I Bonds as tax refund: tracking down a missing one

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Polaris
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I Bonds as tax refund: tracking down a missing one

Post by Polaris » Wed Apr 27, 2016 12:24 pm

I was due a refund on my 2015 Federal tax return and elected to receive a portion of it in the form of paper I Bonds.

On 4/18 the USPS delivered seven bonds
On 4/21 the USPS delivered one bond
On 4/23 the USPS delivered one bond in a rough looking envelope with the notation "Misdelivered to Newport News, VA" handwritten on the back of it.

I have yet to receive one remaining bond owed to me (a $1000 one!), and am not sure how long I should wait before investigating since they have all arrived on the same day in previous years. I also don't know who to contact about the missing bond since I don't have a Serial Number for it since I never received it.

Any advice?

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HueyLD
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Re: I Bonds as tax refund: tracking down a missing one

Post by HueyLD » Wed Apr 27, 2016 12:34 pm

Whom do I contact if I don’t get my Savings Bonds?

The first step is to check the status of your refund by going to the "Where’s My Refund" feature on www.irs.gov or calling 1-800-829-1954. You can generally get information about your refund 72 hours after the IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return. If the IRS has processed your refund and placed the order for your savings bonds, you will need to contact the Treasury Retail Securities Site in Minneapolis at 1-800-553-2663 to inquire about the status of your savings bonds.
https://www.irs.gov/Individuals/Using-Y ... ings-Bonds

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celia
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Re: I Bonds as tax refund: tracking down a missing one

Post by celia » Wed Apr 27, 2016 8:49 pm

Regardless of how or where you purchased a saving bond, you can report missing ones with this form:
https://www.treasurydirect.gov/forms/sav1048.pdf

However, since yours weren't all mailed together, I'd wait another month or so to see it if took a detour in the mail. (We once received someone else's mail stuck inside a magazine that arrived when we were gone on vacation. I threw it back in the mail with a notation that it had been mis-delivered.)
A dollar in Roth is worth more than a dollar in a taxable account. A dollar in taxable is worth more than a dollar in a tax-deferred account.

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Polaris
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Re: I Bonds as tax refund: tracking down a missing one

Post by Polaris » Thu Apr 28, 2016 7:46 am

Thanks, great info! According to the Refund Status Results at irs.gov it may take up to three weeks from the date my refund was sent for the I Bonds to arrive in the mail.

oxothuk
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Re: I Bonds as tax refund: tracking down a missing one

Post by oxothuk » Thu Apr 28, 2016 10:17 am

I wonder if they changed something in their process this year.

We received part of our refund (the larger denominations) on one day, but $500 was missing. After a week my wife called and was told to wait up to a month before filing a claim. Sure enough, the other bonds (the smaller denominations) arrived a couple of days later.

In prior years all of our bonds arrived on the same day.

fareastwarriors
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Re: I Bonds as tax refund: tracking down a missing one

Post by fareastwarriors » Thu Apr 28, 2016 4:15 pm

oxothuk wrote:I wonder if they changed something in their process this year.

We received part of our refund (the larger denominations) on one day, but $500 was missing. After a week my wife called and was told to wait up to a month before filing a claim. Sure enough, the other bonds (the smaller denominations) arrived a couple of days later.

In prior years all of our bonds arrived on the same day.

I don't why this year a bunch came in separate envelopes... And I'm also missing one ($200) bond...

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Polaris
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Re: I Bonds as tax refund: tracking down a missing one

Post by Polaris » Fri Apr 29, 2016 2:20 pm

I called up Treasury retail services, and after saying multiple times that I was positive that the envelopes weren't stuck together I was told that I have to wait 30 days before the bond can be claimed as missing. If it doesn't show up before then, I can call them back and they can send me a form to re-issue the bond. Good Times... :annoyed

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Polaris
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Re: I Bonds as tax refund: tracking down a missing one

Post by Polaris » Mon May 02, 2016 10:10 am

Well, the last one showed up today after being lost in the mail. The final summary in case it may help anyone else in a similar boat:

