The Treasury Department has discontinued its tax-time savings bond program, which allowed taxpayers to purchase paper Series I inflation bonds using their refunds. As of January 1, 2023, all I bonds must now be purchased online through the TreasuryDirect system. This change affects individuals who enjoyed the option of buying up to $5,000 in additional I bonds beyond the existing $10,000 limit for digital purchases. The program, initiated in 2010, had low participation rates, prompting the transition to a fully digital model to reduce costs and risks associated with mailing paper bonds.
If you were planning to use your tax refund to buy the paper version of inflation bonds, you're out of luck: That option has been eliminated.
The Treasury Department ended its tax-time savings bond program as of Jan. 1, making all savings bonds digital and requiring purchases through the TreasuryDirect system.
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