Where do I add Form 8888?

[DoninGA]

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@billl wrote:

The questions & answers Irene S gives are not the screen I get using Turbotax Deluxe for 2021. The choices that I get are Direct Deposit to last year's bank account; New bank account; and send me a check.

What I want to do is split my refund and use part of the money to buy iBonds & have the rest go to last year's bank account. IRS Form 8888 is designed to do just that. How can I get to it from Turbotax?

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Are you using the TurboTax Deluxe online edition or the TurboTax Deluxe desktop CD/Download edition?

[DawnC]

At the very bottom of the screen, there should be a box to check if you want to split the refund OR purchase US Series I Bonds.   The image below is for the desktop program, but it is the same section for Online TurboTax.  

@billl

[billl]

Thank you. That worked.

But you have to know that the way to get to that question (about splitting the refund) is to choose one of the options above, which is not intuitive to me at least. If you included the splitting choice on the screen with the other three choices, it would be easier to figure out.

Thanks again.

[dlfpsu69]

Can I submit Form 8888 to buy I Bonds after filing my return but before I receive a refund? If so, how do I do that?

[dlfpsu69]

Can I submit Form 8888 to buy I Bonds after filing my return but before I receive a refund? If so, how do I do that? I e-filed my return about 2 weeks ago, before realizing the option to buy I-Bonds with the return.

[DoninGA]

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@dlfpsu69 wrote:

Can I submit Form 8888 to buy I Bonds after filing my return but before I receive a refund? If so, how do I do that? I e-filed my return about 2 weeks ago, before realizing the option to buy I-Bonds with the return.

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Once the tax return has been filed you cannot use the form 8888 for purchases or deposit allocations from the federal tax refund.

[71Mavrk]

Same issue. Instructions are confusing. It would be much easier if a box was included to select I-Bond contribution rather than selecting direct deposit and then given the option for an I-bond.

[EEDacho]

Hi Dawn, I filled out form 8888 to refund $5000 in paper i-bond and have the refund balance applied to 2022 taxes. However, during eFile step I get the screen below, to deposit my $5000 refund to "Direct Deposit" account but no option to apply the $5000 in paper i-bond. I don't want to proceed with a direct deposit to my bank account. Any suggestions on how to proceed?

[DaveF1006]

 To clarify, what Turbo Tax version are you using, Online or Software?

@EEDacho

[EEDacho]

Windows Desktop software. What I since found is that I needed to choose the direct deposit option and then was able to choose the bond option (even though there is no balance due it mentioned that it would deposit $0 to my bank account).

[swang999]

I did all steps above, but no Form 8888 is generated in 2023 Turbotax Delexe installed on my PC Windows 10. I'm charged $40 penalty in the completed Form 1040. How to resolve the problem?

[CatinaT1]

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

Are you asking about Form 8888 or a penalty?

[swang999]

I overpaid tax but got $40 penalty in completed 2023 Turbotax Deluxe Form 1040. How to solve the problem?

[swang999]

I already input my direct deposit information when I use Turbotax Deluxe and which is correctly displayed on Form 1040. The problem I got $40 penalty in Form 1040 38 even though I overpaid tax $552 in 34. How to solve the problem?

[MonikaK1]

If TurboTax calculated an underpayment penalty, visit or revisit the Underpayment Penalty section in TurboTax under Other Tax Situations and answer the questions to determine whether you meet an exception to the penalty, or to ask for a waiver of the penalty.

The IRS levies underpayment penalties if you don't withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you may still get an underpayment penalty.

If you're at risk for an underpayment penalty next year, TurboTax can automatically calculate quarterly estimated tax payments and prepare vouchers (Form 1040-ES) for you to print. 

You can print next year's estimated tax vouchers (Form 1040-ES) in your 2023 program:

1. Sign in to your TurboTax account, then open your return by selecting Continue or Pick up where you left off in the progress tracker.
2. When your return is open, search for 1040-es (be sure to include the hyphen) and select the Jump to link in the search results.
3. Answer No to the question Do you want to change your W-4 withholdings for 2024?
4. Answer the questions about things like your 2024 filing status, income, and deductions.
5. Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2024 1040-ES payment vouchers when you print a copy of your return later.
   • If you get the No Payments screen instead, you don't need to make 2024 estimated payments based on what you entered.
   • To check that the forms were added to your return, you can go to Tax Tools in the left menu, then Tools. In the pop-up, select Delete a Form. From here, you should see Form 1040-ES in the list of forms included with your return. You won't actually delete it, but this allows you to confirm it's there.

See this help article and this one for more information.

This TurboTax tips article includes a good explanation of quarterly estimates.