vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"If the investments are in a non-retirement, taxable account, there's not much you can do to avoid short-term capital gains if you sell now. Ways to limit short-term capital gains taxes: Donate -- you can donate some of the stock to charity (before selling it). Transfer -- you can give some of the stock to, say, a family member in a lower tax bracket. But there are tons of rules, gift limits, and won't work for little kids or full time students. They would still pay taxes at their own rate. Protect your gains by buying puts. Wait it out until the long-term capital gains rate kicks in. This allows you to lock in your gains now (but you won't benefit from potential future appreciation.) Buying puts also costs $, so do the ROI calculation. (You could also sell a call and buy a put at the same time and lock in your gains for certain, but the IRS often looks at that as locking in the short-term capital gain, so be careful and talk to a tax professional if you are considering that method.) Die. There's a ""step-up"" basis on capital gains for estates. source: http://www.forbes.com/2010/07/30/avoid-capital-gains-tax-anschutz-personal-finance-baldwin-tax-strategy.html"
I doubt that there is an arrangement with any country that would allow you to transfer money out of a 401(k) and roll it over to another country that isn't governed by US Tax Laws without taking a distribution.  The US government won't let you pull out like that without taking its cut. There may be, but I'd be surprised.  Check around in the appropriate venues. If you're making a distribution that incurs penalties, then that's what you're doing.  If you can do so without incurring penalties, then great for you, just deposit into the vehicle of your choice in your country.
"typically, your employer will automatically stop making contributions once you hit the 18k$ limit. it is worth noting that employer contributions (e.g. ""matching"") do not count towards the 18k$ employee pre-tax contribution limit. however, if you have 2 employers during the year their combined payroll deductions might exceed the limit if you do not inform your later employer of the contributions you made at your former employer (or they ignore the info). in which case, you must request a refund of ""excess contributions"" from one of the plans (your choice). you must report the refund as taxable income on your taxes. if you do not make this request by the time you file your taxes, the tax man will reject your filing and ""adjust"" your return with more taxes and penalties. sometimes requesting a refund of excess contributions might cause your employer to remove ""matching"" funds, but i am not clear on the rules behind that. there are some 401k plans that allow ""supplemental after-tax contributions"" up to the combined employee/employer limit (53k$ in 2015 and 2016). it is a rare feature, and if your company offers it, you probably already know.  however, generally it is governed by a separate contribution election that only take effect once you hit the employee pre-tax contribution limit (18k$ in 2015 and 2016). you could ask your hr department to be sure. 401k plans can be changed if there is enough employee demand for a rule change.  especially in a small company, simply asking for them to allow dollar based contributions instead of percent based contributions can cause them to change the plan to allow it. similarly, you could request they allow ""supplemental after-tax contributions"", but that might be a harder change to get."
"I was told if I moved my 401k into a Roth IRA that school purposes is one reasons you can withdraw money without having to pay a tax. Incorrect.  You will need to pay tax on the amount converted, since a 401(k) is pre-tax and a Roth IRA is after-tax.  It will be added to your regular income, so you will pay tax at your marginal tax rate. is there any hidden tax or fee at all for withdrawing money from a Roth IRA for educational purposes?  You still will need to pay the tax on the amount converted, but you'll avoid the 10% penalty for early withdrawal. I know that tuition, books and fees are covered for educational purposes. Can I take out of my Roth IRA for living expenses while I'm attending school? Rent, gas, food, etc... Room and board, yes, so long as you are half-time, but not gas/food  Possibly only room and board for staying on-campus, but I'm not certain, although I doubt you could call your normal house payment ""education expense"" with my 401k being smaller, would it just be better to go ahead and cash the whole thing and just pay the tax and use it for whatever I need it for? What is the tax if I just decide to cash the whole thing in?  You pay your marginal tax rate PLUS a 10% penalty for early withdrawal.  So no, this is probably not a wise move financially unless you're on the verge of bankruptcy or foreclosure (where distress costs are much higher then the 10% penalty) I can't answer the other questions regarding grants; I would talk to the financial aid department at your school. Bottom line, transferring your 401(k) is very likely a bad idea unless you can afford to pay the tax in cash (meaning without borrowing).  My advice would be to leave your 401(k) alone (it's meant for retirement not for school or living expenses) Ideally, you should pay for as much as you can out of cash flow, and don't take out more student loans. That may mean taking fewer classes, getting another part time job, finding a different (cheaper) school, applying for more grants and scholarships, etc.  I would not in ANY circumstance cash out your 401(k) to pay for school.  You'll be much worse off in the long run, and there are much cheaper ways to get money."
