I overpaid my taxes to buy an extra $5,000 worth of I Bonds. I received the paper I Bonds in the mail a week after I received the direct deposit for the remainder of my tax refund. I can keep these paper bonds in a home safe or a safe deposit box at a bank but I much prefer to keep everything together in the online account at TreasuryDirect. Burglars stole my paper I Bonds when they broke into my house a few years ago.
In the usual government fashion, they don’t make it easy. Treat it as a test for how well you’re able to follow instructions. It feels convoluted the first time. It gets better after you get the hang of it.
Deposit = Conversion
First, the lingo. I think of it as depositing the paper bonds into the online account. The government calls it converting paper savings bonds to electronic form. When you deposit cash into your bank account, no one calls it converting paper currency to electronic form. You won’t find the instructions if you don’t know what it’s called.
You retain the original issue date when you deposit your paper bonds to the online account (“convert to electronic form”). You will earn the same amount of interest whether you keep the paper bonds as paper or add them to your online account.
Conversion Linked Account
Next, you can’t deposit directly into your online account. You have to create a special sub-account within your main account. They call it the “Conversion Linked Account.”
After you log in to TreasuryDirect, click on ManageDirect in the menu.

Then click on “Establish a Conversion Linked Account.”

This will create the sub-account. You only have to do this once. You can re-use this Conversion Linked Account in the future. You will see the linked account on the bottom left of the page when you log in to your main account. You go into the Conversion Linked Account by clicking on “My Converted Bonds.”

You do all the steps below in this Conversion Linked Account.
Registration List
After you get into the Conversion Linked Account, go to ManageDirect, and then click on “Create my registration list.”

A Registration means how the bonds are owned. You need to create a registration that matches the ownership printed on the paper bonds – just you, you and a co-owner, or you with a beneficiary.

Our bonds had both our names. So I chose the “OR (co-owner)” option.
Again, you only have to do this once if your paper bonds from next year’s tax refund will have the same ownership.
Add to Cart
Now, back to ManageDirect. Click on “Convert my bonds.”

Enter each bond you’d like to deposit/convert. Make sure you enter the correct series, denomination, serial number, and issue date exactly as printed on the paper bonds. Leave the comments blank.

Create Manifest
After you’re done with entering all the bonds, go back to ManageDirect. Click on “View my cart.”

You will see a list of the bonds you just entered. Double-check to make sure everything is correct. Click on the “Create a Manifest” button at the bottom.

A manifest is like the packing list that comes with your package from online shopping. They want you to print the manifest, sign it, and mail it with your bonds.
Sign and Mail
The manifest has the Treasury Department’s mailing address in Minneapolis. Sign the manifest. Take pictures of your bonds before you mail them with the signed manifest.
Because the paper bonds came by regular mail to begin with, I only used plain First Class Mail when I mailed them back. You need two Forever stamps if you put 12 bonds in a regular #10 envelope because the weight is over one ounce. If you’d like to add tracking for your peace of mind, you can pay a few dollars extra and mail it by Certified Mail. If you prefer FedEx or UPS, there’s a separate address on the manifest.
Case Number Assigned
You’ll receive an email when they receive your bonds and put the job in their work queue. I received the email seven days after I mailed the bonds. This email includes a case number in case you need to contact them. Just save the email.
Check Manifest
TreasuryDirect will work on your deposit/conversion but they won’t send another email when they’re done. Because you’ll retain the original issue date, and you’ll earn the same amount of interest regardless, I don’t worry how long it takes them to complete the process. It doesn’t make any difference whether it’s done in a week, a month, or three months.
If you’d like to check the progress, log in and click on “My Converted Bonds” at the bottom left to go into your Conversion Linked Account. Then go to ManageDirect, and click on “View my manifests.”

It’s close to completion when you see the status changing from blank to “In Progress.” It’s done when the value of your Conversion Linked Account goes up.

You don’t need to check the status every day. You can’t redeem the bonds in the first 12 months anyway. I checked periodically only for the purpose of writing this post. Here’s the complete timeline of my recent submission:
- Day 1: Mailed the bonds by First Class Mail.
- Day 8: Received email with the case number.
- Day 26: Status of the manifest changed from blank to “In Progress.”
- Day 27: Conversion completed.
Set a reminder to check the status in 30 days. If it’s not done yet, check back in another 30 days.
Transfer to Main Account (Optional)
You can leave the converted bonds in the Conversion Linked Account, but I find it easier when the bonds are all together in my main account.
Go into the Conversion Linked Account and then go to ManageDirect. Click on “Transfer securities.”

