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Individual Income Tax Guide

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2016 Quick Reference Tables

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Line 75 – Amount Overpaid

Lines 76a Through 76d – Amount Refunded to You

Line 77 – Applied to Your 2014 Estimated Tax

Line 78 – Amount You Owe

Line 79 – Estimated Tax Penalty


Line 75 – Amount Overpaid: If the amount on this line is under $1, the IRS will send a refund only on written request.

Refund Offset: If you owe past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or certain federal nontax debts, such as student loans, all or part of the overpayment on line 75 may be used (offset) to pay the past-due amount. Offsets for federal taxes are made by the IRS. All other offsets are made by the Treasury Department's Financial Management Service (FMS). For federal tax offsets, you will receive a notice from the IRS. For all other offsets, you will receive a notice from FMS. To find out if you may have an offset or if you have any questions about it, contact the agency to which you owe the debt.

Injured Spouse: If you file a joint return and your spouse has not paid past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or a federal nontax debt, such as a student loan, part or all of the overpayment on line 75 may be used (offset) to pay the past-due amount. But your part of the overpayment may be refunded to you if certain conditions apply and you complete Form 8379, Injured Spouse Allocation. For details, see Form 8379 and its instructions.

Lines 76a Through 76d – Amount Refunded to You:

Line 76a: Enter the portion of your overpayment you would like refunded to you. If you are submitting Form 8888, Allocation of Refund (Including Savings Bond Purchases), check the box on line 76a.  Submit Form 8888 if you would like your refund amount direct deposited to more than one bank account or you would like to use part or all of your refund to purchase Savings Bonds.  You cannot file Form 8888 to split your refund into more than one account or buy paper series I savings bonds if Form 8379, Injured Spouse Allocation, is filed with your return.

If you want the IRS to directly deposit the amount shown on line 76a to one checking or savings account, including an IRA, at a bank or other financial institution (such as a mutual fund, brokerage firm, or credit union) in the United States complete lines 76b through 76d as discussed below.

If you do not want your refund directly deposited to your account, do not check the box on line 76a. Draw a line through the boxes on lines 76b and 76d. The IRS will send you a check instead.

Direct deposit account must be in your name: Do not request a deposit of any part of your refund to an account that is not in your name, such as your tax preparer's account.

Limit on direct deposits of refunds to one account: Only three refunds of direct deposits may be made to a single account. After this limit is reached, the IRS will send a paper check for any refunds requested to be deposited to the account.

Joint Return Refunds: If you file a joint return and check the box on line 74a and attach Form 8888 or fill in lines 76b through 76d, your spouse may get at least part of the refund.

Line 76b – Routing Numbers: The routing number must be nine digits. The first two digits must be 01 through 12 or 21 through 32.

Ask your financial institution for the correct routing number to enter on line 76b if:

Line 76c – Type of Account: Check the appropriate box for the type of account. Do not check more than one box. If the deposit is to an account such as an IRA, health savings account, brokerage account, or other similar account, ask your financial institution whether you should check the “Checking” or “Savings” box. You must check the correct box to ensure your deposit is accepted. For a deposit to a TreasuryDirect online account or a myRA, check the “Savings” box.

Line 76d – Account Number: The account number can be up to 17 characters (both numbers and letters). Include hyphens but omit spaces and special symbols. Enter the number from left to right and leave any unused boxes blank. Do not include the check number.

If the direct deposit to your account(s) is different from the amount you expected, you will receive an explanation in the mail about 2 weeks after your refund is deposited.

Direct Deposit of Refund to IRA: You can have your refund (or part of it) directly deposited to a traditional IRA, Roth IRA (including a myRA), or SEP-IRA, but not a SIMPLE IRA. You must establish the IRA at a bank or other financial institution before you request direct deposit. Make sure your direct deposit will be accepted.

NOTE: You must also notify the trustee or custodian of your account of the year to which the deposit is to be applied (unless the trustee or custodian will not accept a deposit for 2016). If you do not, the trustee or custodian can assume the deposit is for the year during which you are filing the return. For example, if you file your 2016 return during 2017 and do not notify the trustee or custodian in advance, the trustee or custodian can assume the deposit to your IRA is for 2017. If you designate your deposit to be for 2016, you must verify that the deposit was actually made to the account by the due date of the return (without regard to extensions). If the deposit is not made by that date, the deposit is not an IRA contribution for 2016. In that case, you must file an amended 2016 return and reduce any IRA deduction and any retirement savings contributions credit you claimed.  For more information on IRAs, see Publication 590, Individual Retirement Arrangements (IRAs).

Contribution limits: You and your spouse, if filing jointly, each may be able to contribute up to $5,500 ($6,500 if age 50 or older at the end of 2016) to a traditional IRA or Roth IRA (including a myRA), for 2016. You may owe a penalty if your contributions exceed these limits, and the limits may be lower depending on your compensation and income. For more information on IRA contributions, see Publication 590-A.

myRA® : If you already have a myRA® account, you can request a deposit of your refund (or part of it) to your myRA account. A myRA is a starter retirement account offered by the Department of the Treasury. For more information on myRA and to open a myRA account online, visit www.myRA.gov.

TreasuryDirect®: You can request that the IRS deposit your refund (or part of it) to a TreasuryDirect® online account to buy U.S. Treasury marketable securities and savings bonds. For more information, go to www.publicdebt.treas.gov/index1.htm.

Form 8888: You can have the IRS direct deposit your refund into more than one account or use it to buy up to $5,000 in paper series I savings bonds. You do not need a TreasuryDirect® account to do this. For more information, see the instructions at the end of Form 8888, Allocation of Refund (Including Savings Bond Purchases).

Line 77 – Applied to Your 2016 Estimated Tax: Enter on this line the amount, if any, of the overpayment you want applied to your 2017 estimated tax. The IRS will apply this amount to your account unless you include a statement requesting us to apply it to your spouse's account. Include your spouse's social security number in the statement.

This election to apply part or all of the amount overpaid to your 2017 estimated tax cannot be changed later.

Table of Contents

Chapter 7 – Refund/Amount Due