On 4/18 the USPS delivered seven bonds
On 4/21 the USPS delivered one bond
On 4/23 the USPS delivered one bond in a rough looking envelope with the notation "Misdelivered to Newport News, VA" handwritten on the back of it.
On 5/2 the USPS delivered the final bond in a USPS envelope from zip code 04106. The original envelope was inside and had "Delivered to wrong address" handwritten on the front of it. The envelope had been opened and taped shut, so someone was able to get a look at the last four digits of my SSN. :x

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Don Christy
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Re: I Bonds as tax refund: tracking down a missing one

Post by Don Christy » Sat Nov 12, 2016 6:49 pm

I'm missing a $1000 I bond as well! We filed late and I just received all on same day last week except one. Guess I'll wait a week or so and then call to be told to wait a little longer. Why couldn't it be the $50 one!
“Speak only if it improves upon the silence." Mahatma Gandhi

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frugalNOTcheap
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Re: I Bonds as tax refund: tracking down a missing one

Post by frugalNOTcheap » Sat Nov 12, 2016 8:29 pm

Sorry to hijack the thread, but I've got a question about the paper I bonds received as part of a tax refund. Can these bonds be sent to Treasury Direct and added to an already established online account?
Plan for tomorrow, but live for today.

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HueyLD
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Re: I Bonds as tax refund: tracking down a missing one

Post by HueyLD » Sat Nov 12, 2016 8:55 pm

Follow the instructions on this TreasuryDirect site. http://www.treasurydirect.gov/readysave ... _bonds.htm

It could take up to 20 weeks. So be patient.

marklehead
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Re: I Bonds as tax refund: tracking down a missing one

Post by marklehead » Sun Jan 14, 2018 11:52 am

I'm resurrecting an old thread and wondering if anyone got any resolution.

This I-bond FAQ says "The Bureau of the Fiscal Service is authorized to replace lost, stolen, or destroyed I bonds... You'll need to complete FS Form 1048"

That sounds like what I want. So I click on form 1048 and go down to "Relief Requested". Then the only option for Series I bonds is direct deposit into a bank account. But I don't want cash. I want a substitute bond, either on paper or in Treasury Direct. Every piece of documentation says I can do that, except for that form.

Has anyone been through this process successfully? I guess I'm going to have to call them on Tuesday morning.

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Re: I Bonds as tax refund: tracking down a missing one

Post by DavidC » Sun Jan 14, 2018 4:39 pm

marklehead wrote:
Sun Jan 14, 2018 11:52 am
This I-bond FAQ says "The Bureau of the Fiscal Service is authorized to replace lost, stolen, or destroyed I bonds... You'll need to complete FS Form 1048"
Indeed, the Replacing or Reissuing a Paper I Bond and Guide for Savings Bond Owners (File a Claim for Lost, Stolen, or Destroyed Bonds) pages also say to fill out FS form 1048. My (increasingly outdated :() copy of Savings Bond Advisor also says to use 1048 although it uses its old name of Public Debt Form 1048.
marklehead wrote:
Sun Jan 14, 2018 11:52 am
That sounds like what I want. So I click on form 1048 and go down to "Relief Requested". Then the only option for Series I bonds is direct deposit into a bank account. But I don't want cash. I want a substitute bond, either on paper or in Treasury Direct. Every piece of documentation says I can do that, except for that form.
Uh oh. So, the form used to let you specify reissuing into a Treasury Direct account (see the February 2017 version of FS Form 1048) but as you noted the current December 2017 version of FS Form 1048 doesn't anymore. Assuming this isn't a mixup at Treasury Direct (e.g. we're either supposed to use a different form for reissues now but they forgot to tell us, or the new version of FS Form 1048 is bad/will be reverted) this has significant ramifications for you and any other holders of paper savings bonds. Asking Treasury Direct is going to be the only way to definitively know what's going on here so please update with their response.
marklehead wrote:
Sun Jan 14, 2018 11:52 am
Has anyone been through this process successfully? I guess I'm going to have to call them on Tuesday morning.
TFB was able to replace his stolen paper savings bonds last year but that would have been with the February 2017 version of FS Form 1048 and not the current one. And it goes without saying all of the warm fuzzies TFB's blog post gave me about Treasury Direct handling lost paper bonds last year is lost now.
In true boglehead fashion my chief concern is saving enough to withstand 7 consecutive biblical plagues. - TheNightsToCome

