Use Tax Refunds to Buy I Bonds

Trying to grow your savings?


Make saving easier! You can buy U.S. Series I Savings Bond with all or part of your federal income tax refund. You receive paper bonds, in your name (and your spouse's if you file a joint return) or the name you choose as primary owner, co-owner or beneficiary.

You can purchase series I bonds in multiples of $50.00 up to $5,000 each year. Use Form 8888, Allocation of Refund, Including Savings Bond Purchases to buy the savings bonds and name someone else as the owner if you want to. You also use the form to choose what to do with any remaining refund. You have several choices for receiving the remainder of your refund:

  • Split your refund with direct deposits into two or three checking or savings accounts;
  • Direct deposit your refund into one checking or savings account or
  • Receive your refund as a paper check in the mail

 

IRS processes your request to purchase bonds in two parts:

  1. Processes the refund part you are not using to buy savings bonds as directed by your completed Form 8888.
  2. Forwards your request for savings bonds to the Treasury Retail Securities Site. It takes them up to three weeks to issue and send the paper bonds. If not received after three weeks, call the Treasury Retail Securities Site at 1-800-245-2804.

 

Find out more about the Savings Bond program at irs.gov.

 

eitctagline_blue.gif

 

 

 

 

Page Last Reviewed or Updated: 01-Jul-2014