Thank you. I understand form 8888 is the iBond form.
I want Intuit to provide a how-to method of buying Ibonds when I use Turbotax to generate my mail-in tax docs, then buy paper IBonds with my refund.
The concern is that the IRS would have issues with generating my tax forms with Turbotax, then adding form 8888 and mailing them in together. Intuit should provide a step-by-step method for buying Ibonds with mail-in tax forms generated using Turbotax.
Yes. I tried following those steps in Turbotax and there is no option for purchasing Ibonds when I follow those steps but select filing through mailing a paper return.
why do you want to file a paper return?
because the IRS is so woefully backlogged, it may take 6-9 months for that to be processed..... I suspect the i-bond purchase will be delayed that long as well.
" there is no option for purchasing Ibonds when I follow those steps but select filing through mailing a paper return. "
I don't know it this is really the case (it shouldn't be), but,
If this is true, select e-File but stop at the "TRANSMIT RETURN" step. (You'll have to be careful. you can ensure it will fail by entering the wrong non-zero AGI)
Always print a copy of your completed tax return for your records, and review it carefully before e-Filing (or mailing).
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,
AND, to find your AGI next year.
Print two copies, one for mailing at the Post Office.
Verify your refund is reduced by the amount assigned to bonds.
OVERRIDE is available in the desktop version for tax filers who are willing to forego e-Filing.
I don't understand why you are concerned about inserting a Form or Schedule.
You'd have to adjust your refund on 1040.
@fanfare @jerrydvea-gmail- - I suspect the IRS is going to put a lot of emphasis on e-filing for the next tax season and attempt to eliminate situations that preclude e-filing. They have acknowledged that the bane of their existence is paper submissions.
1) I wouldn't assume that just because a situation required paper filing for the 2021 tax season means that the same situations will require paper filing in 2022
2) and again, if you can efile, do it. No sense waiting months and months for a refund via paper filing if efiling is available, esp. if you want that money to be earning a higher rate of return that the IRS offers for delayed refunds (5%).
FYI, I'm not sure this was posted in my original message, but I paper file because I can't efile because I take the QBI safe harbor deduction. QBI safe harbor is not supported with Turbotax efile.
FYI, I spoke with someone at Intuit. I think I'm all set. I just need to add form 8888 in turbotax to my return, then print.
@jerrydvea-gmail- - yes, and my only point is that even though you could not efile your 2021 tax return, it may be possible to efile the 2022 tax return next year even with the same circumstance - the IRS is going to be focused on reducing the number paper files they receive - some of which is caused by their precluding certain situations, such as you experience.
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