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Re: I Bonds as tax refund: tracking down a missing one

Post by DavidC » Sun Jan 14, 2018 10:58 pm

DavidC wrote:
Sun Jan 14, 2018 4:39 pm
marklehead wrote:
Sun Jan 14, 2018 11:52 am
That sounds like what I want. So I click on form 1048 and go down to "Relief Requested". Then the only option for Series I bonds is direct deposit into a bank account. But I don't want cash. I want a substitute bond, either on paper or in Treasury Direct. Every piece of documentation says I can do that, except for that form.
Uh oh. So, the form used to let you specify reissuing into a Treasury Direct account (see the February 2017 version of FS Form 1048) but as you noted the current December 2017 version of FS Form 1048 doesn't anymore. Assuming this isn't a mixup at Treasury Direct (e.g. we're either supposed to use a different form for reissues now but they forgot to tell us, or the new version of FS Form 1048 is bad/will be reverted) this has significant ramifications for you and any other holders of paper savings bonds. Asking Treasury Direct is going to be the only way to definitively know what's going on here so please update with their response.
Inspired by the fact that sscritic spotted a savings bond regulation change several years ago, I tried to follow the same process by looking for recent Treasury regulation changes but I don't see anything recent related to Savings Bonds and FS Form 1048. So for the moment I'm inclined to believe the regulations covering the reissue of lost paper savings bonds into electronic format still exist/what you're asking to do is supposed to still be feasible.
In true boglehead fashion my chief concern is saving enough to withstand 7 consecutive biblical plagues. - TheNightsToCome

marklehead
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Re: I Bonds as tax refund: tracking down a missing one

Post by marklehead » Tue Jan 16, 2018 7:22 am

I spoke to someone just now. He told me I need to leave section 5 blank and also supply form 4000 for electronic reissue. Form 4000 expects you to know the serial number, so I am not entirely confident this is going to work.

marklehead
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Re: I Bonds as tax refund: tracking down a missing one

Post by marklehead » Tue Jan 16, 2018 11:28 am

Actually, no. This bond doesn't mature until 2046. I am going to wait a while and see if this process gets less ridiculous before I go to the trouble of finding a "certifying officer".

If you found this thread on Google like I did and wanted to know the resolution, there isn't one yet. Sorry.

invstar
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Re: I Bonds as tax refund: tracking down a missing one

Post by invstar » Tue Jan 16, 2018 2:13 pm

Is there any advantage in getting bonds instead of cash for tax refunds? Just asking..

masteraleph
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Re: I Bonds as tax refund: tracking down a missing one

Post by masteraleph » Tue Jan 16, 2018 2:32 pm

invstar wrote:
Tue Jan 16, 2018 2:13 pm
Is there any advantage in getting bonds instead of cash for tax refunds? Just asking..
If you want paper bonds, it's the only way to get them. And if you're already purchasing the maximum amount of I-Bonds every year, then it functionally increases your maximum (it's not counted against the Treasury Direct maximum).

invstar
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Re: I Bonds as tax refund: tracking down a missing one

Post by invstar » Wed Jan 17, 2018 7:51 pm

masteraleph wrote:
Tue Jan 16, 2018 2:32 pm
invstar wrote:
Tue Jan 16, 2018 2:13 pm
Is there any advantage in getting bonds instead of cash for tax refunds? Just asking..
If you want paper bonds, it's the only way to get them. And if you're already purchasing the maximum amount of I-Bonds every year, then it functionally increases your maximum (it's not counted against the Treasury Direct maximum).
Thanks masteraleph..

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