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The Online Advisor

March  2010

What's New in Taxes

Consider this new way to use your tax refund


If you're receiving a tax refund this year, you can use it to buy U.S. savings bonds from the IRS. Here are the details. 

* You may purchase up to $5,000 in U.S. Series I savings bonds. 

* The total amount of bonds you purchase must be a multiple of $50. Any refund over the specified bond purchase amount must be deposited into another financial account, such as a checking or savings account.  

* Bonds will be issued in your name. If you're married and file a joint return, the bonds will be issued in the names of both spouses.

The bonds will be sent to you by mail. 

* You select this option when filing your 2009 return by using Form 8888, "Direct Deposit of Refund to More Than One Account."

Form 8888 gives instructions on selecting this option and specifying the amount of refund you want to use to buy savings bonds. 

For additional information about Series I savings bonds, go to www.treasurydirect.gov.

 

For details or for assistance with your tax planning, give our office a call.

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