Thank you JulieS for this prompt response. I respectfully beg to disagree. Do you have a reference from the Code of Federal Regulations or similar authoritative source for your statement cited just below?
"The $10,000 per person per year cap applies to all your I bond purchases whether through Treasury Direct or your tax refund."
I conducted further research in the electronic code of federal regulations (ecfr.gov) and found the following citations:
- 31 CFR 363.52(a) The principal amount of book-entry savings bonds that you may acquire in any calendar year is limited to $10,000 for Series EE savings bonds and $10,000 for Series I savings bonds.
- 31 CFR 360.10 The amount of savings bonds of Series I which may be purchased and held, in the name of any one person in any one calendar year, is computed according to the provisions of § 360.11 and is limited as follows:
- 31 CFR 360.10(a) General annual limitation, $5,000 (par value).
These limits are separate and I believe additive. Part 363.52(a) refers to electronic I-bonds and Part 360.10(a) refers to the old school paper I-bonds
Furthermore, your statement is contradicted by the following quote from the Treasury Direct web site:
Quote
How much in I bonds can I buy for myself?
In a calendar year, you can acquire:
- up to $10,000 in electronic I bonds in TreasuryDirect
- up to $5,000 in paper I bonds using your federal income tax refund
Two points:
- The limits apply separately, meaning you could acquire up to $15,000 in I bonds in a calendar year
- Bonds you buy for yourself and bonds you receive as gifts or via transfers count toward the limit.
Unquote
link:https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_ibuy.htm#myself
If my citations from the Code of Federal Regulations are authoritative and germane to my circumstance, I'm still left with what to do to get my paper I-bonds issued with my federal tax refund amount. I'm also concerned the IRS potentially has a systemic Form 8888 processing problem. Does TT have a good communications link with cognizant IRS officials to address potential systemic problems with taxpayer refund processing errors?
Thank you for considering my rebuttal, my follow-up query, and, JulieS, I wish you the best always.
