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rob-abraham
New Member

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

Do I need to worry about reporting to the IRS? Are there better lower-priced transfer options recommended?

1 Best answer

Accepted Solutions
DoninGA
Level 15

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

Transferring bank funds from one account to another is not a taxable event.  You have noting to report to the IRS.

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6 Replies
fanfare
Level 15

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

What sort of retirement account ??
rob-abraham
New Member

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

a 401-k
SweetieJean
Level 15

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

You cannot just "deposit" money into a 401(k) plan, You must be eligible to do so. Please clarify exactly what is happening.
rob-abraham
New Member

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

i want to make contributions to the 401-k
DoninGA
Level 15

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

That's fine.  Just realize that the most you can contribute as an employee with an elective deferral annually to an employer provided 401(k) is $18,000 in 2017 and $18,500 in 2018 if under age 50.  If age 50 or older there are catch-up amounts of $6,000 in both 2017 and 2018.
See this IRS website - <a rel="nofollow" target="_blank" href="https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sha...>
DoninGA
Level 15

My wife wants to transfer an amount of less than $100,000 to my USA account so that i can deposit that amount into my retirement account. What should I consider? Any tax?

Transferring bank funds from one account to another is not a taxable event.  You have noting to report to the IRS.

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