The amount you contribute will reduce the taxable income for each paycheck, but it won't impact the level of your social security and medicare taxes. A 401(k) plan is a qualified deferred compensation plan in which an   employee can elect to have the employer contribute a portion of his or   her cash wages to the plan on a pretax basis. Generally, these   deferred wages (commonly referred to as elective contributions) are   not subject to income tax withholding at the time of deferral, and   they are not reflected on your Form 1040 (PDF) since they were not   included in the taxable wages on your Form W-2 (PDF). However, they   are included as wages subject to withholding for social security and   Medicare taxes. In addition, employers must report the elective   contributions as wages subject to federal unemployment taxes. You might be able to keep this up for more than 7 weeks if the company offers health, dental and vision insurance. Your contributions for these policies would need to be paid for before you contribute to the 401K. Of course these items are also pre-tax so they will keep the taxable amount at zero. If there was a non-pretax deduction on your pay check that would keep the check at zero, but there would be taxes owed. This might be union dues, but it can also be some life and disability insurance polices. Most stubs specify which deductions are pre-tax, and which are post-tax. Warning. If you get the company match some companies give you the maximum match for those 7 weeks, then zero for the rest of the year. Others will still credit you with a match at the end of the year saying if you should get the benefit. It is not required that they do this. Check the company documents. You could also contribute post-tax money, which is different than Roth 401K, for the rest of the year to keep the match going. Note: If you are turning 50 this year, or are already 50, then you can contribute an additional $5,500
From Kiplinger: Can the money be used at a foreign   college? You can use the money at   hundreds of foreign colleges,   including the University of Toronto,   McGill in Montreal and many other   Canadian schools. If U.S. students at   the school qualify for federal   financial aid, you can use 529-plan or   ESA money to pay the bills without   worrying that you'll lose any of the   tax benefits.
Tax accountant here.  The money is yours and you can do what ever you want with it. Just make sure to put it on the books as Loan Receivable and have an Interest Income account.
If treaties are involved for something other than exempting student wages on campus, you shouldn't do it yourself but talk to a licensed US tax adviser (EA/CPA licensed in your state) who's well-versed in the specific treaty. Double taxation provisions generally mean that you can credit the foreign tax paid to your US tax liability, but in the US you can do that regardless of treaties (some countries don't allow that). Also, if you're a US tax resident (or even worse - a US citizen), the royalties related treaty provision might not even apply to you at all (see the savings clause). FICA taxes are generally not part of the income tax treaties but totalization agreements (social security-related taxes, not income taxes). Most countries who have income tax treaties with the US - don't have social security totalization agreements. Bottom line - talk to a licensed professional.
ML is a brokerage firm. Tell them to sell. If you can't or don't know how to do it on-line - call them and do it over the phone. Your citizenship might come in effect when tax are withheld, you need to fill form W8-BEN if you haven't done so yet. If US taxes are withheld, you can file 1040NR to request refund, or get it credited against your local tax liabilities.
It's a good question. We can't know for sure, but here are some things to think about. Paypal advertises a discounted transaction rate for non-profit organizations.  In the U.S. at least, the rate they advertise is 2.2% + 0.30 USD.  There are lots of things that can come into play here, such as international rates or any special deal that Wikimedia has struck with Paypal, but it seems reasonable to guess that of your 2€ donation, Wikipedia sees perhaps 1.65€.  Note that most of the fee is a flat rate; of the next 2€ in your donation, Wikipedia gets 1.96€. Direct debit probably has lower fees.  Paypal has to account for some credit card transaction fees in their fee structure, and direct debit does not.  Therefore, I would guess that to maximize your gift, direct debit might result a little better than Paypal.   Charities, in general, don't want to tell you the best way to donate, because they want it to be as easy for you as possible, and don't want to discourage any type of donation at all.  They are very happy to get any donation, even if one method over another results in slightly higher fees.  Wikimedia, in particular, offers many different options for donating.
You can't directly contribute more. However, it seems that there is something you can do that can achieve a similar effect. You can withdraw your entire account (principal + earnings, though in your case that's less than the principal), and then contribute up to the $5500 contribution limit again. The end result is that you put in a net amount of $500, and the account ends up with $5500, which is what you want. The first step is a return of contributions made for the contribution year before the tax filing deadline for that year. This kind of withdrawal is not subject to tax, and counts as if you never made the contribution at all. Since you are considered to have never made a contribution, you still have $5500 that you can contribute before you hit the limit.
