Anyone already received paper I-Bonds from Tax Refund?

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
User avatar
jackpistachio
Posts: 107
Joined: Wed Mar 21, 2012 9:15 am

Anyone already received paper I-Bonds from Tax Refund?

Post by jackpistachio » Wed Mar 21, 2012 9:24 am

My CPA and I recently e-filed my federal tax returns. On Form 1040 I checked the box 74a that Form 8888 was attached. On Form 8888 I had $5000 as paper I-Bonds and had the remainder direct deposited to my bank account. I just double-checked and everything was in order.

Today I received my full refund direct deposited to my bank account, including the $5000 amount that was to go to I-Bonds. Befuddled, I then went to http://www.irs.gov Where's My Refund? to check the status of my refund and got the following:

QUOTE:
Refund Status Results
You requested that part or all of your refund be used for a US Savings Bond(s) purchase.

It may take up to three weeks from the date of your refund for your Savings Bonds to arrive in the mail. The Bureau of the Public Debt will mail your bonds to the address shown on your tax return.

If you do not receive the savings bond(s) you should contact the Treasury Retail Securities Site in Minneapolis at 1-800-553-2663 to inquire about the status.

The amount not used to purchase bonds is scheduled to be refunded by March 21, 2012. If you do not receive the refund by March 26, 2012, please contact us again. We are unable to take any action until then.
ENDQUOTE

Huh? If/when I receive the paper I-Bonds Treasury will have overpaid $5000.
Has anyone else received their refund and I-Bonds yet? Did Treasury make a serious snafu here?
We're all nuts, but Pistachios are my favorite.

ABQ4804
Posts: 389
Joined: Sun Jul 24, 2011 4:08 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ABQ4804 » Wed Mar 21, 2012 11:04 am

That's too bad. I would hold on and wait a week or so; see if you get the paper I bonds in the mail. Good luck.
Last edited by ABQ4804 on Sat May 05, 2018 12:30 am, edited 1 time in total.

User avatar
Mel Lindauer
Moderator
Posts: 28642
Joined: Mon Feb 19, 2007 8:49 pm
Location: Daytona Beach Shores, Florida
Contact:

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Mel Lindauer » Wed Mar 21, 2012 11:13 am

It's possible that they'll withdraw the $5k from your linked bank account when they issue the I Bonds, just as they do when they issue the electronic I Bonds via TD. (Just speculating, since others didn't have this problem.)
Best Regards - Mel | | Semper Fi

User avatar
Sunflower
Posts: 399
Joined: Sun Nov 18, 2007 2:23 am
Location: Ess Eff, CA

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Sunflower » Wed Mar 21, 2012 12:25 pm

I received my full refund in the bank too. No I bonds that I had requested.

YoungLion
Posts: 79
Joined: Wed Sep 05, 2007 10:16 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by YoungLion » Wed Mar 21, 2012 12:38 pm

My refund was $605.75 and $5.75 was ACH'ed into my bank account this morning. So it looks like my requested $600 in I Bonds should be showing up in several weeks.

When I checked the "Where's My Refund?" site on Monday, I got the same message as the OP. Maybe everyone who filled out 8888 receives this message regardless of whether I Bonds will be issued or you are getting it all as an ACH? It will be interesting to follow this.

I haven't become a savvy user of Bogleheads.org yet. Maybe someone could post a "Did you receive the paper I Bonds requested on your 2011 Federal tax return?" poll.

[Edited: "2012 Federal tax return" to "2011 Federal tax return"]

beareconomy
Posts: 461
Joined: Sat Sep 11, 2010 9:01 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by beareconomy » Wed Mar 21, 2012 12:40 pm

I just mailed my taxes in this weekend and am waiting for my 5k i bond plus another 2k for my refund. I'll let you know when I get my i bond in the mail.

