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Level 3
posted Sep 23, 2022 8:24:39 AM

Can a Trust, which files a form 1041, use Form 8888 to request that part of the Trust's refund be used to purchase I-Bonds like an individual can?

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1 Best answer
Level 15
Sep 23, 2022 8:38:07 AM

Most likely not since trusts filing on Form 1041 are typically required to have an EIN.

 

7 Replies
Level 15
Sep 23, 2022 8:38:07 AM

Most likely not since trusts filing on Form 1041 are typically required to have an EIN.

 

Level 15
Sep 23, 2022 10:27:30 AM

not through form 8888

 

but you can directly

start

https://www.treasurydirect.gov/RS/UN-AccountCreate.do  click apply now

next page yo

you'll see individual checked but below that  there is a section for Trust o Estate

Level 3
Sep 23, 2022 11:58:57 AM

Thanks.  I wonder if there is possible a different form to accomplish the same objective.  I know I can purchase I Bonds directly thru Treasury Direct (limit $10,000 annually), but was wondering about using a refund as you can on your personal return to acquire up to an additional $5,000.

 

Level 3
Sep 23, 2022 12:00:04 PM

Thanks. I know I can purchase I Bonds directly thru Treasury Direct (limit $10,000 annually), but was wondering about using a refund as you can on a Form 1040 to acquire up to an additional $5,000.

 

Level 15
Sep 23, 2022 12:03:36 PM

There may be no harm in trying if you already have an account set up for the trust. 

 

I do not believe there is a parallel form to 8888.

Level 3
Sep 28, 2022 2:40:34 PM

Thanks.

 

Returning Member
Feb 19, 2023 12:11:08 PM

Agree with tagteam. From Treasury Direct site regarding EIN:

 

"In a calendar year, one Social Security Number or one Employer Identification Number may buy:

  • up to $10,000 in electronic I bonds, and
  • up to $5,000 in paper I bonds (with your tax refund)"