Maryland Direct Deposit of Maryland Income Tax Refund to More Than One Account
Extracted from PDF file 2020-maryland-form-588.pdf, last modified September 2010
Direct Deposit of Maryland Income Tax Refund to More Than One AccountMARYLAND FORM 588 First Name Print Using Blue or Black Ink Only 2020 DIRECT DEPOSIT OF MARYLAND INCOME TAX REFUND TO MORE THAN ONE ACCOUNT MI Last Name Social Security Number OR Federal Identification Number MI Spouse's First Name Spouse's Last Name Spouse's Social Security Number 1. a. Amount to be deposited in first account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. Routing number (9-digit) c. d. Account number e. Name(s) as it appear(s) on the bank account Checking b. Routing number (9-digit) d. Account number e. Name(s) as it appear(s) on the bank account c. b. Routing number (9-digit) d. Account number c. Checking Purpose of Form Use Form 588 if you want us to directly deposit your tax refund to either two or three of your accounts at a bank or other financial institution (such as a mutual fund, brokerage firm or credit union) in the United States. If you file Form 588, you cannot choose to get any part of your refund as a check. You cannot request a deposit of your refund to an account that is not in your name (such as COM/RAD 755 00 3a. 00 4. 00 Savings e. Name(s) as it appear(s) on the bank account 4. Total amount to be directly deposited. Add lines 1a, 2a, and 3a. The total must equal the amount shown on Form 502, line 48; Form 505, line 51; or Form 504, line 35. . . . . . . . . . . . . . . . . . . . . . General Instructions 2a. Checking Savings 3. a. Amount to be deposited in third account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 00 Savings 2. a. Amount to be deposited in second account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1a. your preparer's own account). If you are filing Form 502INJ, Maryland Injured Spouse Form, you may not direct deposit portions of your refund into multiple accounts, stop here and do not use this form. Instead, you may request to deposit your refund into one financial institution’s account on your income tax return. Note. If you want your refund deposited to only one account, do not complete this form. Instead, request direct deposit on your tax return. MARYLAND FORM 588 Do not file a Form 588 on which you have crossed out or whited out any numbers. If you do, the State of Maryland will reject your direct deposit request and send you a check. Why Use Direct Deposit? • You get your refund faster by direct deposit than you do by check. • Payment is more secure. There is no check that can get lost or stolen. • It is more convenient. You do not have to make a trip to the bank to deposit your check. • It saves tax dollars because it costs the government less. Be sure to check with your financial institution to make sure your direct deposits will be accepted. Verify your account and routing numbers. If you enter the wrong account information, the State of Maryland will not be responsible for recovering that refund. Do not use the routing number on a deposit slip if it is different from the routing number on your checks. Specific Instructions Some financial institutions may not allow a joint refund to be deposited to an individual account. For any direct deposit that a financial institution rejects, a check will be sent instead; the State of Maryland is not responsible if a financial institution rejects a direct deposit. Code Number Enter code number 588 on one of the code number lines located to the right of the telephone number area on your tax return. Attach your completed Form 588 if you entered code 588 on your tax return. We are unable to effect direct deposit of your refund to more than one account if you fail to enter code 588 and attach this form to your tax return. Lines 1a, 2a, and 3a Enter the portion of your refund you want directly deposited to each account. Each deposit must be at least $1. The total of lines 1a, 2a, and 3a must equal the total amount of your refund. Lines 1b, 2b, and 3b Enter the routing number on the lines provided. The routing number must be nine digits. The first two digits must be 01 through 12 or 21 through 32. Otherwise, the direct deposit will be rejected and a check will be sent instead. On the sample check on page 2 of this form, the routing number is 050250025. Chris and Pat Taxpayer would use that routing number unless their financial institution instructed them to use a different routing number for direct deposits. Ask your financial institution for the correct routing number to use. Individual taxpayers have the option to use all or part of their Maryland income tax refund to purchase U.S. Series I Savings Bonds. • • • 2020 DIRECT DEPOSIT OF MARYLAND INCOME TAX REFUND TO MORE THAN ONE ACCOUNT You must have an established account with TreasuryDirect to which the