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 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!

Maybe i'm missing something here but couldn't a candidate just say the legal issues WERE related to the campaign somehow? seems like there's a ton of gray area that would be easy to exploit. like who decides if legal fees are "personal" vs "campaign-related"??

This is such a timely question given all the news coverage lately. What really complicates this is that the determination often comes down to timing and intent, which can be hard to prove either way. I've seen cases where candidates argued that legal fees were campaign-related because the allegations "affected their ability to campaign effectively" or because they stemmed from their "public profile as a candidate." The FEC and IRS have to evaluate each situation individually. One thing that's often overlooked is the reporting requirements. Even if there's debate about whether the expense was legitimate, failing to properly report potential personal use as income can create additional problems. It's often the cover-up that gets people in more trouble than the original questionable expense. For anyone dealing with this situation, documentation is key. Keep detailed records of what the legal issues relate to and when they originated relative to your political activities.

Just a word of caution - DO NOT just keep cashing the refund checks without resolving this. The IRS operates under a "pay now, fight later" system. They might be sending you refunds now, but if they determine later that those payments were legitimately meant for your tax account, they can come back and assess underpayment penalties and interest for the taxes you should have paid. I knew someone who had a similar situation (though it was just for one year, not ongoing). They spent the refund, and two years later the IRS figured out the error and wanted not just the original amount back, but also nearly 25% more in penalties and interest.

This is such a bizarre situation! Reading through all the responses, it sounds like several people have had success getting to the bottom of similar mysteries. The fact that these payments have been so consistent for 5 years really does suggest it's not just a random error. I'd recommend trying multiple approaches simultaneously: 1) Use one of the callback services mentioned to get through to the IRS research department, 2) Have direct conversations with anyone who might have your SSN (family, former employers, accountants you've used), and 3) Consider requesting a meeting with the Taxpayer Advocate Service if the regular channels don't work. The specific dollar amounts you mentioned ($1,876.42 type numbers) really do sound like they're calculated based on something - maybe estimated taxes for a business entity, investment income, or contract work that's being reported under your SSN. Whatever you do, don't just ignore this or assume it will work out in your favor. As others have pointed out, the IRS can come back years later demanding repayment with penalties and interest if they determine these were legitimate tax obligations. Better to spend some time now getting it resolved than potentially facing a much bigger headache down the road.

One more thing to consider - if any of your non-covered securities were acquired through inheritance or gifts, the cost basis rules are different. For inherited securities, you generally get a stepped-up basis to the fair market value on the date of death. For gifted securities, it's more complicated and depends on whether the value went up or down since the original owner purchased them. If this applies to you, make sure you're using the correct basis method when entering these in FreeTaxUSA. The basis Morgan Stanley provides might not account for these special situations.

This is such a helpful thread! I'm dealing with a similar situation with Charles Schwab non-covered securities. One thing I'll add is that if you have wash sale adjustments on your non-covered securities, make sure those are properly reflected when you enter each transaction. My broker statement showed several wash sale loss disallowances that I initially missed when manually entering transactions. The IRS won't see these adjustments since the basis isn't reported to them, but you still need to account for them properly to avoid claiming losses you're not entitled to. FreeTaxUSA has specific fields for wash sale adjustments when you're entering individual transactions, so don't forget to check for those on your 1099-B!