How to fill out form 8888 correctly?

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Topic Author
Fin In
Posts: 22
Joined: Sat May 10, 2008 9:36 am

How to fill out form 8888 correctly?

Post by Fin In »

Because my tax refund is unlikely a exact multiple of $50 the refund needs to split up. How or where to I specify where the portion of the refund goes that can not go towards the iBONDS? Do I enter my account number on in the Refund section of form 1040? Or enter my account number in Part I of form 8888. Or request a paper check in Part III of form 8888? At the top of the Specific Instructions for Part 1 it reads: "If you are filing form 8888 only to buy paper series I savings bonds, skip Part I".

And what do I enter in line 4 and 5a of form 8888? Thought that would be 5000 each, but at the bottom it reads: "Add lines 1a, 2a, 3a, 4, 5a, 6a, and 7. The total must equal the refund amount shown on your tax return." So leave line 5a blank but enter my name in line 5b?

Not sure yet what my tax refund would be but I would like to buy iBONDS for myself this year. My filing status is Single.

Thank you very much for your insights
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nps
Posts: 1337
Joined: Thu Dec 04, 2014 9:18 am

Re: How to fill out form 8888 correctly?

Post by nps »

You would enter your bank info in Part 1 on Form 8888. Don't enter it on Form 1040, just check the box that states you are attaching Form 8888.

Line 4 should be $5000 if you want to max it and assuming you want the bonds registered to you. The remaining balance of your refund owed should be entered in Part 1.
Topic Author
Fin In
Posts: 22
Joined: Sat May 10, 2008 9:36 am

Re: How to fill out form 8888 correctly?

Post by Fin In »

But what about the instructions saying: "If you are filing form 8888 only to buy paper series I savings bonds, skip Part I".

And still a bit strange to fill out line 4 and 5b, but not 5a.
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nps
Posts: 1337
Joined: Thu Dec 04, 2014 9:18 am

Re: How to fill out form 8888 correctly?

Post by nps »

If your refund exceeds $5000, or is not a multiple of $50, then you are not filing Form 8888 only to buy paper bonds, you are also filing it to provide deposit instructions for the balance of your refund which is what Part I is all about.

You don't fill out 5b if you aren't filling out 5a. Line 4 is what you use if you want the bond titled to you, the taxpayer.
Topic Author
Fin In
Posts: 22
Joined: Sat May 10, 2008 9:36 am

Re: How to fill out form 8888 correctly?

Post by Fin In »

So if I understand correctly:

Enter 2022 for the calendar year and my ssn at the top of form 8888.

Enter on line 1a with the amount of the refund minus the amount in line 4. Fill out 1b and 1d.

Enter on line 4 the amount of the requested iBONDS (which must be a multiple of 50).

Enter on line 8 the sum of line 1a plus line 4. This sum must equal the refund calculated on form 1040.

So I don't enter my name on form 8888, only my ssn, but the iBONDS will still be issued in my name?

Thanks again for your help.
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nps
Posts: 1337
Joined: Thu Dec 04, 2014 9:18 am

Re: How to fill out form 8888 correctly?

Post by nps »

That's correct!
Topic Author
Fin In
Posts: 22
Joined: Sat May 10, 2008 9:36 am

Re: How to fill out form 8888 correctly?

Post by Fin In »

Thank you. I will post again if it worked.
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