But there’s another option: deposit your refund directly into an individual retirement account. This year Smalley says he plans to direct money into an IRA and a health savings account, and he’ll still get a refund to boot. To direct your whole refund into a single IRA, use the direct deposit line on Forms 1040, 1040A or 1040EZ. If you use Form 8888, that gives you an additional savings option: you can buy up to $5,000 in series I savings bonds electronically, and they go by direct deposit into your TreasuryDirect account. You can direct your refund to a health savings account, too.

Source: Forbes January 29, 2018 13:52 UTC