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WASHINGTON – Hoping to encourage higher savings and more banking, the Internal Revenue Service said it will create a new program to allow taxpayers who use direct deposit to divide their refunds in up to three financial accounts.

The IRS will create a new form, Form 8888, which will give taxpayers a choice of selecting one, two or three accounts such as a checking, savings and retirement account. Taxpayers who want all their refund deposited directly into one account can still use the appropriate line on the Form 1040 series, the agency said.

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