| The year 2009 income tax return will be the first | | | | know where to send the rest of your money. |
| time that taxpayers will be able to use their income | | | | If the refund happens to be an exact multiple of |
| tax refund to purchase up to $5000 in low-risk, liquid | | | | fifty, the taxpayer can indicate that all of the refund |
| Treasury I Bonds. The Treasury Bonds pay interest | | | | be used for I Bonds. This is done by filling out the |
| and help protect the investor against inflation. | | | | direct deposit information on your income tax return, |
| The bonds are issued in the taxpayer's name and if it | | | | and not filing Form 8888. |
| is a refund from a joint return, the refund is issued in | | | | Taxpayers receive their Treasury Bonds through the |
| the names of both taxpayers. There are no | | | | mail. |
| beneficiaries to the bonds. You can purchase the | | | | If there is an error on an income tax return, in regard |
| bonds even if you do not have a TreasuryDirect | | | | to calculating a refund, bonds will not be purchased. |
| account. | | | | Bonds will also not be issued if the refund is offset, |
| You simply use Form 8888 and enter the routing | | | | or the request is not made in multiples of fifty. When |
| number 043736881 and check the box marked, | | | | this happens, the purchase is canceled and all of the |
| savings. Use BONDS as your account number. | | | | tax refund is issued through the mail. |
| I Bond requests are done in multiples of fifty and the | | | | When a taxpayer requests bonds, they can track |
| IRS will need a direct deposit routing number for the | | | | them, after they have received the balance of the |
| balance of your refund. If you have a $500 refund | | | | refund, by visiting the Treasury Retail Securities site. |
| and you request $250 in I Bonds, the IRS needs to | | | | |