Refund used to purchase Savings Bonds

Forum|Forum|4 years ago
April 28, 2022
2 replies
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I deliberately made an extra Estimated Tax payment so that I could apply part of my refund to the purchase of U,S. Savings Bonds. All went well, and WMR confirmed that this would be happening. But lo and behold, a deposit from the IRS landed in my bank account on the appointed date for the gross refund. I waited a few days to see if it would be corrected, but it hasn't. Getting through to the IRS is impossible. Any ideas? I hate to lose out on the current really good I Bond rate.

Not A Product Question

Best answer by rjs

Yup, and my Form 8888 was correct.

Here's the other thread that baatsmth is referring to.

What to do now?--Form 8888 I-Bond Purchase Request Ignored by IRS

fanfare

Employee

Well, if your entire refund came back to you, you didn't purchase any bonds.

rjs

Employee

@SweetieJean

You can buy I bonds in electronic form through TreasuryDirect. The only difference is that you don't get a paper bond. Using your tax refund is the only way to get paper bonds, but the interest rate on the electronic bonds is the same. And the maximum amount you can buy each year is twice as much for the electronic bonds.

Series I Savings Bonds

Series I Savings Bonds more info

TreasuryDirect

S

SweetieJeanAuthor

Employee

I know, but I 'd already purchased the maximum allowed through my Treasury Direct account this year. Using the refund was a way to get another $5,000.