topic a 401-k in Retirement tax questions

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?

rob-abraham — Thu, 06 Jun 2019 15:22:16 GMT

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

fanfare — Thu, 06 Jun 2019 15:22:18 GMT

What sort of retirement account ??

rob-abraham — Thu, 06 Jun 2019 15:22:20 GMT

a 401-k

SweetieJean — Thu, 06 Jun 2019 15:22:22 GMT

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 — Thu, 06 Jun 2019 15:22:23 GMT

i want to make contributions to the 401-k

DoninGA — Thu, 06 Jun 2019 15:22:25 GMT

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-sharing-plan-contribution-limits">https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits</a>

DoninGA — Thu, 06 Jun 2019 15:22:27 GMT

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