"Alternative Minimum Tax is based not just on your income, but moreso on the deductions you use. In short, if you have above the minimum AMT threshold of income (54k per your link), and pay a tiny amount of tax, you will pay AMT. AMT is used as an overall protection for the government to say ""okay, you can use these deductions from your taxable income, but if you're making a lot of money, you should pay something, no matter what your deductions are"". This extra AMT can be used to reduce your tax payment in a future year, if you pay regular tax again. For example - if you have 60k in income, but have 60k in specific deductions from your income, you will pay zero regular tax [because your taxable income will be zero]. AMT would require you to pay some tax on your income above the minimum 54k threshold, which might work out to a few thousand bucks. Next year, if you have 60k in income, but only 15k in deductions, then you would pay some regular tax, and would be able to offset that regular tax by claiming a credit from your AMT already paid.  AMT is really a pre-payment of tax paid in years when you have a lot of deductions. Unless you have a lot of deductions every single year, in which case you might not be able to get all of your AMT refunded in the end. Wikipedia has a pretty good summary of AMT in the US, here: https://en.wikipedia.org/wiki/Alternative_minimum_tax.  If you think AMT is unfair (and maybe in some cases you might pay it when you think it's ""unfair""), look at the root causes of paying AMT listed in that Wikipedia article: I am not trying to convince you that AMT is fair, just that it applies only when someone already has a very low tax rate due to deductions. If you have straight salary income, it would only apply in rare scenarios."
You can ask your employer for anything that you want. However, most employers, if they are contributing their own money into your HSA, or you are contributing to your own HSA through payroll deduction, only work with one HSA, which is much easier for them to manage. You are free to decline their HSA if you want.  However, if they are kicking in free money into your HSA, I don't recommend that you decline it.  Just pick the best option you have for investing. As for the money that you are contributing, if you don't want to put your own money into your employer's Aetna HSA, you can open up an HSA with any institution you like.  You can even do this and still keep Aetna HSA to take advantage of the employer's contributions.  However, your annual limit is still the total of all contributions to all HSA's in your name, whether you make them or your employer makes them. When deciding whether or not to use payroll deduction into the Aetna HSA or to go your own way, keep in mind that payroll deduction skips some payroll taxes.
"Be careful of the other answers here. Many are wrong or partially wrong. The question implies that you knew this, but for everyone else's benefit, you can keep you LLC organization and still elect to be treated as a S-Corp by the IRS just for tax purposes.  You do this by filing Form 2553 with the IRS. (You can also, by the way, elect to be taxed as a ""regular"" C-Corp if you want, although that's probably not advantageous.  See Form 8832.) The advantage of electing to be treated as an S-Corp is that income beyond what constitutes a ""reasonable salary"" are not subject to social security and medicare taxes as they would when paid was wages or counted as self-employment income on Schedule C.  Depending on what you need to pay yourself to meet the ""reasonable salary"" test, your overall income, and other factors about your business, this could result in tax savings. Contrary to other answers here, making this election will not force you to create a board of directors.  You are still an LLC for all purposes except taxes, so whatever requirements you had in organization and governance at the state level will not change.  You will have to file a ""corporate"" tax return on Form 1120S (and likely some corresponding state tax form), so that is additional paperwork, but this ""corporate"" return does not mean the S-Corp pays taxes itself. With a couple of exceptions, the S-Corp pays no taxes directly (and therefore does not pay at the corporate tax rate). Instead the S-Corp apportions its income, expenses, and deductions to the owner(s) on Schedule K.  The owners get their portion reported from the S-Corp on Schedule K1 and then include that on their personal Form 1040 to pay tax at their personal rate. In addition to filing Form 1120S, you will have to handle payroll taxes, which will create some additional administrative work and/or cost. Using a payroll service for this will likely be your best option and not terribly expensive. You've also got the issue of determining your reasonable salary within the rules, which is the subject of other questions on this site and other IRS guidance."
