If you were planning to use your tax refund to buy the paper version of inflation bondsrich9, you’re out of luck: That option has been eliminated.
The Treasury Department ended its tax-time savings bond program as of Jan. 1. The program was the last way to buy the paper version of I bonds, as Series I savings bonds are known. The bonds aim to protect savers against the rising cost of living by paying an interest rate linked to inflation.
Some people liked to give paper bonds as gifts, but others used the tax-time program because it let them buy as much as $5,000 in extra I bonds, beyond the allowed annual limit of $10,000 a person in digital bonds. (Couples filing jointly could buy a total of $25,000 in I bonds: $10,000 each, plus up to $5,000 with their refund.)
Now, all savings bonds are digital and must be bought online using the department’s TreasuryDirect system. And the extra $5,000 option has ended. “You may continue to purchase up to $10,000 of series I bonds in a calendar year,” the system’s website says.
You can still get your tax refund sent to your checking account, say, and then use the money to buy digital I bonds via TreasuryDirect. What’s going away is the ability to fill out a special form with your tax return and have the paper bonds bought with your refund.
The change was quietly announced with a website update last year,merryph casino under the Biden administration.
The tax-time savings bond program was begun in 2010 to give tax filers, especially those with low and moderate incomes, a way to buy I bonds with their refunds. But the program “was costly and not frequently used,” the TreasuryDirect site says. On average, 35,000 tax filers bought paper I bonds each year, representing .03 percent of tax filers and less than 10 percent of I bond purchasers. Mailing paper bonds risked fraud, theft, loss and delays, the site says, adding that buying savings bonds online is “simple, safe and affordable.”
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