Go into Series I savings bonds, and check the box for each bond you’d like to transfer. Even though the bonds are in electronic form now, they’re still separate individual bonds, not merged into one large bond.
Put in your Social Security Number and the account number of your main account.

Scroll down to the bottom and submit. It isn’t taxable when you transfer between your Conversion Linked Account and your main account.

Your Conversion Linked Account is empty again after you transfer the converted bonds to your main account. You will use the Conversion Linked Account when you get the paper bonds from your tax refund next year.
Grant Transact or View Rights
If you have a co-owner or a beneficiary on the bonds, the co-owner or the beneficiary doesn’t automatically see the converted bonds in their account. You still need to go through each bond and grant the Transact or View right to them. See How To Grant Transact or View Right on I Bonds to the Second Owner or Beneficiary.
Co-Ownership Preserved
If your paper bonds were issued to two people as co-owners, these bonds will still have the two of you as co-owners after you deposit them to your online account. Normally you can change the second owner on your bonds at any time but you can’t do that to these co-owned bonds. The deposited co-owned bonds become “restricted securities” in your account. They will stay in the original co-owned form.
***
It feels quite convoluted when you do it the first time. After you get the hang of it, it comes down to:
- Enter the serial numbers online. Print and sign a manifest (“packing list”). Mail it with the bonds to Minneapolis.
- Receive an email with a case number. Check back after 30 days. Check again in another 30 days if necessary.
- (Optional) Transfer the converted bonds from the special sub-account to the main account.
- Grant Transact or View right to your co-owner or beneficiary on the bonds.
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Oliver says
I’ve never purchased I-Bonds. I am retired 63. I have money in Brokerage, Traditional and Roth IRAs. I-Bonds seem like a lot of trouble for someone in my situation. What am I missing?
Harry Sit says
I admit these paper bonds from tax refund require a bit of work but it’s much easier to buy I Bonds online. A married couple without a self-employment business can buy $40,000 in I Bonds in personal accounts and trust accounts. You will have $200,000 in five years. That’s not chump change.
JohnC says
Harry, as you indicate, iBonds are much easier to purchase online. But, I believe iBond purchases are limited to $10K per person (really per ssn?) per year. Unless the regs have changed, I am not sure two people could purchase $40k in iBonds each year. Am I missing something?
Thanks
Harry Sit says
With two trust accounts. It’s in the walkthrough linked above.
VagabondMD says
Yikes, what a mess! I am going to keep my paper bonds in paper, as I have been doing for the last 20 years!
DB says
Thank you for this useful writeup, Harry. How long after filing taxes did you receive your I-Bonds this year?
Harry Sit says
I received the paper I Bonds about four weeks after I e-filed the federal tax return.
Fiddlestix says
I followed these instructions earlier this year – it was a lot of work to avoid a trip to the bank!
Harry Sit says
I know. It’s more about keeping the bonds together and not lose them. Burglars stole my paper bonds when they broke into my home a few years ago.
Moolah Mindful says
When I bonds are transferred from a ‘Conversion Linked’ account to a ‘Main’ account, do any of the bond maturity dates change? Does the initial 12 month before able to redeem period change on the I bonds already in the ‘Main’ account?
Harry Sit says
The dates don’t change. Each bond has its own 12-month holding period. It’s not affected by other bonds.
MK says
Re transferring I bonds from the conversion to main TD accounts – do they keep the A OR B designation if you do this, or does OR change to something else? If so, does this make any practical difference? Thanks!
Harry Sit says
They keep the A OR B registration.
Scott says
For the married-file-jointly $5,000, and I convert half to my account and half to spouse’s account, or does it all need to be converted to just one account? Thanks!
Scott says
*should say “can I convert…”
Harry Sit says
Assuming you asked for the bonds to be issued to both of you jointly (Line 4 on Form 8888), the two owners have equal rights. You can split up the 12 paper bonds and deposit any subset to either of your accounts. The rights don’t change afterward either way.
Brian says
Oh man what a mess. I’m really considering doing it this year with I bonds at 7%, but this is a quite a headache.
Bill says
Thanks Harry for all of the great information. Do you happen to know why jointly owned converted paper I Bonds use “or” between the two names, and electronically purchased bonds use “with” between the two names? Is there any reason why the wording isn’t consistent?
Harry Sit says
No idea why they chose a different setup between paper bonds and bonds bought in the online account.
TN says