User avatar
jackpistachio
Posts: 107
Joined: Wed Mar 21, 2012 9:15 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by jackpistachio » Wed Mar 21, 2012 1:15 pm

I too will let folks know what the resolution is... probably will be a few weeks. Second the motion on the poll.
We're all nuts, but Pistachios are my favorite.

goalie
Posts: 151
Joined: Mon Nov 07, 2011 4:09 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by goalie » Wed Mar 21, 2012 1:32 pm

I filed on 2-4-12. Received my refund ACH on 2-28-12. My I Bonds came 10 days later, with 02-12 issue date.

Chip

User avatar
tfb
Posts: 7971
Joined: Mon Feb 19, 2007 5:46 pm
Contact:

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by tfb » Wed Mar 21, 2012 2:04 pm

Mike posted in this thread saying the IRS is penny pinching.
The Form 8888 instructions state that the savings bonds will be not issued if there is a math error that decreases the refund amount shown on the tax return. The IRS calculations showed that my refund was one cent (yes $0.01) less than what I calculated ($xxx5.99 vs. my calculated $xxx6.00 refund). I can only explain the diference in that I rounded all my figures to the nearest dollar amount as allowed in the Form 1040 instructions. This penny difference was apparently enough to have my saving bond request rejected.
For those who already received the paper bonds or didn't receive the bonds as expected, can you also report whether you rounded to the nearest dollar on your return and whether the additional refund was in whole dollars or dollars and cents?
Harry Sit, taking a break from the forums.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by sscritic » Wed Mar 21, 2012 2:17 pm

Forget the I bond. Someone else posted that the refund they got was different by a penny because of the difference caused by rounding.

Note that the IRS says you can use rounding when you fill out your forms (and when you file), but the IRS doesn't say that its computers don't know what a penny is. Vanguard's computers know what a penny is and sends information about those pennies to you and to the IRS. So does your employer, your bank, your (everything else). The pennies still exist, even if the IRS allows you to take the lazy way out and not write them down.

Then there is tax software that won't let you enter pennies even if you want to. If you don't get your paper I bonds because of pennies, I suggest you sue Intuit.

Polaris
Posts: 449
Joined: Sat Mar 03, 2007 2:28 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Polaris » Wed Mar 21, 2012 2:21 pm

I've been wondering about this myself. I recently e-filed and haven't received any I Bonds or spillover via ach to my bank account yet, but it seems like I shouldn't be surprised if the entire refund ends up in my checking account with zero I Bonds. :(

ABQ4804
Posts: 389
Joined: Sun Jul 24, 2011 4:08 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ABQ4804 » Wed Mar 21, 2012 2:31 pm

Tax return and refund all in whole dollars - used online TurboTax which rounds to the dollar even if manual entry includes dollars and cents.

BogleBrit
Posts: 165
Joined: Sat Oct 04, 2008 6:05 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by BogleBrit » Wed Mar 21, 2012 2:36 pm

alisa4804: Do you know if there would have been a difference in refund had you not rounded ?

Silence Dogood
Posts: 715
Joined: Tue Feb 01, 2011 9:22 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Silence Dogood » Wed Mar 21, 2012 2:42 pm

I received my tax refund as paper I bonds. There were no problems except the bonds seemed to be taped (with some kind of clear, plastic tape) around the edges.

YoungLion
Posts: 79
Joined: Wed Sep 05, 2007 10:16 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by YoungLion » Wed Mar 21, 2012 2:43 pm

Will get I Bonds (it appears). Tax return and refund in dollars and cents. Filed my return in pen on IRS forms picked up at the local IRS office.

User avatar
jackpistachio
Posts: 107
Joined: Wed Mar 21, 2012 9:15 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by jackpistachio » Wed Mar 21, 2012 2:45 pm

Tax return and refund in whole dollars. Amount ACH'd to my account was the full amount (including the I Bonds amount) and didn't differ by a penny from the total I reported in the return.
We're all nuts, but Pistachios are my favorite.

