In a method for forming an integrated circuit (IC) structure, which incorporates multiple field effect transistors (FETs) with discrete replacement metal gates (RMGs) and replacement metal contacts (RMCs), gate cut trench(es) and contact cut trench(es) are formed at the same process level. These trench(es) are then filled at the same time with the same isolation material to form gate cut isolation region(s) for electrically isolating adjacent RMGs and contact cut isolation region(s) for electrically isolating adjacent RMCs, respectively. The selected isolation material can be a low-K isolation material for optimal performance. Furthermore, since the same process step is used to fill both types of trenches, only a single chemical mechanical polishing (CMP) process is needed to remove the isolation material from above the gate level, thereby minimizing gate height loss and process variation. Also disclosed herein is an IC structure formed according to the method.