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!

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 warning about amending for the COVID distribution - make sure you check how this might impact any credits or deductions you claimed in 2020. When my spouse and I amended to include our 401k distribution (even with the 3-year spread), it pushed our income high enough that we lost part of our child tax credit. Still better than paying the 10% penalty, but something to be prepared for.

I'm dealing with a very similar situation right now! I took a COVID withdrawal in 2020 and completely missed filing Form 8915-E. Just got hit with a penalty notice last month. One thing I learned from my tax preparer is that you should also gather any documentation showing how COVID impacted you financially - like reduced work hours, job loss, or even increased expenses due to the pandemic. The IRS may ask for this when you file your amended return to prove the distribution was legitimately COVID-related. Also, regarding your HSA - if those expenses were truly for qualified medical costs related to your daughter's birth, you should be fine. Just make sure you have all the receipts and documentation ready. Hospital bills, doctor visits, even things like lactation consultant fees if you used HSA funds for those - it all counts as qualified medical expenses. The good news is that even though this is stressful now, the amended return process should resolve both issues. Just don't wait too long to file it since you're already a few years out from the original return date.

Has anyone actually had penalties waived for this exact scenario? I made almost the same mistake - took $15,000 from my 401k in 2020 due to COVID but didn't report it properly. The IRS wants like $4,200 in penalties and interest now.

I went through almost this exact situation! Took a COVID distribution in 2020, didn't get proper documentation from my plan administrator, and completely botched the tax reporting. The IRS sent me a CP2000 notice that had me panicking about tax court too. Here's what actually worked: I responded directly to the notice with a detailed explanation letter stating it was a qualified COVID-related distribution under the CARES Act. I included Form 8915-E (even though it was late) and documentation of my COVID-related job loss. I also filed amended returns for 2021 and 2022 to properly spread the income over three years. The whole process took about 4 months, but the IRS accepted my explanation and adjusted my account accordingly. I even got some refund money back from overpayment in 2020. No tax court needed - that's really only for when you've exhausted all administrative remedies with the IRS first. Make sure you respond to whatever notice you received within the timeframe they give you (usually 30 days). The key is documenting that your distribution truly qualified under COVID hardship rules and explaining the reporting error was unintentional.

Just to add another perspective - I sold my father's house last year without getting a formal appraisal first. I just used the county tax assessment and comparables from Zillow to estimate the value at time of death. When I filed taxes, nobody questioned it. BUT - and this is a big but - my tax guy said I was taking a risk. If I get audited within the next few years, I could have problems. So it depends on your risk tolerance. Formal appraisals cost $300-500 but potential tax headaches and penalties could cost WAY more.

I'm going through a very similar situation right now with my late father's property in Texas. Based on what I've learned from my estate attorney, you absolutely need proper documentation of the stepped-up basis - it's not optional if you want to avoid potential tax issues down the road. Here's what I'd recommend for your timeline: Get a quick CMA (Comparative Market Analysis) from a realtor this week before you fly down, then when you're in Florida, have a licensed appraiser do a retroactive appraisal as of your grandmother's date of death. Most appraisers can do this and will note in their report that it's for estate tax purposes. The $200-400 you'll spend on the appraisal could save you thousands in capital gains taxes or penalties if you're ever audited. Since you mentioned the house is worth around $320k vs the original $85k purchase price, proper documentation of that stepped-up basis could save you about $35,000 in capital gains taxes (assuming you're in a higher tax bracket). Don't cut corners on this - the IRS is pretty strict about inheritance documentation, especially on higher-value properties. Good luck with the sale!