When someone overpaid their taxes, the IRS gives them an option to apply the over payment for the next year, to get an electronic bank deposit refund, or to get a refund in the form of paper I Bonds. The I Bond refund option is going away on January 1, 2025, per this U.S. Treasury press release. The regular electronic I Bonds limit remains unchanged at $10,000 per year.
The paper I Bond tax refund was the last vestige of paper I Bonds since they went electronic in 2012. The paper version is a pain to deal with, and the reason some people found it interesting was due to the fact that it increased your annual I Bond limits above the standard $10,000 cap. By taking a paper I Bond refund it was possible to get up to an additional $5,000 in I Bonds per year.
This option is going away January 1, 2025. Those who have not yet done their 2023 tax returns can still take advantage of the paper bond option until that time.
Hat tip to tipswatch