ABQ4804
Posts: 389
Joined: Sun Jul 24, 2011 4:08 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ABQ4804 » Wed Mar 21, 2012 2:45 pm

by BogleBrit » Wed Mar 21, 2012 11:36 am

alisa4804: Do you know if there would have been a difference in refund had you not rounded ?
Sorry BogleBrit - I should clarify - TurboTax did the rounding (for example, when I entered $2.52 in interest, it rounded to $3) so everything entered was whole dollars. Hope that helps.

My first time using the "quote" function - see how it works :happy

User avatar
damjam
Posts: 942
Joined: Thu Mar 25, 2010 7:46 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by damjam » Wed Mar 21, 2012 2:54 pm

I filed my federal return Feb 26, 2012.
My I-Bonds were dated March 9, 2012 and the remainder of the refund was deposited March 8, 2012.
I used Turbo Tax so the refund amount was rounded to the nearest dollar.

BogleBrit
Posts: 165
Joined: Sat Oct 04, 2008 6:05 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by BogleBrit » Wed Mar 21, 2012 2:59 pm

I may be missing something...I normally do...but isn't the question whether the numbers on the return match the 'non-rounded' number the IRS calculates ? The assumption being that if the numbers differ then that is why people did not get their iBonds. It doesn't matter if the software used rounded or not, it's if the numbers match or not that matters.

centrifuge41
Posts: 1184
Joined: Mon May 17, 2010 9:04 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by centrifuge41 » Wed Mar 21, 2012 3:11 pm

I efiled on 3/12/12. I got the excess amount of my refund direct deposited on 3/19/12. I hope to receive the I Bonds in the mail in the coming 1.5 weeks or so. As long as there is a March issue date, it's all good by me!

Edit! I bonds have issue date of 3/20/12, and arrived today on the 24th. All in all, a pretty fast turnaround.
Last edited by centrifuge41 on Sat Mar 24, 2012 5:15 pm, edited 1 time in total.

ABQ4804
Posts: 389
Joined: Sun Jul 24, 2011 4:08 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ABQ4804 » Wed Mar 21, 2012 3:13 pm

whether the numbers on the return match the 'non-rounded' number the IRS calculates ?
Ha! I guess I don't have faith that the IRS software is that sophisticated and efficient - they are issuing our electronic returns pretty swiftly now. Maybe if we are tapped for an IRS audit, then they might compare (just guessing) what institutions report to what is on our filed returns. Just keeping my fingers crossed that most Bogleheads get the paper I bonds requested without hassles.

User avatar
Whiggish Boffin
Posts: 269
Joined: Sun Dec 09, 2007 10:20 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Whiggish Boffin » Wed Mar 21, 2012 9:33 pm

I e-filed using TurboTax on 29 Feb., and got a sheaf of Series I bonds on 16 Mar. (Prevously I've bought only Einsteins. This refund included Einsteins, Marshalls, Josephs, and a whole bunch of Kellers.)

I didn't use TFB's procedure involving pre-payment with Form 4868. I just had a big refund coming, and told TurboTax to file Form 8888 to take most of it as Series I.

bk313
Posts: 7
Joined: Wed Jan 11, 2012 11:35 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by bk313 » Wed Mar 21, 2012 10:40 pm

Is there an extra benefit to getting I Bonds with your tax refund that I am missing?

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by sscritic » Wed Mar 21, 2012 10:59 pm

bk313 wrote:Is there an extra benefit to getting I Bonds with your tax refund that I am missing?
1) you hate dealing with treasurydirect but still want I bonds (see the other thread on being locked out)
2) you are going to buy the limit of book-entry bonds at treasurydirect and want $5,000 additional I bonds.

If neither 1 nor 2 apply, there is no special advantage.

