Direct Deposit of Tax Refund to IRA
This is small but might benefit some. Each year, I hear of people who cannot do IRAs because they don't have the money. Then when they get their refund, they spend it on some necessity like a vacation, thinking they have lots of time to save for next year's IRA.
Well, IRS will let you direct some or all of your refund to your IRA. So, if you filed today and had no cash to fund your 2013 deduction, just direct the funds to your IRA. The funds must be in your account by April 15 so I wouldn't use this strategy close to the deadline.
1) By reading the instructions to Form 8888, does this signify that I have too much time on my hands?
2) Anybody tried this?