SOURCE: Doorways to Dreams

Doorways to Dreams

February 06, 2012 11:30 ET

Series I Paper Savings Bonds Are Available for Purchase up to $5,000 at Tax Time

ALLSTON, MA--(Marketwire - Feb 6, 2012) - Doorways to Dreams (D2D) Fund's Tax Time Savings Bonds Campaign encourages all taxpayers to invest a part of their tax refund into Series I U.S. Savings Bonds. As of January 1, 2012, the only way to get paper U.S. Savings Bonds is to purchase them at tax time. Every taxpayer receiving a tax refund can put all or part of that refund directly into a Series I U.S. Savings Bonds for as little as $50 and up to $5,000.

Purchasing savings bonds at tax time is easy and convenient -- simply fill out Form 8888 when you file your taxes, whether you prepare your taxes yourself, use software, pay a preparer, or use one of the many excellent free tax preparation VITA sites. The paper bonds will be mailed to the taxpayer's address.

In 2011, nearly 50,000 Americans used part of their tax refunds to purchase U.S. Savings Bonds for themselves or as gifts for loved ones. The ability to gift Savings Bonds to loved ones directly from the tax form is one of the greatest incentives for tax time savings. Issued and guaranteed by the U.S. Treasury Department, Series I U.S. Savings Bonds have a current earnings rate of 3.06%, effective through April 30, 2012. There is no fee to purchase or cash in bonds and if they are stolen, destroyed or lost, they can be replaced.

U.S. Savings Bonds have a long, rich history and are a major part of the American dream. Most Americans became regular savers only after the federal government started the U.S. Savings Bond program in 1935. The program has since helped millions of Americans save for their dreams or those of their children and pay for their first home, college education for themselves or their children, or retirement.

To learn more, visit, text DREAMS to 41411, or watch our easily sharable widget.

Doorways to Dreams Fund is a non-profit whose mission is to strengthen the financial opportunity and security of low and moderate income consumers by innovating, incubating and stimulating new financial products and policies.

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