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Form 8888 (Rev November 2021) - Internal Revenue Service: What You Should Know

In 2018, they can also use tax refund cash to purchase any savings bond. See page 1 to find out more about how to fill out the form. IRS In 2019, you can still buy a whole savings bond and convert your tax refund  into a whole savings bond. IRS Publication 1274: Savings Bond Purchase and Conversions From 2023 to 2022, you can purchase and cancel a whole savings bond and convert it into a whole savings bond in two ways: You can pay an additional sum to another individual to transfer the security to them, or you can buy and cancel one. 2018, it's easier to buy and cancel a whole savings bond than a whole bond Series I with a cash advance. If you cancel a whole savings bond, you have the option to convert the remaining balance through a Series J or Series K. To  do the conversion of a Series I with a cash advance, you cannot pay more than the initial purchase price.  The original principal and interest amounts will be reduced, but the bond will still be  worth its amount. If you cancel a whole savings bond, you can pay only the interest due on the remaining principal at the maturity date listed in the record. If you do want to convert it into a Series I, you can only do, so after you pay the interest on the Series I and the principal balance. Do not buy any additional Series J or Series K bonds. After canceling a whole savings bond, you can still do one of the following: You can withdraw the entire principal amount. You must pay your income taxes on the principal amount you are withholding. In the latter two cases, you cannot buy any Series I or J bonds in series because your entire principal will be withdrawn and the remaining principal cannot be used to buy further Series I or J bonds because it is considered your remaining outstanding principal. You cannot cancel a Series I savings bond and convert it into a series for the tax year that it was purchased except when it is redeemed to purchase a Series H or J savings bond. Canceling and then changing to a Series I savings bond is not allowed in the following years. If you buy and cancel a Series I savings bond for cash, only the interest due on the Series I savings bond is considered payment. Any accrued dividends on Series I savings bonds are not counted against the income tax that you pay.

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FAQ - Form 8888 (Rev November 2023. - Internal Revenue Service

Can I fill out IRS Form 8888 online?
Form 8888 is available online at the IRS Forms, Instructions & Publications website by typing 8888 in the search box. You can also obtain it by contacting your nearest IRS Taxpayer Assistance Center or checking at your local library, post office, bank, or even at some large grocery stores.
What is a 8888 form for?
Use Form 8888 to directly deposit your refund (or part of it) to one or more accounts at a bank or other financial institution (such as a mutual fund, brokerage firm, or credit union) in the United States. This form can also be used to buy up to $5,000 in paper series I savings bonds with your refund.
Does TurboTax have Form 8888?
Form 8888 is included in the TurboTax desktop CD/Download editions. Click on the File tab at the top of the program screen. Go through the pages and on the screen How do you want your Federal refund? Select Direct Deposit.
Does Freetaxusa have Form 8888?
I use freetaxusa which allows you to see your full return in PDF format before filing, and then just copy all the numbers into free fillable forms, with minor modifications to add Form 8888. It's time consuming yes, particularly if you have a complex return, but it's free!
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