This thread has been incredibly informative! As someone who's been putting off reorganizing my retirement accounts for way too long, reading through everyone's experiences has finally given me the confidence to move forward. I particularly appreciate the distinction that several people made about the terminology - that internal transfers within the same institution aren't technically "rollovers" at all in IRS speak, so the one-rollover-per-year rule doesn't even come into play. That makes so much more sense than trying to figure out whether same-trustee transfers count as trustee-to-trustee transfers. The advice about calling your financial institution for a "dry run" is golden. I'm definitely going to do that with my Schwab accounts before making any moves. It's such a simple step that could prevent a lot of headaches down the road. One small addition based on my own research - I've found that most major brokerages have online help articles or FAQs specifically about IRA consolidation that can be helpful to review before calling. They often include screenshots of the forms you'll need to fill out and examples of how the transfers will appear on your statements. It's nice to have that background knowledge when you're talking to a representative. Thanks to everyone who shared their experiences - this community is such a valuable resource!

This has been such an enlightening thread! I'm dealing with a very similar situation - multiple IRAs at Vanguard that I've been wanting to consolidate but was nervous about the tax implications. What really clicked for me reading through everyone's experiences is that these internal transfers are fundamentally different from rollovers because you never actually receive the money. The one-rollover-per-year rule is specifically designed to prevent people from using their IRA as a short-term loan by taking distributions and redepositing them multiple times. I love the suggestion about doing a "dry run" with your financial institution. That seems like such a smart way to understand exactly what will happen before committing to anything. I'm definitely going to call Vanguard and ask them to walk me through their process step by step. One question for those who have already done this - did you consolidate all your accounts at once, or did you do it gradually over time? I'm wondering if there are any advantages to spacing out the transfers versus doing everything in one go. Thanks to everyone who shared their knowledge and experiences - this community is amazing for getting real-world insights on these complex tax situations!

I've been battling ID.me for weeks now and finally found a combination that worked! After reading through all the great advice here, I tried using Firefox in incognito mode with a wired connection at around 6 AM on a weekday. The key was being super patient - I literally set a timer for 25 minutes between each step and didn't touch anything until it was done. I also turned off ALL browser extensions, even the ones I thought were harmless. The whole process took about 2 hours, but I finally got verified! One more tip: if you have a smartphone, try using that for the selfie verification instead of your computer's webcam - the mobile camera seemed to work better for the facial recognition part. Don't give up, everyone! This system is absolutely broken but persistence pays off eventually. 🎉

I just went through this exact same nightmare and wanted to share what finally worked for me! After getting suspended twice and spending hours on this, I discovered that using Microsoft Edge (instead of Chrome or Firefox) made a huge difference - apparently their verification system plays better with certain browsers. I also learned that you should NEVER refresh the page or hit the back button during the process, even if it seems stuck. Just let it sit and wait, even if it takes 10+ minutes. Another thing that helped was doing the verification on a weekend morning around 7-8 AM when their servers are less busy. I know it's incredibly frustrating, but hang in there @f39c761ba9cc - you'll get through it! The system is definitely broken, but with the right combination of patience, timing, and browser choice, it can work. Also, make sure your phone number and address exactly match what's on your tax return - even small formatting differences can cause issues. Good luck! 🍀

Instead of a 529 or UGMA, have you considered just investing in a regular brokerage account in your own name and then gifting portions to your nephew when he needs it for college? That's what I did for my niece. The advantages: you maintain complete control, there's no paperwork to set up special accounts, and you can decide year by year how much to give. When she started college, I just gave her $15,000 the first year (under the gift tax exclusion), then did the same for the following years. The disadvantage is you'll pay taxes on all gains along the way, and there's no special tax advantage. But the simplicity and flexibility worked for my situation.

Based on everyone's great advice here, it sounds like a 529 plan is definitely your best bet for what you're trying to accomplish! I'm in a similar situation with my nephew and went through this same research process last year. A few additional points that might help: First, make sure to choose a 529 plan from a state that offers good investment options and low fees, not necessarily your own state (unless your state offers a tax deduction). Nevada, Utah, and New York consistently rank well for their plans. Second, consider setting up automatic monthly contributions rather than trying to time lump sum investments. With your nephew being only 6, you have 12 years for dollar-cost averaging to work in your favor. One thing I wish someone had told me earlier - you can actually change the beneficiary of a 529 to another family member if needed. So if your nephew gets a full scholarship or decides college isn't for him, you could potentially redirect it to future grandchildren, or even use it for yourself if you wanted to take classes later in life. The tax advantages really do add up significantly over time compared to a regular investment account, especially with 12 years of growth ahead of you. Good luck with whatever you decide!

Don't forget to look into vocational rehabilitation services in your state! When we needed a modified vehicle for our daughter, our state's voc rehab program covered about 40% of the modification costs. They won't help with the basic vehicle purchase, but they often have funding for accessibility modifications, especially if your child will eventually need transportation for education or employment. The waiting lists can be long though, so apply ASAP.

I went through this exact situation two years ago when we bought a wheelchair-accessible van for my son. Here's what I learned the hard way: You can only deduct the cost of modifications that exceed what a standard vehicle would cost, and only if your total medical expenses exceed 7.5% of your AGI. Keep meticulous records separating the base vehicle cost from accessibility features. But here's the key thing I wish someone had told me: get a detailed letter from your daughter's doctor explaining the medical necessity BEFORE you make the purchase. The IRS may question whether certain features were truly medically necessary versus just convenient. We had to go back and get documentation after the fact, which was a hassle. Also, seriously reconsider that 401k withdrawal. The 10% penalty plus taxes could eat up a huge chunk of your money. We ended up getting a medical loan at a much lower effective cost. Some credit unions have special programs for disability-related expenses with better rates than the penalty you'd face on retirement funds. One more tip: if you're buying from a dealership that specializes in accessible vehicles, they often have financing relationships and can help you understand exactly which portions qualify for medical deductions. Much more helpful than general dealers.

Just a warning from someone who's been through this - document EVERYTHING regardless of which route you choose! My wife and I borrowed $90k from her parents in Brazil for our down payment, had a verbal agreement to repay, but never formalized anything. Years later during an audit for an unrelated issue, the IRS questioned the source of our down payment. Since we had no documentation showing it was a loan, they treated the entire amount as unreported income and we got hit with a massive tax bill plus penalties. It was a nightmare to sort out. Whether you go with a formal loan with interest or decide to structure it as separate gifts, make sure you have crystal clear documentation for everything. International money transfers especially get scrutiny.

This is exactly the kind of situation where getting proper documentation upfront can save you from major headaches later. Based on what others have shared here, it sounds like you have a few solid options: 1. **Formal loan route**: Create a written loan agreement with interest at the Applicable Federal Rate (currently around 3-4% for long-term loans). This keeps it clearly as a loan and avoids any gift tax complications. 2. **Gift route**: Structure it as separate gifts using the annual exclusion limits ($18,000 per person per recipient in 2024), which would let you receive $72,000 gift-tax-free this year and the remainder next year. 3. **Hybrid approach**: Set up the loan with AFR interest but have your in-laws gift you back the interest payments each year within the annual exclusion limits. Given that your in-laws are in Europe (non-US residents), they generally won't have US gift tax obligations on cash gifts to you. However, since you're receiving over $10,000 from foreign accounts, you'll likely need to file FBAR reports. I'd strongly recommend getting this documented properly from the start - either as a legitimate loan with proper terms or as clearly structured gifts. The horror stories about IRS audits treating undocumented family money transfers as unreported income are real and expensive to fix after the fact.