IBonds and Treasury Inflation-Protected Securities (TIPS) are the two ways to buy inflation-protected securities backed by the US Government. IBonds have, for some people, a significant advantage over TIPS. Interest on IBonds is not recognized until they mature in 30 years or are redeemed. TIPS interest is paid and recognized twice per year, and both the interest and inflation adjustment are federally taxable. We wrote about TIPS in a previous newsletter. IBonds can only be purchased on TreasuryDirect.gov, and the annual limit is $10,000 per person. Before 2025, an additional purchase of IBonds of up to $5k could be made with your tax refund. The Treasury has discontinued that backdoor method of increasing the amount of IBonds one may purchase.