I want to own American I bonds, but I'm not a US citizen/resident so I don't have a SSN (I live in Canada). As such, I can't just create a TreasuryDirect account and buy I bonds there.
Here's my plan:
- Pay $5000 to the IRS for my US taxes
- File a non-resident US tax return showing I owe no US taxes (because none of my income is effectively connected with US trade or business), and am entitled to a $5000 refund
- Attach Form 8888 to my US tax return to request my refund be sent in the form of paper I bonds
Would this work? The instructions for Form 8888 don't mention any requirement for the taxpayer to be a US citizen/resident, but maybe there's some other rule I'm missing?