I'm dealing with this same issue right now! Just got my refund deposited to Chime yesterday and was shocked when I could only pull out $500 at the ATM. I had no idea about these limits beforehand. A few things I've learned from calling around today: - Some credit unions will do "cash advances" from your debit card for higher amounts than ATM limits (usually $1000-2000) - You can also try going to a Chime partner bank location - they sometimes have different limits for in-person transactions - If you have Zelle or Venmo linked to another account, you can transfer through those apps too The ACH transfer suggestion is probably your best bet for the full amount, but definitely start it ASAP since it takes a few business days. I'm learning all this the hard way because I also have a tuition payment due soon. Good luck!

Just wanted to add another option that saved me when I was in this exact situation a few months ago - you can also use your Chime debit card to make a large purchase (like paying your tuition directly with the card if your school accepts it) since the daily spending limit is much higher than the ATM withdrawal limit. I was able to pay my $3,200 tuition bill directly with my Chime card even though I could only withdraw $500 in cash. This might be the fastest solution if your school's payment portal accepts debit cards. Just double-check that your school doesn't charge extra fees for card payments - some do, but it might still be worth it to avoid the hassle of multiple transfers and potential delays!

Has anyone addressed whether the grandson is involved in the business operations? If he's not materially participating, you might have passive activity loss limitations to consider. And remember that gifts of partnership interests to family members often trigger family partnership rules under Section 704(e).

This is a complex situation that requires careful documentation. Since you dissolved the original partnership and formed a new one, you'll want to make sure you have clear records showing this wasn't done to avoid gift tax obligations. The IRS will look at the substance over form. A few additional considerations: First, get a qualified appraisal for the 10% interest - family partnership transfers are heavily scrutinized and you'll want professional support for any valuation discounts. Second, consider whether the grandson meets the requirements for a bona fide partner under Section 704(e) if he's not actively involved in operations. Third, document the legitimate business reasons for the partnership restructuring beyond just the gift transfer. The gift tax return (Form 709) is definitely required regardless of the partnership restructuring. The value reported should reflect the fair market value of the 10% interest at the time of transfer, with appropriate discounts if supportable. Consider consulting with a tax professional who specializes in family partnerships to ensure all aspects are handled correctly.

Make sure you keep documentation of all your attempts to contact the trustee about getting your K-1. If you end up having to file late because of their delay, you can request abatement of any penalties by showing it wasn't your fault. I went through this last year, and the IRS was actually pretty reasonable when I explained and provided evidence of my multiple attempts to get the necessary documents from the trustee.

I'm dealing with a similar situation right now and found that some states have specific statutes governing trustee communication requirements. In my state (California), trustees are required under Probate Code Section 16061 to provide beneficiaries with reasonably detailed information about trust administration upon request. You might want to check if your state has similar laws. I sent my trustee a formal written request citing the relevant state statute, and suddenly they became much more responsive. It's worth looking up your state's trust code or uniform trust act provisions - many require trustees to keep beneficiaries "reasonably informed" which would include timely notification about filing extensions. Even if there's no criminal penalty, trustees can face personal liability for breaching their fiduciary duties, so mentioning the legal requirements often gets their attention quickly.

Just wanted to add that I made a huge mistake with my OIC by not being completely honest about a small side gig income. The IRS found out and instantly rejected my offer. If you have ANY side income or assets, disclose everything. They will find out and it's an automatic rejection if you're not 100% transparent. Also, check if you qualify for the "Fresh Start" program which has more flexible OIC terms. And sometimes an installment agreement might actually be better than an OIC depending on your specific situation and the amount of time left on the collection statute.

I went through the OIC process successfully about 18 months ago, so I can share some real-world insights. With your $47k debt and $3,100 monthly income, you're actually in a decent position for an OIC if you can demonstrate genuine financial hardship. A few critical tips from my experience: 1. **Documentation is everything** - The IRS will scrutinize every expense you claim. Keep receipts for everything and only claim legitimate necessary expenses. They have specific allowable amounts for things like housing, utilities, food, etc. 2. **Be conservative with your offer** - I initially wanted to lowball them, but my research showed that offers too far below their calculated "reasonable collection potential" get rejected immediately. Aim for something close to their formula. 3. **Timeline expectations** - My OIC took 8 months to get approved. During this time, collection activities stopped, which was a huge relief. 4. **Consider your collection statute expiration date** - If you're close to the 10-year mark, an installment agreement might actually be better than an OIC since the debt could expire naturally. The key is showing that paying the full amount would create genuine financial hardship while still offering something reasonable based on your actual ability to pay. Don't give up hope - it's definitely possible to get approved if you approach it methodically.

One thing nobody's mentioned - keep REALLY good documentation. Store copies of: 1) The signed transfer forms 2) Proof of mailing (tracking or certified mail receipt) 3) Screenshot or printout showing stock's high/low prices on gift date 4) Brokerage statements showing the shares leaving your account I got audited over a stock gift in 2023 and having this documentation saved me thousands. The IRS initially claimed I undervalued the gift but backed off immediately when I showed them my documentation proving the correct date and valuation.

Based on everyone's advice here, it sounds like you're in good shape! Since you mailed your properly executed transfer forms on January 2nd, that should be your gift valuation date regardless of when the broker actually processes the transfer or how much the stock has moved since then. Just make sure you have that proof of mailing (hopefully you used certified mail or overnight delivery with tracking) and can document the stock's high/low prices on January 2nd to calculate the mean value for gift tax purposes. Even with the 8% jump since then, your gift value is locked in at the January 2nd price. This is actually a perfect example of why the IRS uses the "dominion and control" test rather than waiting for actual transfer completion - otherwise gift values would be at the mercy of processing delays that are completely outside the donor's control.