tax refunds options

Forum|Forum|4 years ago
January 26, 2022
2 replies
1 view

refunds via i bonds should be $5000 per taxpayer. $10000 when a married couple file. Turbo tax limiits a couple to $5000. Is this correct?

PattiF

Level 15

Yes, that is correct. TurboTax allows $5000 of a federal refund to be designated to the purchase of Series I Savings Bonds. You are able to divide that amount within the household for three people.

Here is a TurboTax help article about this subject.

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zmironAuthor

Level 2

my wife is a taxpayer, why cant each of us get $5000. If we file separately we could get $10000. Treasury Direct says a taxpayer can get $5k of paper I-bonds. On what basis does Turbotax limit the Form 8888 to $5000 total???

zmironAuthor

Level 2

my position is that turbotax made a mistake! and of course you can not talk directly to them.

jalpeach

Level 2

Where does Turbo Tax ask you if you want to get part of the refund in i bonds? It is showing me 3 options, Direct Deposit to same acct as last year, Direct Deposit to new acct, and check. I am using Turbo Tax Premier.

TomK2023

Level 15

"We'll give you the option to purchase bonds when you get to the How would you like to receive your federal refund? screen (in the File section).

When you get to that screen, select Split my refund between multiple accounts or U.S. savings bonds and select Continue and follow the instructions."

Please see TurboTax Help FAQ: How do I buy savings bonds with my tax refund?

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