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How do I use my refund to buy paper I Bonds?

Not an option when it asks "How would you like to receive your Federal Refund"

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6 Replies
PattiF
Expert Alumni

How do I use my refund to buy paper I Bonds?

If you have already purchased $10,000 of I bonds, you would not see the option to use your refund to purchase the I Bonds. 

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HS8
Level 2

How do I use my refund to buy paper I Bonds?

This answer is NOT TRUE . You can buy $10K/year of iBonds and ALSO $5K more if it is direct from your tax return overpayment. This answer is DECEPTIVE and I would like to see this comment corrected. PS If TTax does NOT let you do this, it is a BUG in Ttax. @PattiF 

PattiF
Expert Alumni

How do I use my refund to buy paper I Bonds?

 You should be able to purchase $5000 of I bonds through TurboTax.

 

RJS said: On the screen where it asks you if you want a direct deposit or a check, scroll all the way down. At the very bottom of the screen, there is a box to check to indicate that you want to purchase I bonds. Check the box, then keep going. The exact sequence depends on whether you selected direct deposit or a check, but you will get to a screen where you can enter the amount you want to purchase.

 

@TooncesCat 

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How do I use my refund to buy paper I Bonds?

The responses here are inaccurate or incomplete, and Turbotax (I use the desktop version) is completely unhelpful. First of all, you MAY purchase i-bonds with your tax refund even if you have already reached the $10,000 on a direct purchase. Second, Turbotax provides no help that I can find on this, but you need to go into "Forms" and search for Form 8888 and fill that out. About halfway down is a section to have your refund used to purchase I-bonds. The form as provided by Turbotax is clunky, but you basically have to first (higher up) fill in how much of your refund you want paid to your regular direct deposit account, and then fill in the I-bond section with the amount you want sent to Treasury Direct for that purchase. The next section provides for purchase of a paper bond, but as far as I can tell, that is not necessary; you can purchase a digital bond with your tax refund.

How do I use my refund to buy paper I Bonds?

As stated the option to select the purchase of I Bonds is on the bottom of the page where you enter your bank routing and account numbers for direct deposit.

 

Screenshot from 2022 TurboTax Premier desktop edition -

Bonds purchase.JPG

 

 

How do I use my refund to buy paper I Bonds?

I had the same problem. See my full response later in this thread. I'm shocked -- shocked! -- that one finds Turbotax difficult to navigate! lol.

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