I read that I can submit an extra one-time payment to the IRS so that I can receive that amount as a “tax refund” to convert into I-bonds. When I go into the IRS Online payment portal, do I simply select the option to “Pay Estimated Taxes”? Or is there another option that I would select? Thanks in advance for any advice.
Edit: Also would it be possible for me to submit this extra payment in 2022 (before the April 15 deadline), once I have a better idea of what my tax return would look like, so I can calculate exactly how much to pay to hit the $5000 limit?
If you pay before January 15 you select estimated payment as the reason and 2021 as the year. This way it will be like a fourth quarter 2021 payment. Remember to put it on the correct line of the 1040.
If you make a payment after January 15 *do not* select estimated payment as the reason. (After January 15 it’s too late for estimated payments to count against 2021)
After January 15….
You either select extension or balance due. Tax year 2021. Form 1040
After January 15, estimated payments will be applied to 2022. You don’t want that.
Why not just buy the i-bonds directly?
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