User avatar
Mel Lindauer
Moderator
Posts: 28642
Joined: Mon Feb 19, 2007 8:49 pm
Location: Daytona Beach Shores, Florida
Contact:

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Mel Lindauer » Thu Mar 22, 2012 12:43 am

bk313 wrote:Is there an extra benefit to getting I Bonds with your tax refund that I am missing?
Yes, you get paper I Bonds.
Best Regards - Mel | | Semper Fi

Polaris
Posts: 449
Joined: Sat Mar 03, 2007 2:28 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Polaris » Thu Mar 22, 2012 6:45 am

Polaris wrote:I've been wondering about this myself. I recently e-filed and haven't received any I Bonds or spillover via ach to my bank account yet, but it seems like I shouldn't be surprised if the entire refund ends up in my checking account with zero I Bonds. :(
I guess I spoke too soon, the spillover portion of my refund showed up in my checking account today. Hopefully my I Bonds will show up in a couple of weeks with a March issue date.

User avatar
dratkinson
Posts: 4357
Joined: Thu Jul 26, 2007 6:23 pm
Location: Centennial CO

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by dratkinson » Thu Mar 22, 2012 9:38 am

sscritic wrote:
bk313 wrote:Is there an extra benefit to getting I Bonds with your tax refund that I am missing?
1) you hate dealing with treasurydirect but still want I bonds (see the other thread on being locked out)
2) you are going to buy the limit of book-entry bonds at treasurydirect and want $5,000 additional I bonds.

If neither 1 nor 2 apply, there is no special advantage.
3) it makes it almost fun to do your taxes.
d.r.a, not dr.a. | I'm a novice investor, you are forewarned.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by sscritic » Thu Mar 22, 2012 9:48 am

dratkinson wrote:
sscritic wrote:
bk313 wrote:Is there an extra benefit to getting I Bonds with your tax refund that I am missing?
1) you hate dealing with treasurydirect but still want I bonds (see the other thread on being locked out)
2) you are going to buy the limit of book-entry bonds at treasurydirect and want $5,000 additional I bonds.

If neither 1 nor 2 apply, there is no special advantage.
3) it makes it almost fun to do your taxes.
Got me, although I would classify that as the benefit to "asking for I bonds with a tax refund" and not the benefit to "getting I bonds with a tax refund" if this thread is to be believed. :)

User avatar
ej76az
Posts: 95
Joined: Fri Jul 25, 2008 7:13 pm
Location: AZ

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ej76az » Sat Mar 24, 2012 12:44 pm

I received my I Bonds a few weeks after filing my return. Oddly, the bureaucrats at the Treasury Dep't decided not to send me one $5000 bond and instead sent me 12 bonds: 6 $50, 1 $200, 1 $500, and 4 $1000. So I had a lot of fun at TreasuryDirect typing in all those serial numbers to convert them. Uncle Sam never makes anything easy! I wonder if this is deliberate, because we know that the Treasury Dep't does not like I Bonds, and splitting them up tempts the taxpayer to cash in the small ones?

User avatar
ascenzm
Posts: 257
Joined: Sat Mar 10, 2007 8:16 am
Location: PA

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ascenzm » Sat Mar 24, 2012 12:54 pm

ej76az wrote:I received my I Bonds a few weeks after filing my return. Oddly, the bureaucrats at the Treasury Dep't decided not to send me one $5000 bond and instead sent me 12 bonds: 6 $50, 1 $200, 1 $500, and 4 $1000. So I had a lot of fun at TreasuryDirect typing in all those serial numbers to convert them. Uncle Sam never makes anything easy! I wonder if this is deliberate, because we know that the Treasury Dep't does not like I Bonds, and splitting them up tempts the taxpayer to cash in the small ones?
You're making me feel better that the IRS elected not to issue the I bonds I requested with my refund. :happy I took my refund and gave it to Vanguard - Short Term Investment Grade Bond fund.

Mike
Avatar is a Japanese Cherry tree in Washington, DC during the peak cherry blossom time.