I have paper I-bonds dating back 20+ years. They have a single owner (me) and beneficiary (my now deceased mother). My spouse and I recently set up a revocable living trust and wish to place these I-bonds under our trust to avoid them being probated if I die before they mature. Would it be possible for me to sign up on Treasury Direct under the trust account option and deposit the paper bonds there, listing me as the owner and my mom as the beneficiary, and then after everything goes through with the conversion remove my mom’s name as a beneficiary and make my spouse co-owner of the bonds? (I assume I can’t change the beneficiary and co-ownership at the same time I do the conversion?). Or is there a different/better set of steps I should follow? Thanks for any suggestions.
Harry Sit says
It looks like FS Form 1851 is for depositing paper bonds into an online trust account. Please read the form and instructions carefully and confirm with customer service how you should fill out the form.
TN says
Dear Harry,
Thank you for your very helpful response – and for this amazing site, which I have found so helpful time and time again.
I contacted Treasury Direct per your suggestion and they corroborated your recommendation to use FS Form 1851. Below I include their instructions in case anyone else in a similar situation would find them useful.
“From: [email protected]
Sent: Wednesday, February 16, 2022 1:01 PM
To:
Subject: RE: Inquiry regarding paper I-bond conversion steps
To reissue paper bonds from the names of individuals into the name of a personal trust, all of the registrants named on the paper bonds must complete a Request to Reissue United States Savings Bonds to a Personal Trust (FS Form 1851). This form may be ordered or downloaded from our website at http://www.treasurydirect.gov/forms.htm
All bonds are reissued electronically into the Trust TreasuryDirect account. To open an account for the trust, visit our website at http://www.treasurydirect.gov/
Please be certain to complete Part 5 of the FS Form 1851. Take the completed form to your local bank or other financial institution and sign the form in the presence of an authorized certifying officer who will then affix his or her official stamp or seal. Certifying individuals include:
• Officers and employees of depository institutions.
• Institutions that are members of Treasury signature guarantee stamp and guarantee programs.
• Officers and employees of corporate central credit unions, Federal Land Banks, Federal Intermediate Credit Banks and Banks for Cooperatives, the Central Bank for cooperatives, and Federal Home Loan Banks.
• Commissioned or warrant officers of the United States Armed Forces, for signatures executed by Armed Forces personnel, civilian field employees, and members of their families.
• A judge or clerk of the court.
The form must be mailed to our office at:
Treasury Retail Securities Site
PO Box 7015
Minneapolis MN 55480-7015
Upon receipt of the properly completed and signed request, we will complete the conversion.”
Jennifer F. says
Hi Harry,
Are you able to deposit = conversion into a new account at my bank or paper to electronic conversion can only be done via Treasury Direct? If I can do it at my bank do you know if the service fee is significant or if there is any specific downside using my bank vs. Treasury Direct? Trying to keep the # and location of accounts as small as possible, which makes it easier to manage.
Harry Sit says
Only to TreasuryDirect.
Tom P says
I just logged into my TD account and converted the 12 bonds I recently received. It took less than 15 minutes to establish the linked account, add the bonds and create the manifest… so I don’t see why some posters think this process is such a headache. Yeah, I do have to put them in an envelope and drop them in the mail but for me I’m with Harry as I’d like to have everything in one secure location. YMMV.
Rob A says
Harry, I want to thank you for all your great articles. I just did a paper I bond conversion and your instructions in this article made it a breeze. I’ve learned so much about all the facets of I bonds from your writing and am grateful for your generous knowledge…
OrlandoRon says
Do you need to sign each individual bond, or just the manifest?
Harry Sit says
Just the manifest. If I remember correctly, the manifest or on-screen instructions said do not sign the bonds.
OrlandoRon says
I suspected that – thanks!
William says
I sent in two ibonds in February via certified mail. They were received Feb. 11. Nothing shows up in the account as of yet (48 days so far). Does anyone know if these timeframes are typical, or should I contact TreasuryDirect?
Tom P says
William, I sent my bonds to TD via regular mail in early March and I got a confirmation of receipt email on March 9. The first time I checked whether they had been deposited in My Converted Bonds linked account was yesterday, March 30, and they were there. The confirmation email quoted 4-6 weeks, so it took less time than expected for me. If you received the confirmation email of receipt I wouldn’t worry about it for now.
Harry Sit says
Make sure you’re looking in the right place. The bonds will be in the My Converted Bonds linked account, not in your main account. Also check the status of your manifest. If they’re still not there, I think you should contact customer service with your case number. Did your paper bonds require special handling (original owner deceased, name on the bond not exactly matching yours, etc.)?
William says
Hi guys, thanks for your replies. I did not receive a confirmation of receipt email, but since I sent it certified mail, I was able to determine that they received the envelope on 2/11/22 (Minneapolis address).
