Has anyone here actually gone through the process of transferring an Inherited Roth IRA? I inherited one from my mom last year and the financial institution was really particular about the account title format. They said it needed to be titled "Jane Smith (deceased 12/15/2023) Roth IRA FBO John Smith, Beneficiary" or something like that. Just wondering if all institutions have the same requirements for Inherited Roth IRAs or if there's variation? Also, did you have to provide a death certificate and other paperwork?

I'm sorry for your loss, Abigail. Dealing with inherited retirement accounts while grieving is never easy. Based on what you've shared, there are actually some important details that could significantly impact which rules apply to your situation. Since you mentioned your brother was 42 and you're his sister, and the account was established before 2020, you might qualify as an "eligible designated beneficiary" under the SECURE Act if you're within 10 years of his age. This is crucial because eligible designated beneficiaries can choose between the 10-year rule OR taking distributions based on life expectancy, which could be much more advantageous for a Roth IRA since it allows for more tax-free growth over time. Given the conflicting information you're getting from the financial institution, I'd strongly recommend getting definitive guidance directly from the IRS or a qualified tax professional who specializes in inherited retirement accounts. The difference between these two options could have significant long-term financial implications. You'll also want to confirm when your brother first opened ANY Roth IRA (not just this account) to determine if the 5-year rule for tax-free distributions has been satisfied. The financial institution should have this information in their records. Don't feel pressured to make any hasty decisions - you have time to get the right information and choose the most beneficial distribution strategy for your situation.

I've been through this exact scenario and wanted to share some additional insights. Your Facebook Marketplace purchase with Venmo payment is actually more documented than you might think - those digital records create a solid audit trail that shows the date, amount, and even conversation context about the laptop's condition and purpose. One thing I learned that might help: if you can access your student portal or email, look for any announcements about online learning requirements from early 2025. Many schools sent out technology requirement updates when classes moved online, and having that official communication can really strengthen your documentation. Regarding the scholarship issue, the good news is that having your tuition covered doesn't automatically disqualify you from education credits - it just changes the calculation. Since you're a grad student, you're likely looking at the Lifetime Learning Credit rather than American Opportunity Credit anyway (which has degree completion limits). The LLG can still apply to required course materials and equipment like your laptop. I'd recommend calculating your potential credit both with and without the laptop expense to see if it's worth claiming. Sometimes the benefit is smaller than expected, but given that you have legitimate documentation and a clear educational need, it's usually worth including if you qualify for any credit at all.

I went through almost the exact same situation last year and wanted to share what worked for me. My laptop crashed during finals week and I had to buy a replacement from Craigslist with cash - so even less formal documentation than your Facebook/Venmo setup! The key thing that saved me was creating a "necessity timeline" document. I wrote up a simple chronology showing: (1) when my old laptop died, (2) what assignments/exams were coming up that required computer access, (3) when I purchased the replacement, and (4) how I used it for school. I included screenshots of assignment due dates from my course portal and even a photo of my broken laptop. For the scholarship issue, I learned that the type of scholarship matters. Merit-based scholarships that exceed tuition can sometimes be treated as taxable income, which actually creates room for education credits. Need-based grants work differently. You'll want to look at how your school reported the scholarship on your 1098-T and any other tax documents they sent you. My tax software initially flagged the laptop expense as questionable since it wasn't from my 1098-T, but once I uploaded all my documentation, it accepted it without issue. The credit ended up being worth about $180 on my $900 laptop purchase - definitely worth the effort to document properly. Don't let the informal purchase method discourage you from claiming a legitimate educational expense!

13 Just a heads up - with amounts that large, you should make sure you received and are reporting all your W-2Gs correctly. Casinos are required to issue them for: - Slot machine wins of $1,200 or more - Poker tournament wins over $5,000 - $600 or more in winnings AND the payout is at least 300x the wager If you have close to a million in gambling income, you should have a stack of these forms! Make sure all your reported income matches what the IRS already has on file from the casinos.