User avatar
VictoriaF
Posts: 18603
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by VictoriaF » Sat Mar 24, 2012 1:37 pm

ej76az wrote:I received my I Bonds a few weeks after filing my return. Oddly, the bureaucrats at the Treasury Dep't decided not to send me one $5000 bond and instead sent me 12 bonds: 6 $50, 1 $200, 1 $500, and 4 $1000. So I had a lot of fun at TreasuryDirect typing in all those serial numbers to convert them.
Converting paper I Bonds into electronic ones? The whole point of this exercise is to have the paper bonds.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

User avatar
nisiprius
Advisory Board
Posts: 36877
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by nisiprius » Sat Mar 24, 2012 1:51 pm

VictoriaF wrote:
ej76az wrote:I received my I Bonds a few weeks after filing my return. Oddly, the bureaucrats at the Treasury Dep't decided not to send me one $5000 bond and instead sent me 12 bonds: 6 $50, 1 $200, 1 $500, and 4 $1000. So I had a lot of fun at TreasuryDirect typing in all those serial numbers to convert them.
Converting paper I Bonds into electronic ones? The whole point of this exercise is to have the paper bonds.

Victoria
Indeed. Form 8888 states that
You can request a deposit of your refund (or part of it) to a TreasuryDirect® online account to buy U.S. Treasury marketable securities and savings bonds. For more information, go to www.treasurydirect.gov.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by sscritic » Sat Mar 24, 2012 2:00 pm

ej76az wrote:I received my I Bonds a few weeks after filing my return. Oddly, the bureaucrats at the Treasury Dep't decided not to send me one $5000 bond and instead sent me 12 bonds: 6 $50, 1 $200, 1 $500, and 4 $1000. So I had a lot of fun at TreasuryDirect typing in all those serial numbers to convert them. Uncle Sam never makes anything easy! I wonder if this is deliberate, because we know that the Treasury Dep't does not like I Bonds, and splitting them up tempts the taxpayer to cash in the small ones?
You can either complain about some fantasy you created in your own mind not coming true or you can look for the truth. The Treasury Department never said they would send you a single $5000 bond. That was the fantasy you created in your own mind. Here is what the Treasury Department actually said.
If the amount is over $250, then $50 Savings Bonds will be issued up to $250 and the fewest possible additional Savings Bonds will be issued for the remaining amount in denominations of $100, $200, $500, or $1,000.
What is $250 divided by $50? How many $50 bonds should they have sent you?

Can you figure out what bonds they would have sent you if you had asked for $3,500 in bonds? for $2,800? for $325?

This information also appeared in a previous bogleheads thread:
http://www.bogleheads.org/forum/viewtop ... 8#p1303498

User avatar
ej76az
Posts: 95
Joined: Fri Jul 25, 2008 7:13 pm
Location: AZ

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ej76az » Sat Mar 24, 2012 2:09 pm

VictoriaF wrote:Converting paper I Bonds into electronic ones? The whole point of this exercise is to have the paper bonds.

Victoria
No, the whole point is to maximize I Bond purchases. The annual max is $15k: $10k electronic + $5k paper (only available through tax refund). I have no interest in safeguarding paper bonds, so I converted.

User avatar
ej76az
Posts: 95
Joined: Fri Jul 25, 2008 7:13 pm
Location: AZ

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ej76az » Sat Mar 24, 2012 2:15 pm

nisiprius wrote:You can request a deposit of your refund (or part of it) to a TreasuryDirect® online account to buy U.S. Treasury marketable securities and savings bonds.
No, that would count toward the $10k annual purchase limit. If you want to exceed that limit through a tax refund, paper is the only option.
Last edited by ej76az on Sat Mar 24, 2012 2:51 pm, edited 1 time in total.

User avatar
ej76az
Posts: 95
Joined: Fri Jul 25, 2008 7:13 pm
Location: AZ

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ej76az » Sat Mar 24, 2012 2:21 pm

sscritic wrote: You can either complain about some fantasy you created in your own mind not coming true or you can look for the truth. The Treasury Department never said they would send you a single $5000 bond. That was the fantasy you created in your own mind.
Thanks for the polite response. With such an endearing personality, you must have a lot of friends.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by sscritic » Sat Mar 24, 2012 2:25 pm

