you can contribute up to $5,000 for each year to an IRA (or up to $6,000 if you’re age 50 or older).
  2. On line 73b, insert the following routing number: 021409169
  3. On line 73c, select: Checking
  4. On line 73d, insert the following account number: 018 followed by your IRA contract number (example: 018N1234567).

If you need assistance, please call us at 800 842-2252. You can also read more about how to fill out this section of Form 1040 by downloading "Instructions 1040" on the IRS website at irs.gov. 

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

  1. Check the box on line 73a and attach Form 8888. For the 2011 and 2012 tax years, you can contribute up to $5,000 for each year to an IRA (or up to $6,000 if you’re age 50 or older).
  2. Leave lines 73b, 73c and 73d blank.

On Your Form 8888

In sections 1 through 3, you provide information for each of the account deposits that you’ll be making:

Enter the amount to be deposited in 1a, 2a and (if applicable) 3a.

  1. In 1b, 2b and (if applicable) 3b, enter the routing number. For a deposit to a TIAA-CREF IRA, enter the following routing number: 021409169
  2. For any IRA account deposit, select: Checking
  3. For a deposit to a TIAA-CREF IRA, 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 800 842-2252.

IMPORTANT: A direct deposit to a Traditional, Roth or SEP IRA made after January 1, 2012 will automatically be made as a 2012 tax year contribution. If you wish to have your deposit made to an IRA as a 2011 tax year contribution, please call and speak with a TIAA-CREF consultant at 800 842-2252 after TIAA-CREF has received the funds.

In order to qualify as a 2011 tax-year contribution, the deposit must be received by TIAA-CREF no later than April 17, 2012. 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.

Investments in securities carry market risk.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

 

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