Just to add to the confusion lol - I'm pretty sure you need to file Form 8283 if your gift was non-cash and over $5,000... like stocks or property. That's what my accountant told me when I gifted some shares to my kids last year.

I was in almost the exact same situation last year! I gave my daughter a substantial gift for her wedding and was completely confused about the filing requirements. After doing a lot of research and speaking with a tax professional, I can confirm what others have said - you absolutely do NOT need to file a 1040 just because you're filing Form 709. The key thing to understand is that gift tax filing requirements are completely independent from income tax filing requirements. Form 709 is due April 15th (same deadline as 1040) but it's processed separately. Since you had no reportable income, you're not required to file a 1040, period. One tip - when you file your 709, make sure you keep detailed records of the gift amount and recipient information. This helps with tracking your lifetime exclusion usage for future gifts. Also, double-check that your gift amount actually requires Form 709 filing - if it was under the annual exclusion amount ($17,000 for 2023), you might not need to file at all!

I received exactly $11,247 as a tax refund in 2023. My bank has a $10,000 daily limit for certain transactions. The refund deposited without any issues. It took exactly 2 business days to fully clear, but I could access $5,525 immediately. The remaining $5,722 was available after the hold period. Different banks have different policies, but government direct deposits usually have preferred processing.

I can understand your confusion - bank policies around deposit limits can be really unclear! From my experience, the $10k limit your bank initially mentioned is likely for cash deposits or certain types of transactions that trigger reporting requirements. Tax refunds are processed as ACH direct deposits from the Treasury, which typically fall under different (higher) limits. The customer service rep who told you about the $50k direct deposit limit sounds correct. I had a similar situation a few years ago with a large refund, and it went through without any issues. Since you're going through a divorce, I know every dollar counts right now. Your $10,500 refund should process normally, but if you're still worried, you could ask your bank to put a note on your account confirming they'll accept the Treasury deposit when it arrives.

Has anyone noticed that tax software handles the Foreign Tax Credit Simplified Limitation for AMT differently? I used TurboTax last year and H&R Block this year, and they gave me completely different results for basically identical situations. TurboTax recommended filing Form 1116 while H&R Block said to take the simplified election.

I've been dealing with this exact situation for the past three years and wanted to share what I've learned through trial and error. The Foreign Tax Credit Simplified Limitation for AMT is one of those areas where the IRS instructions are particularly unclear. Here's what I wish someone had told me earlier: even though you qualify for the simplified election (under $300), it's worth calculating both methods if you're subject to AMT. The reason is that AMT has different income calculations, and sometimes the foreign source income limitation works out differently. For your specific situation with $290 in foreign taxes and $4,200 in dividend income, I'd recommend running the numbers both ways. The simplified election is definitely easier, but if you're already close to AMT territory, filing Form 1116 might give you a better result. The key is that Form 1116 lets you use the actual foreign source income calculations, which can be more favorable than the simplified approach when AMT is involved. One practical tip: if you decide to file Form 1116, make sure you elect the simplified limitation on Form 6251 line 6. This saves you from having to do separate AMT foreign source income calculations, which is where things get really complicated. Also, keep good records of your foreign taxes paid - even if you take the simplified election this year, you might want to switch to Form 1116 next year if your foreign investments grow.

Has anyone dealt with this situation but with an unmarried couple? My girlfriend and I bought a house last year (both names on mortgage and deed) but I pay 75% and she pays 25%. The 1098 has both our names. Are the rules the same for us as they are for married couples filing separately?

Just to add some additional context that might be helpful - when you're documenting your 60/40 split, make sure you keep records of not just the mortgage payments themselves, but also any related expenses like PMI (private mortgage insurance) if applicable. Those can also be split proportionally based on your contribution percentages. Also, don't forget about the SALT (State and Local Tax) deduction limit of $10,000 if you're itemizing. If your property taxes plus state income taxes exceed this limit, you'll want to strategically plan which spouse claims what portion to maximize your combined tax benefit. Sometimes it makes sense to have one spouse claim the full property tax deduction while the other takes more of the state income tax deduction, rather than splitting everything proportionally. Keep detailed records of all your payments and consider setting up a simple spreadsheet to track the percentages throughout the year - it'll make next year's filing much easier!

Quick question - I was in a similar situation but my foreign entity existed for about 5 months and the bank account had about $500 sitting in it from initial capitalization. No transactions other than a single deposit. Would this still qualify as dormant?

I went through something very similar last year with a UK limited company that we formed and then dissolved within 6 months. Never conducted any business operations, just issued the minimal required shares to directors. After researching this extensively (and losing sleep over it), I learned that the key test for dormant status isn't whether you formed or dissolved the company, but whether it conducted actual business activities. The IRS looks at operational activity - did it generate income, incur business expenses, or hold income-producing assets? In your case, it sounds like you clearly meet the dormant criteria under Rev. Proc. 92-70. The formation and dissolution are just administrative/legal actions, not business operations. The nominal share issuance to directors is also standard corporate formality that doesn't disqualify dormant status. You'll still need to file Form 5471, but you can use the simplified reporting for dormant entities - basically just the identification information without all the detailed financial schedules. Just make sure to keep good records of the formation, dissolution, and lack of business activity in case the IRS ever asks questions later.