ej76az wrote:
sscritic wrote: You can either complain about some fantasy you created in your own mind not coming true or you can look for the truth. The Treasury Department never said they would send you a single $5000 bond. That was the fantasy you created in your own mind.
Thanks for the polite response. With such an endearing personality, you must have a lot of friends.
Your original question was not a simple "why did I get 12 bonds?" It was a rant at the Treasury Department for cheating you out of your $5000 bond.
Oddly ... the bureaucrats .... So I had a lot of fun at TreasuryDirect... Uncle Sam never makes anything easy! I wonder if this is deliberate ... the Treasury Dep't does not like I Bonds ... and splitting them up tempts
If you want to rant, I will rant right along with you. If you ask nicely for information, I will try and supply it for you. It's your choice.

User avatar
ej76az
Posts: 95
Joined: Fri Jul 25, 2008 7:13 pm
Location: AZ

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ej76az » Sat Mar 24, 2012 2:44 pm

sscritic wrote:
ej76az wrote:
sscritic wrote: You can either complain about some fantasy you created in your own mind not coming true or you can look for the truth. The Treasury Department never said they would send you a single $5000 bond. That was the fantasy you created in your own mind.
Thanks for the polite response. With such an endearing personality, you must have a lot of friends.
Your original question was not a simple "why did I get 12 bonds?" It was a rant at the Treasury Department for cheating you out of your $5000 bond.
Oddly ... the bureaucrats .... So I had a lot of fun at TreasuryDirect... Uncle Sam never makes anything easy! I wonder if this is deliberate ... the Treasury Dep't does not like I Bonds ... and splitting them up tempts
If you want to rant, I will rant right along with you. If you ask nicely for information, I will try and supply it for you. It's your choice.
Wow.
No question, just a post. I never asked you, or anyone, for anything. Just posted my answer to OP's question.
Never said cheated -- if you add up what I received, it's the proper amount.
No rant, just laughing at bureaucracy. Only a toxic personality would misinterpret. And it is silly to send 12 instead of one.
Dude, chill out and enjoy life. No need to be so insulting and angry.

User avatar
ElJay
Posts: 685
Joined: Tue Jun 12, 2007 6:08 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by ElJay » Mon Mar 26, 2012 10:07 pm

ej76az wrote:I received my I Bonds a few weeks after filing my return. Oddly, the bureaucrats at the Treasury Dep't decided not to send me one $5000 bond and instead sent me 12 bonds: 6 $50, 1 $200, 1 $500, and 4 $1000. So I had a lot of fun at TreasuryDirect typing in all those serial numbers to convert them. Uncle Sam never makes anything easy! I wonder if this is deliberate, because we know that the Treasury Dep't does not like I Bonds, and splitting them up tempts the taxpayer to cash in the small ones?
I'm sure some people would complain about getting a single $5k bond. While the possibility of electronic conversion makes this a moot issue, in the past I would've preferred the smaller denominations simply to allow eventual partial redemptions of my $5k.

User avatar
Goldrush
Posts: 33
Joined: Sat Mar 17, 2007 4:59 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Goldrush » Thu Mar 29, 2012 4:33 pm

I received my 5k worth of paper I-Bonds in the mail today.

I used TurboTax which rounded off the dollar amounts that I entered. I printed out the forms and mailed them instead of e-filing this year because I included an explanatory statement regarding a 2010 1099R that I received in January 2012 for an excess contribution to an IRA made in 2010 and withdrawn in 2011, that had a loss on the excess contribution. I wasn't sure if the IRS computers would read the e-filed explanatory statement or if Turbotax would even send it, so I mailed my return just to be sure that a human would read it.

I used the Form 4868 extension method suggested by TFB :D on his website. I sent a check along with Form 4868 for the exact amount over my expected refund to get exactly $5000 refund in I-Bonds. I was getting a little worried about actually getting the refund in I-Bonds, since I didn't have any excess refund to see direct deposited into my bank account.

