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?
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.
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?
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?
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.
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?
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...>
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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