2009 Tax Tip #11 - Tax Refund as Savings Bonds
 
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Tax Tips

1/18/2010 - 2009 Tax Tip #11 - Tax Refund as Savings Bonds
If you are receiving a federal tax refund from the Internal Revenue Service, you can choose to use that money to purchase U.S. savings bonds.

Here are the top six things you'll need to know about using your federal refund to purchase savings bonds.

1.     You may use a portion of your refund to purchase up to $5,000 in U.S. Series I Savings Bonds.

2.     The total amount of saving bonds purchased must be a multiple of $50. Additional money over the specified amount must be deposited into another financial account – such as a checking or savings account.

3.     The bonds will be issued in your name. For married taxpayers filing a joint return, the bonds will be issued in the names of both spouses.

4.     You will receive the U.S. savings bonds in the mail.

5.     You normally select this option by filing Form 8888, Direct Deposit of Refund to More Than One Account.

6.     Form 8888 has step-by-step instructions on how to select this option and how to specify the amount of your refund you want to use to purchase savings bonds.

For more information about the U.S. Savings Bonds refund option, visit IRS.gov.

Links:

Source:  www.IRS.gov

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CIRCULAR 230 NOTICE: IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of avoiding penalties; furthermore, this communication was not intended or written to support the promotion or marketing of any of the transactions or matters it addresses.

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