Here is my timeline:

February 20, 2012 - Mailed check with Form 4868
February 23, 2012 - US Treasury cashed my check
February 29, 2012 - Mailed Federal Tax Return
March 29, 2012 - Received 5k worth of I-Bonds dated 03/22/12

Based on above, it looks like time is running out to get the April issue date on I-Bonds using mailed in forms.

User avatar
jackpistachio
Posts: 107
Joined: Wed Mar 21, 2012 9:15 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by jackpistachio » Mon Apr 09, 2012 8:05 pm

jackpistachio wrote:I too will let folks know what the resolution is... probably will be a few weeks. Second the motion on the poll.
Just following up... its one day short of being three weeks since my refund was ACH'd. Never did receive my paper I-bonds, nor an explanation from the IRS why they didn't come. "Where's my refund" on www.irs.gov still says the same message I put in the OP.

Oh well. I've already maxed out my electronic I-Bonds 2012 purchases (and my wife's).

From my count on this an other related threads, at least five individuals (including myself) requested I-bonds and instead had the entire amount ACH'd to their bank account. I'm moving on... but if anyone wants to do a poll, I think it would be interesting.
We're all nuts, but Pistachios are my favorite.

communipaw
Posts: 175
Joined: Mon Mar 05, 2007 9:15 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by communipaw » Mon Apr 09, 2012 8:11 pm

I received the cash part of the refund electronically about 5-6 days after filing and the I bonds came in the mail about 15 days after filing.

LK2012
Posts: 202
Joined: Mon Apr 30, 2012 4:42 pm

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by LK2012 » Mon Apr 30, 2012 5:01 pm

Well, I have a new twist on the paper I-Bond situation. I submitted a Form 4868 (mailed 3/29/12, received 4/2/12 by IRS). I overpaid my federal taxes by $5100. The check cleared my bank on 4/5/12. So the next day, I mailed my 1040 etc. along with Form 8888, requesting $100 refund by direct deposit, and $5000 paper I-bonds, to be registered to me and a beneficiary. My Federal Tax return was received by the IRS on 4/10/12. So my main concern was that I wanted the I-Bonds to have the April 2012 date to obtain the 3.06% rate for the first six months. So I keep checking my bank account, looking for the $100 Direct Deposit part of the refund to figure out the timing of the refund. Then I checked "Where's My Refund" late last week, and it said my check would be MAILED on May 1. What???! On Friday, 4/27/12, I was debating adding another $5000 of electronic I-Bonds to lock in the April rate, but I figured I'd have the paper ones, and I'm not made of money ... so .... I wait. Today I received a letter from the IRS - dated May 14, 2012 (it is April 30) - that states "Message about your 2011 Form 1040 - Your refund check will be sent to you by mail." The explanation is: "The direct deposit amount claimed on Form 8888 was not allowed because the amount on Form 8888 did not match the refund amount. As a result, you should receive a refund check in the mail in 3-4 weeks." WHAT ???! So, I called the number/extension on the letter, and after a 10-15 minute wait, I got a representative. First, he looked up the wrong return, after he misheard my SSN. Then, he put me on hold for a few minutes, and came back to report that ... my entire refund is being mailed to me tomorrow. I asked the amount ... it is $5100. I explained to him that this is the correct number of my total refund, and DOES match the amount on Form 8888, and on Form 1040. He said he could not view my 1040 because I did not e-file. I explained that I completed Form 8888 to receive paper I-Bonds, which now I apparently will not receive ... I asked "Did you run out of paper I-Bonds?" He proceeded to tell me that paper I-Bonds are no longer offered, you have to buy electronic ones. I explained that one can buy paper I-Bonds through one's tax return ... in fact, half of Form 8888 is devoted to the selection of paper I-Bonds. He did not know that. At that point, he apologetically made it clear that he could not offer any additional clarification. So, there you go. I guess I'll take my $5000 that would have gone to I-Bonds, and find another place for it now. I didn't even bother to ask him WHY they could not direct-deposit the $5100??? So I guess I just lent the federal government $5000 for a month.