"Here's the detailed section of IRS Pub 590 It looks like you intended to have a ""trustee to trustee conversion"", but the receiving trustee dropped their ball.  The bad news is, a ""rollover contribution"" needed to be done in 60 days of the distribution.  There is good news, you can request an extension from the IRS, with one of the reasons if there was an error by one of the financial institutions involved. Other waivers.   If you do not qualify for an automatic waiver, you can apply to the IRS for a waiver of the 60-day rollover requirement. To apply for a waiver, you must submit a request for a letter ruling under the appropriate IRS revenue procedure. This revenue procedure is generally published in the first Internal Revenue Bulletin of the year. You must also pay a user fee with the application. The information is in Revenue Procedure 2016-8 in Internal Revenue Bulletin 2016-1 available at www.irs.gov/irb/2016-01_IRB/ar14.html.    In determining whether to grant a waiver, the IRS will consider all relevant facts and circumstances, including: Whether errors were made by the financial institution (other than      those described under Automatic waiver , earlier); Whether you were unable to complete the rollover due to death, disability, hospitalization, incarceration, restrictions imposed by a      foreign country, or postal error; Whether you used the amount distributed (for example, in the case of payment by check, whether you cashed the check); and How much time has passed since the date of distribution. You can also see if you can get ETrade to ""recharacterize"" the equity position to your desired target IRA.  The positive here is that the allowed decision window for calendar year 2016 rollovers is October 15 2017; the negatives are this is irrevocable, and restricts certain distributions from the target for a year (unlikely to impact your situation, but, you know, ""trust but verify"" anonymous internet advice); and it requires ETrade to recognize the original transaction was a rollover to a Roth IRA, which they currently don't.  But if their system lets them put it through you could end up with the amount in a traditional IRA with no other taxable events to report, which appears to be your goal.   Recharacterization FAQ"
The point is to provide for yourself in retirement, so it makes sense that these withdrawals would be penalized. Tax deferred accounts are usually created for a specific cause. Using them outside of the scope of that cause triggers penalties. You mentioned 401(k) and IRA that have age limitations because they're geared towards retirement. In the US, here are other types, and if you intend to spend money in the related areas, they may be worth considering. Otherwise, you'll hit penalties as well. Examples: HSA - Health Savings Account allows saving pre-tax contributions and gains towards medical expenses. You must have a high deductible health plan to be eligible. Can be used as IRA once retired. 529 plans - allow saving pre-tax gains (and in some states pre-tax contributions) for education expenses for you or a beneficiary. If a beneficiary - contributions are considered a gift. There's a tax benefit in long term investing in a regular taxable brokerage accounts - long term capital gains are taxed at a preferable (lower) rate than short term or ordinary income. The difference may be significant. Long term = 1+ year holding. The condition here is holding an investment for more than a year, and there's no penalty for not satisfying it but there's a reward (lower rates) if you do.
"In Australia there are cases for the argument. 1) We have laws against unfair dismissal that do not apply above certain thresholds. Your position is more secure with the lower salary. 2) Tax benefits for families are unfairly structured such that take home pay may actually be less, again due to a threshold. This tends to benefit charities as people need to shed the taxable income if a repayment of benefits would otherwise be triggered. 3) You do not want to ""just cross"" a tax bracket in a year where levies are being raised for natural disasters or budget shortfall. In this case a raise could be deferred ?"
Currently, the answer is no, you cannot get out of filing a tax return.  As noted in the comments, if you want to pay more to get out of the drudgery of working on your return, you can pay an accountant to do it for you. You are not alone in thinking that the current income tax system in the U.S. is overly complicated.  What you are essentially describing is a flat tax, a system where there would be a simple tax rate that is paid with no deductions, loopholes, etc., and minimal reporting requirements. Besides flat tax proposals, others have proposed eliminating the income tax altogether and switching to a national sales tax, such as the FairTax proposal. Each of these proposals has pros and cons over the current system, and if you have questions about them, feel free to ask a new question.  But what they have in common is that they would drastically simplify the system of taxation in this country.  If that sounds good to you, you can learn more about these proposals and support organizations and candidates that advocate these reforms.
Your calculations look correct in that they will be withholding taxes at the full year income rate even though you will only have 1/3 of that income which will put you in a lower tax bracket. There are online sites where you can fill out a return for free.  You can estimate your return by filling out a return using the numbers on your paystub (you will have to add in your last paystub manually). In regards to when you will get your refund check?  I believe it comes within a month or so of filing.
First, can I even roll any my profits into a 529 plan to avoid taxes. No. 529 plans are not pre-tax (except for State taxes in certain States, where 529 contributions are deductible. Ohio is such a State, with certain conditions). For Federal taxes - funding a 529 with yourself as a beneficiary doesn't change a thing on your taxes. Is there any special requirements for the state of Ohio. Yes, see the link above. Essentially you'll be carrying the deduction forward for years until you exhaust it, $2000 at a time. Is there a better solution that I am overlooking. No. If it was easy to avoid income taxes - everyone would be doing it.