As someone who's been through this exact situation, I can tell you that $750k in gambling income will definitely get noticed, but as long as your documentation is solid, you should be fine. The IRS sees these amounts more often than you'd think, especially with the rise of sports betting and online gambling. A few key things based on my experience: 1. Keep EVERYTHING - win/loss statements, bank records, travel receipts to casinos, even photos of jackpot wins if you have them. The more documentation, the better. 2. Consider filing an extension to give yourself more time to organize everything properly. With amounts this large, it's worth taking the extra time to get it right. 3. If you do get audited (which isn't guaranteed), they're mainly looking to verify that your reported losses are legitimate gambling losses, not fabricated deductions. Your casino win/loss statements are your best defense. The biggest mistake I see people make is trying to hide or underreport the winnings thinking it won't be noticed. The casinos already reported your wins to the IRS, so everything needs to match up perfectly.

Something everyone's missing - if you win under like $600 at blackjack, the casino doesn't report it to the IRS so nobody would ever know if you didn't report it. Just saying... the IRS has bigger fish to fry than someone who won $270 playing cards lol

I just went through this exact situation last year! Won about $400 at a poker tournament and was totally confused about reporting it. Here's what I learned: Yes, you technically need to report ALL gambling winnings as income, even your $270. The threshold for casinos to issue a W-2G is $1,200+ for most table games, but that's just when THEY have to report it - you still owe taxes on smaller amounts. For your situation, report it as "Other Income" on Schedule 1 of Form 1040. The tricky part is you can deduct gambling losses against winnings IF you itemize deductions (not just take the standard deduction). So if you lost money gambling elsewhere during the year, keep those records! Honestly, for $270 the practical risk is low, but it's better to be safe than sorry. Plus once you start reporting gambling income properly, you'll be prepared if you ever hit bigger winnings in the future. Just make sure to keep better records going forward - date, location, amount won/lost, type of game. Your phone camera is your friend for documenting everything!

I completely understand that panic feeling - I went through the exact same thing with a LTR 324c about a year ago! The good news is this is really just a documentation request, not an indication that you did anything wrong. Your PayPal records and client emails are perfect for this situation. Here's what I'd recommend based on my experience: **Organize your response packet:** 1. Cover letter referencing the notice number and date 2. Summary sheet listing each payment (date, client, amount) totaling to your $6,700 3. PayPal transaction export (they have a download feature under Activity) 4. Client emails confirming work and payments 5. Copy of the original LTR 324c **Pro tips:** - Highlight payment amounts in your PayPal records so they're easy to spot - Organize everything chronologically by payment received date - Make copies of everything before mailing - Send via certified mail to the address listed on your notice The whole process took about 6-7 weeks for me, but I got my full refund without any issues. The 30-day response window gives you plenty of time to gather everything properly. You reported your income correctly and have the documentation to prove it - that's all they need to see. Try not to stress too much about this. It's really just a matching exercise on their end!

I went through this exact situation about 8 months ago and totally understand that initial panic! LTR 324c notices are actually pretty routine - the IRS just needs to verify income when their automated systems can't match what you reported with what's in their database. Since you have PayPal records and client emails for your $6,700 in side gig income, you're in great shape. Here's what worked for me: **Essential documents to include:** - PayPal transaction history (use their export feature under "Activity" for a clean PDF) - Bank statements showing the PayPal deposits - Client emails confirming work and payment amounts - A simple summary sheet listing each payment with dates and amounts totaling $6,700 **Response tips:** - Write a brief cover letter referencing your notice number and date - Organize everything chronologically by payment date - Highlight the key payment amounts so they're easy to spot - Send via certified mail to the address on your notice (usually page 2) The whole process took about 7 weeks for me, but I got my full refund without any adjustments. The 30-day deadline might feel tight, but you have plenty of time to gather your documentation properly. Don't stress - you reported everything correctly and have proof. This is just the IRS doing their due diligence to match records. You've got this!