You can receive paper savings bonds for your IRS refund.
I like to give them to my 6 grandkids since that is the only way to receive paper bonds. However, my software only allows for 3 separate purchases. The Form 8888 only allows 2 bonds.
Is there a way to add more recipients with Form 8888? Or any Free online software with more choices?
Tks all bw
Thanks!!!!!
more info:
The limit of three bond recipients is an IRS-imposed limit.
Ira Smilovitz, EA Leonia, NJ
Where is this limit posted on IRS site?
tsk
bw
at the link Danny posted.
Yes, but 1 of the 3 is only for the Taxpayers themselves to get a Bond.
See Line 4 of Form 8888. Lines 5 & 6 are for any 2 "random" people.
"4 Amount to be used for bond purchases for yourself (and your spouse, if filing jointly)"
Those are the limits. The IRS e-file schemas only allow for one Form 8888 per e-filed return. You'll have to search through the IRS Regs (or the enacting legislation that allowed for the purchase of Savings Bonds with your refund) for the specific citation.
Ira Smilovitz, EA Leonia, NJ
Thank you Ira and all. These regs were instituted many decades ago. Think it is time for an update as a way to encourage savings and help govt. finance its debt. I have been using this service with my refunds and it works very well. Since most returns are done electronically, requesting/receiving bonds doesn't hinder IRS processing. The bonds are recieved in a timely manner also.
Tks again all
bw
Not a regulation. Not a statute. Not a ruling. It was part of an Obama initiative to get people to save more for retirement. It was announced
9/5/09 and was available for 2009 returns filed in 2010. The Sec'y of the Treasury used authority that was already delegated to him by statute to make it happen. I have no idea why it is limited to 3 other than 3 accounts plus 3 direct deposits fills up the form. It was implemented by using one of the 3 direct deposit entries. The Treasury created a unique routing code and an account number called "BONDS" to implement it.Have something to add? Share your thoughts — no account required.
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