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Deposit Your Federal Tax Refund into Your Wachovia IRA

The Pension Protection Act of 2006 (PPA) has included many ways to make it easier for Americans to save toward their retirement. One of the faces of this legislation that became available affective January 1, 2007, is the IRS Tax Form 8888 that can be used to directly deposit your Federal Income Tax refund into your Individual Retirement Account (IRA) at Wachovia Securities.*

While you'll need to complete Form 8888 during tax preparation time, and with advice of your tax advisor, here are some facts you'll want to know: 

• If the deposit is into your IRA, check the "Savings" box under Lines 1 - 3
• You must have an IRA established at Wachovia Securities before you request the direct deposit using Form 8888. Contact your Financial Advisor to open your Wachovia Securities self-directed IRA as soon as possible before filing your taxes
• Wachovia Securities will assume the direct deposit received will be for the current year (2008) unless your Financial Advisor is notified that you wish the deposit designated as a 2007 IRA contribution
• If you designate your deposit to be credited as your 2007 IRA contribution, you must verify that the deposit was actually made to the account by April 15, 2008 (no extensions). If the deposit is not made into your account by that date, the deposit is not an IRA contribution for 2007 and you may need to file an amended 2007 return and reduce any IRA deduction and any retirement savings contributions credit you claimed
• You and your spouse, if filing jointly, may each be able to contribute up to $4000 ($5000 if age 50 or older) to your Traditional or Roth IRA for 2007. For 2008 contributions, limits are increasing to $5000 ($6000 if age 50 or older.)

We hope you will take advantage of this opportunity to help maximize the contributions being made to your Wachovia Securities' IRAs. If you have questions or would like to learn about additional strategies designed to help maximize your retirement savings, please visit your Wachovia Financial Center or contact our Retirement Resource Center at (866) 588-9606, between 8:00am and 8:00pm ET, Monday through Friday.

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