nonnie
Posts: 1943
Joined: Thu Mar 13, 2008 8:05 pm
Location: Northern California

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by nonnie » Wed Aug 15, 2012 9:18 pm

I've been wrestling with Turbo Tax for more than 20 minutes now trying to get my refund all in I-bonds. I have exactly $5000 to be refunded which I want all to go to I-bonds. However, (*&(*()* Turbo Tax does NOT have that option and in the section, "How to you want your Federal refund" has only *TWO* options--#1- direct deposit--either bank account or Turbo Tax refund card or #2-- Mail me a check. When #1 is checked it takes you to a dropdown menu where you can check that you want to purchase I-bonds and allow you to put in all the pertinent information and then shows there is $0 left for direct deposit. But when I go to electronic file I get an error message that says something to the effect-- you've indicated you want direct deposit so fill in your bank name, routing number and a/c number.

When I complete this section it fills in Section 1 of Form 8888-- Allocation of Refund-- and asks for amount of direct deposit refund. When I put in 0-- it tells me it MUST BE MORE than 0. Arghhhhh,
Did anyone else wrestle with this problem and/or have a solution?

I guess I'll put in $50 refund and $4950 for I-bond--unless someone has another solution.

Nonnie
This post may be monitored for quality assurance purposes.

User avatar
Dale_G
Posts: 3111
Joined: Tue Feb 20, 2007 5:43 pm
Location: Central Florida - on the grown up side of 81

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by Dale_G » Wed Aug 15, 2012 10:18 pm

Instead of putting in zero, try just blanking out the entry - in other words just delete the 0.00. I just ran into another instance where zero was not acceptable for electronic filing, but blank or nothing was okay.

I am having my own TurboTax problems with electronic filing. I sent in a payment with the extension I filed back in April. For some stupid reason the payment dollars aren't supposed to go on 1040 line 68 - amount paid with request for extension, but have to be entered on form 4868 - the extension form. Unfortunately TT then ignores my extension payment and thinks I need to send money to the IRS - no, no, I want my I bonds.

I may have to end up filing the paper forms.

Dale
Volatility is my friend

nonnie
Posts: 1943
Joined: Thu Mar 13, 2008 8:05 pm
Location: Northern California

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by nonnie » Wed Aug 15, 2012 10:50 pm

Dale_G wrote:Instead of putting in zero, try just blanking out the entry - in other words just delete the 0.00. I just ran into another instance where zero was not acceptable for electronic filing, but blank or nothing was okay.

I am having my own TurboTax problems with electronic filing. I sent in a payment with the extension I filed back in April. For some stupid reason the payment dollars aren't supposed to go on 1040 line 68 - amount paid with request for extension, but have to be entered on form 4868 - the extension form. Unfortunately TT then ignores my extension payment and thinks I need to send money to the IRS - no, no, I want my I bonds.

I may have to end up filing the paper forms.

Dale
I did most of my tax return a couple months ago so I don't remember exactly how I entered the payment but on my 1040 the extension payment IS on line 68. It flows from the tax payments worksheet-- try that approach and using that form. Zeroing it out doesn't because of the Turbo Tax problem --as I said above you only get two options for a refund and one of them is "direct deposit"-- it's a TT problem. I have to decide between filing paper, printing it out, mailing it hassle and just giving up and getting a $4950 I-bond and $50-- I already feel silly because I let IRS have my money all this time. Let me know if you solve your problems and get to mine :-)

Good luck,
Nonnie
This post may be monitored for quality assurance purposes.

donall
Posts: 801
Joined: Tue Mar 13, 2012 6:45 am

Re: Anyone already received paper I-Bonds from Tax Refund?

Post by donall » Sat Aug 18, 2012 8:05 pm

Our paper Ibonds came about a month after filing. My relative got a $5K refund check. He sent back the check in May with a letter and now received a second letter from the IRS indicating it would take another 45 days to investigate the matter. I did both of the taxes on Turbotax using paper returns. Was this the luck of the draw?

Post Reply