You just make an extra payment if necessary to insure you'll receive at least a $5000 refund, by the January estimated payment deadline. Your tax software will have a provision to report whatever tax payments you make. Lots of people here do use one of the IRS-approved payment services that cost less than their credit card rewards pay. You fill out the Form 8888 when you file with your tax software. If you're lucky and nothing goes wrong, your savings bond(s) will show up in the USmail. I received a single $5000 bond most recently, although that's not guaranteed as far as I know (and didn't used to happen.) Once you locate your bond, you get to USmail it back to the Treasury for conversion to electronic form in your TD account - which takes a while (a couple of months, the last time I did a conversion.)I tried to find this in the Wiki and Forum search but couldn't find a definitive answer. Basically asking how to get an extra $5,000 in I-Bonds through my tax return. I have already purchased the $10k maximum this year.
Can someone who has experience doing this walk me through it? I've seen stuff about filing for an extension or just making an extra payment, etc. Can this be done by credit card (would it be worth it given the 2.625% cashback on BOA Prem Rewards) or only checking account and what is the direct link and timing to do that? And then, where do I indicate the extra payment on my tax return? I use TurboTax to file my taxes.
Thanks everyone.
Statistics: Posted by tibbitts — Sat Dec 30, 2023 2:00 am