Ready to convert paper I Bonds into electronic form? Here’s a step-by-step guide.

Hint: It’s a bit complicated. What else would you expect?

Editor’s note: In October 2021, Wisconsin-based financial adviser Jeremy Keil invited me onto his podcast to talk about I Bonds. He was ahead of the curve on I Bonds, educating himself on a topic that would be of great benefit to his clients. Later on, he mentioned to me that he was going to get paper I Bonds in lieu of a federal tax refund, and then convert them to electronic I Bonds at TreasuryDirect. I asked him if he’d write a step-by-step description of the entire process, and here it is …

By Jeremy Keil, CFP®, CFA

Jeremy Keil

With purchases of US Series I Savings Bonds (I Bonds) exploding over the past year and a cap of $10,000 per person in electronic savings bonds, many people are trying to go past that cap by using their tax refund to buy up to $5,000 more.

They may be surprised to see these $5,000 savings bonds come in paper form and are curious how to convert them over to electronic form.

I went through the process of getting paper savings bonds from my tax return and converted them into my online Treasury Direct account so I could live to tell the tale and give you a step-by-step guide on how to do it.

How to get US Series I Savings Bonds from your tax return

If you are intentionally trying to get I Bonds from your tax refund you’ll likely want to overpay, on purpose, estimated taxes into the IRS, probably closer to the end of the year.

Make sure you are aware of:

Alert your tax preparer to your desire to receive part of your refund in paper savings bonds. Chances are you have already maxed out the Treasury’s $10,000 per person/entity per calendar year limit for I Bonds. With the added steps to get paper savings bonds, you likely want the $5,000 per return max if you’re going through this exercise.

After you file your return wait a few weeks (or months!) and you’ll get a series of envelopes in the mail from “Treasury Retail Securities.”

I was quite surprised to get a stack of multiple envelopes.

When I opened the first one it was for $50, and I thought “if they sent me 100 – $50 US Savings Bonds that’s crazy!” but it turned out they sent me 12 total bonds. 4 – $1,000; 1 – $500; 1 – $200; 6 – $50.

Then came the next step:

How to convert paper savings bonds into electronic form

Treasury Direct has a page that gives you some instructions, but below are the steps (with pictures) I took to convert my paper saving bonds into electronic form.

I’ll emphasize it again, but do NOT sign the back of your savings bonds at any time during this process.

I’m assuming you already have a Treasury Direct account. If not go here for instructions on how to open the account.

  1. Log in to TreasuryDirect.

2. Click on Manage Direct, one of the middle blue menu buttons at the top of the page.

3. Click on Establish a Conversion Linked Account

4. Next, click Create Account

5. You will then be in your “Conversion Account” – Click on Manage Direct again, in the blue box at the top of the page.

6. Under Manage My Conversions, click on “Convert my bonds.”

7. Select the Registration you are converting for (likely your own) and continue

8. Then start adding in paper savings bonds to your cart

9. Once you have added all your paper bonds, click view cart, and once you are ready, click Create a Manifest

10. You will now have a paper manifest you can use to print and mail in with your paper savings bonds. Do NOT sign the back of your savings bonds!

11. The manifest will give you a P.O. box and a physical mailing address. You will sign your manifest. Do NOT sign the back of your savings bonds!

I suggest using some sort of tracking system through USPS, UPS, or FedEx so that you can know when your savings bonds arrive, which means you’d likely mail it to the physical address, not the P.O. box.

I also suggest keeping a copy of your manifest, and making a copy of the savings bonds you send in.

12. Double check through the mail tracking system you used that the bonds arrived, and then wait a few weeks and you’ll see your paper bonds are now listed in your conversion account.

What comes next?

It’s an odd system, but you’ll essentially have two accounts through Treasury Direct that are accessed through your main account login.

The first is your regular login that will list out your current securities total, and your current holdings.

The second is listed towards the bottom of the page, and you’ll have to click on My Converted Bonds to get into and transact on that part of your account.

Now that you know how to link your paper savings bonds into your online TreasuryDirect account, please spread the word – especially to people like your parents who probably have old paper savings bonds.

* * *

Jeremy Keil, CFP®, CFA is a retirement focused financial planner with Keil Financial Partners. If you have retirement, investment or tax planning questions Jeremy’s team can get you started in the right direction.

Jeremy also hosts the Retirement Revealed blog and podcast where you will learn more about your money, feel better about your money and make better money decisions.

Feel free to post comments or questions below. If it is your first-ever comment, it will have to wait for moderation. After that, your comments will automatically appear.


About Tipswatch

Author of blog, David Enna is a long-time journalist based in Charlotte, N.C. A past winner of two Society of American Business Editors and Writers awards, he has written on real estate and home finance, and was a founding editor of The Charlotte Observer's website.
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29 Responses to Ready to convert paper I Bonds into electronic form? Here’s a step-by-step guide.

  1. Shawn Holladay says:

    If the bonds get lost in mail, is there way to have them re-issued. Just have a little fear of sending 5k thru the mail.

