Everyone's making this way more complicated than it needs to be. The easiest solution is just to have your parents gift you $17K each per year (that's the annual gift tax exclusion for 2024) and you'll avoid the gift tax issue entirely. Yes it'll take a few years to get the full amount but it's the cleanest approach.

One important detail that hasn't been fully addressed - you mentioned your parents aren't US residents, but are they US citizens? This makes a huge difference in how the gift tax rules apply. If your parents are US citizens living abroad, they're still subject to US gift tax rules and get the full $13.61 million lifetime exemption (for 2024). They could gift you the entire $135K without any gift tax, though they'd need to file Form 709. If they're non-US citizens AND non-residents, then the advice about the $60K lifetime exemption and transferring to foreign accounts first is correct. But I'd strongly recommend getting professional tax advice before moving that much money around, especially since the IRS can be pretty strict about transactions that look like they're designed to avoid gift tax rules. Also, don't forget that even if no gift tax is owed, your parents may still need to file gift tax returns depending on the amounts and structure of the transfers.

Same boat. Schedule date was Feb 26, still nothing. Called my bank and they said no pending deposits. Checked wmr again today and it still shows the same message. Starting to get worried because I need this $ for rent!

I'm going through the exact same thing right now! Filed early February, got the "Refund Sent" checkmark with a Feb 27th date, and still nothing in my account as of this evening. It's so nerve-wracking when you're counting on that money. From what I'm reading here, it sounds like the Feb 27th date is when the IRS *sends* the payment to the bank, not when it actually hits our accounts. Plus someone mentioned there might be system delays affecting refunds scheduled for this week. I'm trying to stay patient until that March 4th deadline they give us, but it's definitely stressful! I called my bank earlier and they said to check again tomorrow morning since some deposits don't show up until after midnight or early morning. Fingers crossed we both see our refunds soon! 🤞

Make sure you're also checking if you're eligible for the Lifetime Learning Credit if the American Opportunity Credit doesn't work for your situation! It's worth looking into both to see which one benefits you more.

Hey Nia, I totally get the anxiety you're feeling - I went through something very similar last year! The good news is that you're being responsible by trying to get this right, and the IRS really isn't as scary as it seems for situations like yours. A few things that might help ease your worry: First, you can absolutely set up a payment plan with the IRS if you can't pay the full amount at once. They offer installment agreements that can be as low as $25-50 per month depending on your situation. You can even apply online through their website. Second, regarding last year's return - while it's true your dad should have reported that $3,500 in excess scholarship income, the fact that you're correcting things going forward shows good faith. If you do decide to amend last year's return (which is generally the right thing to do), you can include a statement explaining that you were unaware of the scholarship taxation rules and are voluntarily correcting the error. Also make sure you're maximizing any education credits you qualify for - the American Opportunity Credit could potentially offset a significant portion of what you owe. Don't let the anxiety paralyze you - take it one step at a time and remember that the IRS works with people who are trying to comply with tax law.

Honestly this sounds like your mom is fishing for information she doesn't need. My mom tried the same thing last year saying her "accountant needed it" but turns out she just wanted to see how much money I was making at my new job lol. When I offered to just give her the specific numbers her CPA actually needed, she got all weird about it. Stand your ground and only provide the specific information required. You're an adult now and entitled to your financial privacy!

Based on your income and living situation, you're likely right to be suspicious. With $28k income for the year, you probably provided more than half of your own support, which means your mom can't claim you as a dependent anyway. Here's a quick reality check: if you earned $28k and only lived at home for 8 months, you were likely financially independent for a significant portion of the year. The support test considers your entire year's expenses - housing, food, transportation, etc. - not just the time you lived at home. Your mom's CPA only needs three pieces of information: your total income ($28k), an estimate of your total annual support costs, and how much of those costs you paid yourself. That's it. No tax forms required. I'd suggest calculating your own support test first. Add up what you spent on rent, food, transportation, etc. for the full year, then see what percentage you covered yourself. If it's over 50%, she can't claim you regardless of what paperwork she has. Don't hand over your entire tax return when a simple income summary would suffice for any legitimate tax professional.

Had this exact same situation last year! The key thing to remember is that these are two separate review processes that can run parallel. For the 4464, you'll need to verify your identity either online through ID.me or by scheduling an appointment at a Taxpayer Assistance Center. Don't wait on this one - it has strict deadlines. The CP05 income verification will continue its own timeline regardless. Pro tip: once you complete the identity verification, call the number on your CP05 letter to let them know - sometimes it can speed up the income review process since they'll have confirmation you're legit.

I went through this nightmare combo last tax season too! What helped me was creating a simple timeline tracker - wrote down when I got each letter, what actions I took, and key deadlines. The 4464 identity verification definitely takes priority since it's time-sensitive, but don't stress too much about the CP05 timing. Mine took about 90 days even after identity verification was complete. One thing nobody mentions is that you can actually check your account transcript online at irs.gov to see if there are any updates on either process - sometimes the status changes before you get any mail updates. Hang in there, it's frustrating but you'll get through it! 💪