designated portion of your refund will be deposited. Visit www.treasurydirect.gov for information on opening an account. Follow the General Instructions for filling out Form 588. The Routing Number for TreasuryDirect is 051736158. Fill in your TreasuryDirect account number. REMEMBER, you must have an established TreasuryDirect account. Once your designated refund has been deposited into your TreasuryDirect account, you may purchase U.S. Series I Savings Bonds by accessing your TreasuryDirect Account. For more information, visit www.treasurydirect.gov Page 2 Lines 1c, 2c, and 3c Be sure to check only one box for the account type to ensure your deposit will be accepted. If you are not sure, ask your financial institution whether you should check the “Checking” or “Savings” box. Lines 1d, 2d, and 3d The account number can be up to 17 characters (both numbers and letters). Omit spaces, hyphens, and special symbols. Enter the number from left to right and leave any unused line blank. On the sample check below, the account number is 00202086. Do not include the check number. Lines 1e, 2e, and 3e. Enter the name(s) as it appear(s) on the bank account. Line 4 The total on line 4 must equal the total amount of your refund as shown on your tax return. If the total on line 4 is different, a check will be sent instead. The total on line 4 must also equal the total of the amounts on lines 1a, 2a, and 3a. Changes in Refund Due to Math Errors or Refund Offsets The rules below explain how your direct deposits may be adjusted. Math errors. The following rules apply if your refund is increased or decreased due to a math error. Refund increased. If you made an error on your return and the amount of your refund is increased, the additional amount will be deposited to the last account on line 2 or 3 as applicable. Example. Your return shows a refund of $300 and you ask that the refund be split among three accounts with $100 in each account. Due to an error on the return, your refund is increased to $350. The additional $50 will be added to the deposit to the account on line 3. Refund decreased. If you made an error on your return and the amount of your refund is decreased, the reduced amount will be taken from the accounts on line 3, 2 and 1, in that order and as applicable. Example. Your return shows a refund of $300 and you ask that the refund be split among three accounts with $100 in each account. Due to an error on your return, your refund is decreased by $150. You will not receive the $100 you asked us to deposit to the account on line 3 and the deposit to the account on line 2 will be reduced by $50. Note. If you appeal the math error and your appeal is upheld, the resulting refund will be a paper check. Refund offset. If your refund is used by the Comptroller of Maryland to pay (offset) past-due federal tax, state tax or certain other debts (such as other state’s income tax, child support, spousal support, or certain federal non-tax debts), the offset is taken from the deposits to accounts on line 3, 2 and 1, in that order and as applicable. Sample Check CHRIS TAXPAYER PAT TAXPAYER 321 Happy Lane Town, MD 20000 PAY TO THE ORDER OF TOWN BANK Town, MD 20000 E L P AM S Routing number Account number 0004 16-0000/0000 $ DOLLARS Do not include check number For :050250025 :002020"'86". 0004 Note. The routing and account numbers may be in different places on your check. COM/RAD 755
More about the Maryland Form 588 Individual Income Tax TY 2020
Use Form 588 if you want us to directly deposit your tax refund to either two or three of your accounts at a bank or other financial institution (such as a mutual fund, brokerage firm or credit union) in the United States.
We last updated the Direct Deposit of Maryland Income Tax Refund to More Than One Account in March 2021, so this is the latest version of Form 588, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 588 directly from TaxFormFinder. You can print other Maryland tax forms here.
Other Maryland Individual Income Tax Forms:
|Form Code||Form Name|
|Form 502||Maryland Resident Income Tax Return|
|Form PV||Tax Payment Voucher, Estimated tax Form, and Extension|
|Form 502D||Maryland Personal Declaration of Estimated Income Tax (DISCONTINUED)|
|Resident Booklet||Income Tax Forms & Instructions Booklet|
|Form 505NR||Nonresident Income Tax Computation|
Maryland usually releases forms for the current tax year between January and April. We last updated Maryland Form 588 from the Comptroller of Maryland in March 2021.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Maryland Form 588
We have a total of ten past-year versions of Form 588 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Tax Year 2019 - Direct Deposit Of Maryland Income Tax Refund To More Than One Account
While we do our best to keep our list of Maryland Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.