Taxpayers can have their 2006 tax refund direct deposited in up to three accounts, including IRA accounts, helping support retirement saving goals. Additional CCH CompleteTax free tools, including a Tax Projector and W-4 Withholding Calculator, allow taxpayers to improve 2007 tax planning.

Riverwoods, IL (PRWEB) February 21, 2007 -- Upgrading your home entertainment center does offer immediate gratification, but using your income tax refund to pad your retirement nest egg may be a better long-term option. To help those who may be looking for a middle ground, CCH CompleteTax (www.CompleteTax.com), an online tax preparation and e-filing program for the do-it-yourself tax filer, enables taxpayers to split their refund and have it deposited in up to three accounts, including taxpayers' IRAs for funding 2006 individual retirement accounts. CompleteTax also offers several features, including an updated Tax Projector, to allow taxpayers to start tax planning for this year.


"There's a natural inclination to look at your income tax refund as easy money, ripe for spending. But you owe it to yourself to look at your overall financial situation. You'll likely find you are far better off using at least some of your tax refund for retirement savings and paying down any debt you may have," said Debra Gray, CCH CompleteTax product manager.

Helping to reduce the spending temptation, CompleteTax allows taxpayers to make the decision to save while they're preparing their tax return, meaning all or a part of the income tax refund can be directly deposited, for example, into your IRA account, rather than having a check mailed to you or the refund deposited into your checking account. In order to direct deposit a tax refund - whether to one, two or three accounts - all taxpayers need to do is indicate the name of each institution, the routing number, account number and amount they would like deposited into each account.

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