Turbotax problem tonite: no option to buy an I bond with tax refund

[lucky penny]

Has anyone else had a problem this year with buying an I bond with a tax refund on Turbotax? I've done this every year for a while, but don't see that option now. The only specified options are direct deposit, a paper check, or splitting the deposit among up to 3 banks. I called twice this evening & was on the phone forever with 2 people who shared my screen & neither could find that option or figure out how to do this. It used to be very simple! Very frustrating.

 

[Al18]

Treasury Direct discontinued this service as of 1/1/25 Using Your Income Tax Refund to Buy Paper Savings Bonds — TreasuryDirect

 

[lucky penny]

Thanks very much. I wasn't aware of this change & neither (apparently) is Turbotax support. Wish I'd known this before withholding the extra $5K & before spending hours on the phone with TT.

 

[Chuckanut]

What the Treasury Department should do is increase the current $10,000 Ibond limit by the inflation rate. Others have done the calculation and claim the inflation adjusted yearly limit is near $25,000 a year.

 

[RunningBum]

What the Treasury Department should do is increase the current $10,000 Ibond limit by the inflation rate. Others have done the calculation and claim the inflation adjusted yearly limit is near $25,000 a year.

About $20K, and yes, I agree that they should increase it.

$10,000 in 1998 → 2025 | Inflation Calculator

The 2.50% inflation rate means $10,000 in 1998 is equivalent to $19,489.02 today. This inflation calculator uses the official US consumer price index published by the Department of Labor.

www.in2013dollars.com