11 You might need to file a gift tax return (Form 709) if the fair market rental value of the house exceeds the annual gift exclusion amount. Has anyone here had to deal with that form? Seems complicated.

This is a really thoughtful arrangement you've set up for your son. One additional consideration I haven't seen mentioned yet is the potential impact on your estate planning. Since the property is held in your family trust, you'll want to make sure your trust documents clearly outline what happens to this property if something happens to you and your wife. Also, keep detailed records of all expenses you pay related to the property (taxes, insurance, maintenance, etc.) and document that your son isn't paying rent. The IRS appreciates good documentation, especially for family transactions that might look unusual on paper. Your accountant will probably ask about your son's long-term living situation too - if this is intended to be his permanent residence versus temporary assistance, that can affect how some of the tax rules apply. Good luck with your appointment next month!

mine still says processing since january smh

Try calling their support line at 785-368-8222. Had the same issue but they actually helped sort it out pretty quick

One thing to watch out for with 1099-Rs is the distribution code in Box 7! That little code makes a huge difference in how the distribution is taxed. For example: Code 7 = Normal distribution Code 3 = Disability Code 1 = Early distribution with no known exception (gets hit with 10% penalty) Code G = Direct rollover to qualified plan (not taxable) I learned this the hard way when my software tried to charge me a 10% early withdrawal penalty because the wrong code was on my form. Had to get the financial institution to issue a corrected 1099-R with the right code.

Does your mom also get Social Security? If so, be careful because the 1099-R income might make more of her Social Security benefits taxable. My mom got surprised last year because her pension (reported on 1099-R) pushed her into having 85% of her Social Security benefits taxed.

I had the exact same issue last month. The trace number on SBTPG is located under the "Payment Details" section, but it only appears after they've processed your refund. For me, it showed up 2 days after the IRS sent my refund to them. It's a long number (mine was 20 digits) and was labeled as "ACH Trace ID" rather than just "trace number." Screenshot what you see on your account and I can tell you if you're looking in the right place. Don't overthink it - their interface is just poorly designed.

I totally understand your frustration - SBTPG's interface is genuinely confusing! Just to add to what others have said, the trace number might also be labeled as "Reference Number" or "Transaction ID" depending on when you're looking at it. I've noticed that SBTPG sometimes changes their terminology between different pages of their site. If you're still having trouble finding it, try clearing your browser cache and logging back in - sometimes their system glitches and doesn't display all the transaction details properly. Also, if you filed early in the season, the trace number format might be slightly different than what people are describing from later filings. The key thing is that it should be a long numerical string associated with your specific refund transaction once it's been processed.

I had this exact issue on February 8th, 2023. My DDD was 02/08/2023, SBTPG had taken their fees, and I had a trace number, but no deposit hit my account. After calling Wells Fargo on February 10th, 2023, they confirmed no pending deposits had been rejected. I then called SBTPG on February 13th, 2023, and after escalating to a supervisor, they discovered the ACH transfer had failed due to a system error on their end. They reprocessed it that same day, and I received my funds on February 15th, 2023. The key was getting to a supervisor at SBTPG who could actually see the failed transfer details and manually reprocess it.

This is such a common issue this tax season! I went through something similar with SBTPG and Bank of America last month. The trace number is actually a good sign - it means the IRS has successfully transmitted your cousin's refund to SBTPG. What I learned from my experience is that there's often a disconnect between SBTPG's systems and the receiving bank's processing timeline. In my case, Wells Fargo was holding the deposit for additional verification due to the third-party processor routing, which added 4 extra business days beyond the DDD. I'd recommend your cousin call Wells Fargo first to ask specifically about any pending ACH transfers from SBTPG or TPG - sometimes the bank can see pending deposits that haven't been released yet. If Wells Fargo shows nothing, then definitely escalate with SBTPG using that trace number as reference. The key is being persistent and asking for supervisors who can access the detailed transfer logs.