Harry, I did look in the linked account. I can see the details of the manifest, listing the two bond serial numbers. I am helping my father with this, my mother passed away in January. The bonds are titled in the name of their family trust (has both their names on it), and the TreasuryDirect account we created was in my father’s name. He is authorized to act individually on behalf of the trust.
Harry Sit says
You should definitely contact customer service with your complicated transaction — no case number, ownership on the bonds not matching the name of the account. It’s not the same as the straight deposits we’re dealing with here.
William says
thanks Harry, I have just contacted them via their website form.
John says
I believe that when buying I bonds with your tax refund, you are limited to $5,000 in total – it’s not $5,000 each for you and your spouse. PS great article!
Rosie says
maybe I missed it, sorry if this was already mentioned, but if you already have a TD online account you can have your $5K tax refund routed directly to your account and skip the paper version. TD has the routing number, you just add it to the Form 8888. Unfortunately, my tax preparer did not do this (and I missed it on my review), so I ended up with paper. I will now follow these instructions to get it in my account . Thank you.
Harry Sit says
When you use the money directly routed to your TreasuryDirect account to buy I Bonds, it uses up part of your $10,000 annual purchase limit. If you’re going to use up part of your limit, you might as well buy directly in your TreasuryDirect account without jumping through the hoops with your tax refund. Getting paper bonds from your tax refund gives you *extra* $5,000 beyond your normal $10,000 annual purchase limit.
Rosie says
Wow, thank you Harry, I did not realize that and just did my own confrimation research. So my tax person did the right thing afterall and now I was able to maximize my buying amount. Again, thank you. I need to spend more time on your site!
dave says
FYI, after my 2021 tax returns this April 2022 they sent me a single $5000 i-bond. easier to convert!
Tami says
These instructions were extremely helpful. Thank you so much for posting. I would not have have been able to figure out this process from the instructions posted on the Treasury Direct web site.
charles russell says
my wife has i bond in her name with a beneficiary she no longer wishs to have on bond–how can she change to her name only?does this trigger any taxes–also can you have more than i beneficiary listed on a bond??–when you pass how will beneficiary know they have the bond??how also do you pay for bond purchase?–can you cash paper bond at bank or do you need to mail them to treasury direct–if to treasury how do you get funds?
are there special instructions about adding to trust–do they need copy of trust agreements??what is telephone no.of someone you can sppek to at treasury direct??appreciate your response
Harry Sit says
If the I Bonds your wife has are a paper bonds and she wishes to remove or change the beneficiary, she should follow the steps in this post to deposit the paper bonds into her online account (open one if she doesn’t have an online account). First create the registration in the Conversion Linked Account exactly as it appears on the paper bonds with the existing beneficiary. After she mails the bonds in and they’re deposited into her online account, she can remove or change the beneficiary by following the steps in How to Add a Joint Owner or Change Beneficiary on I Bonds.
Removing or changing the beneficiary doesn’t trigger taxes. Each I Bond can have only one beneficiary but you can have different beneficiaries on different I Bonds. You can grant View rights on I Bonds in your online account to the beneficiary. They’ll need to open an online account even if they’re not buying any on their own. That way they’ll see which I Bonds they’re a beneficiary of.
If you’d like to buy more I Bonds, see How to Buy I Bonds (Series I Savings Bonds): Soup to Nuts.
You can cash paper bonds at most major banks.
If you’d like to buy I Bonds in a trust, see Buy More I Bonds in a Revocable Living Trust.
The phone number for TreasuryDirect customer service is 844-284-2676.
charles russell says
thanks harry–when i buy bonds in my name and grandchild as beneficiary do i use my soc. sec. no or theirs??–do i need to inform them of the purchase of the bond–when i pass do they need to open and acct to receive the funds?? is there something i can print out to keep in my safety deposit box so my beneficiarys will know they have an i bond that they can keep or cash–on my passing do they need to get an acct if they wish to keeo the bond??
Harry Sit says
You will need to provide both Social Security Numbers — yours as the owner and your grandchild’s as the beneficiary. They’ll need to open an account to receive the bonds after you pass if they’d like to keep them. If they open an account while you’re living even if they don’t buy any on their own, you can grant View rights to their account for them to see the bonds they’re a beneficiary of. See How To Grant Transact or View Right on Your I Bonds. Of course you can also print the list of your holdings and inform your executor and beneficiaries.