Purchasing U.S. Savings Bonds
Taxpayers can choose to save part or all of their refund by requesting savings bonds on Form 8888. The specific details on how to purchase savings bonds with a federal tax refund are included in the Form 8888 Instructions.
In addition to direct deposits, taxpayers can allocate their refund to request up to three different savings bond registrations and receive a check. Form 8888 is now divided into four separate parts:
Taxpayers can make bond purchases and add beneficiaries or co-owners, or anyone else.
Mary's tax return shows she is due a refund of $548.00. She wants to buy a $500 savings bond. Using Form 8888, Mary can purchase the savings bond and elect to deposit the remaining $48 into her checking account.