Split Refund Law and Legal Definition

Split refund refers to a method of distribution of a refund received from the filing of the income tax return. With the split refund option, taxpayers can divide their refunds among as many as three checking or savings accounts with three different U.S. financial institutions. Taxpayers can request that refunds be directly deposited in up to three separate accounts. However, the refund must be $1.00 or more.