    • Tipswatch says:

      The author recommends using some sort of certified mail with a tracking system and keeping a copy of your manifest. Make a copy of the paper I Bond itself, too. If you do that you should be OK.

  2. Derek says:

    There’s about five bonds that I signed the back of by mistake. What’s the next step to correct this mistake?

  3. Rex Scholl says:


    I got issued a $5,000 paper Ibond with my tax refund a couple of weeks ago and have followed the instructions to convert to electronic but I am getting an error message on the “Add a Bond” page that reads “You have entered a serial number that is not valid for the series and denomination entered. Please re-enter and click Add to Cart.”

    I’ve triple checked I am entering the correct series, the correct denomination, and the correct serial number as printed on the bond. There is evidently no email support offered by Treasury Direct and they don’t answer the phone either.

    Any suggestions? The bond has an issue date of 10-22.


    • Jane says:

      I have encountered exactly the same situation. No resolution yet.

    • Diane says:

      Same problem. Issue date 11/2022

    • butopia1502 says:

      I have the exact same problem. Any solution out there yet? Just got it in the mail abut can’t add it to convert …..”You have entered a serial number that is not valid for the series and denomination entered. Please re-enter and click Add to Cart.”…. DUHH!!! There’s on ONE $5000 denomination choice!!!

    • Don says:

      Txs for posting this. $4500 refund from now on!

      • Fran says:

        $5000 paper I Bond issued on 11-2022
        I get this error
        ‘The following error(s) have occurred:

        You have entered a serial number that is not valid for the series and denomination entered. Please re-enter and click Add to Cart.’

  4. Atony Mous says:

    How long does the conversion process take after the Treasury received the bonds for conversion?

  5. Atony Mous says:

    If you create a duplicate manifest by mistake, there is no way to remove the duplicate manifest.

  6. Mike says:

    Once your conversion is done, it’s very easy to go online and move any bonds held in “My Converted Bonds” account into your main Treasury Direct account. No paper/mail forms required and happens immediately.

    • Don says:

      Ill have to look for that. Converted is mostly hidded if you do not know its there. Heirs would not know where to look!

  7. David says:

    There is an improvement for 2021 tax refund $5,000 paper I-bond. Instead of sending multiple denominations, we got a single $5,000 bond. This will be much easier to transfer. Finally!

    • jeremy02fd9049fa says:

      That’s so great! – I didn’t get my paper bond yet from 2021 (so I missed April 2022 start date). I’m looking forward to the one big bond!

    • Don says:

      Why is it easier? You just put them in an envelope to send in, one bond or 5. What am I missing?

      • KW says:

        The manifest is quicker and easier to create if it’s only one bond rather than several. (Also, when you received the bonds in the first place, it took less time to open one envelope and examine the contents, rather than several envelopes with one bond in each.)

  8. Bob says:

    I do not see where it addresses filing joint? Our current I Bond accounts are in husband only and wife only name (JWROS and listed as beneficiaries). Do you have to create a third account in both names?

    • Tipswatch says:

      Based on reading Form 8888, you don’t need a TreasuryDirect account to request paper I Bonds as a tax refund. And you can name two separate owners (with co-owners), if you want to: … So you could match up ownership with your two TreasuryDirect accounts, then separately go through this linking process, creating a manifest, etc. and send each set of I Bonds to your TreasuryDirect accounts.

      That’s my reading of the process.

      • shawn says:

        Our tax return paper i-bond list both my wife and I as owners (co-owners). From my reading, you can convert to either co-owners treasury-direct account. From TD site, “If you’re a TreasuryDirect account owner, you can exchange paper savings bonds on which you are the sole owner, a co-owner, or the owner with a beneficiary.”….thanks for great article.

      • Bob says:

        Excellent and thanks

  9. Bill says:

    Very good explanation of a very odd system.
    Just a couple of things I would add. A few days after the USPS tracking postcard says the bonds were delivered, you’ll get an email from TreasuryDirect saying they received the manifest (it comes from “TRESDoNotReply”). The PostCard comes when they get handed the envelope, and the email when they open the envelope. And then a long long wait. For me it averages 4-6 weeks. In the meantime, I sign in to the LinkedAccount and display the manifest (ManageDirect->ViewMyManifests) and wait for it to show status “Converted” and give the Confirm#. Still hoping for an email when they do the work, which would be nice.

    • Tipswatch says:

      Excellent information, thanks.

    • jeremy02fd9049fa says:

      ha, thanks! there’s so many steps I forgot one!! it is nice to get this reminder.

    • Nancy says:

      Just FYI for timeline. I filed my taxes with Turbotax on 3/31. I received my paper bond on 4/24. I Fedex’d my unsigned bond (with the manifest) on 4/25 6:30 PM (They said it would be picked up at 5 PM on 4/26). Fedex showed delivery on 4/28 at 08:54 AM. I received an email from Treasury Direct on 5/1 at 11:45 PM stating that they had received the bond and that it would take up to 13 weeks for review and processing. The email included a customer# and case#.

  10. Don says:

    Agree its an odd system. Hopefull your heirs can find them, since you have to know where to go to find them!

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