vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"You can (and definitely should) withdraw any part of the contribution that will put you over the contribution limit. You can (and should if you need to) withdraw to repay any medical payments you made from outside the account. You can (but should avoid at all costs) withdraw (distribute) from the HSA for non-medical reasons. Here's the IRS publication which covers this: https://www.irs.gov/publications/p969 Here's the bit about distributions that covers what you're trying to do: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. You don’t have to make distributions from your HSA each year. It is better to pay from your checking and reimburse than to over-fund the HSA. Best route forward is to reduce your contributions for the rest of the year, especially if continuing them will cause excess contributions. Another nasty gotcha: Excess contributions. You will have excess contributions if the contributions to your HSA for the year are greater than the limits discussed earlier. Excess contributions aren’t deductible. Excess contributions made by your employer are included in your gross income. If the excess contribution isn’t included in box 1 of Form W-2, you must report the excess as ""Other income"" on your tax return. Generally, you must pay a 6% excise tax on excess contributions. See Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, to figure the excise tax. The excise tax applies to each tax year the excess contribution remains in the account. You may withdraw some or all of the excess contributions and avoid paying the excise tax on the amount withdrawn if you meet the following conditions. •You withdraw the excess contributions by the due date, including extensions, of your tax return for the year the contributions were made. •You withdraw any income earned on the withdrawn contributions and include the earnings in ""Other income"" on your tax return for the year you withdraw the contributions and earnings.
FYI, the proposed cuts to food stamps would need to be compensated by an increase fo ~$50,000/church for local food-based organizations to make up the difference.  If you want your giving to make up for government programs, you'd best be prepared to give a lot.
Here's an excerpt from the Charles Schwab website which I think will help evaluate your position: The simple answer to your question is no, the value of a gift of stock for gift tax liability is NOT the donor's cost basis, but rather the fair market value of the stock at the time the gift is given. So let's say you purchased 100 shares of XYZ stock at $50 a share. Your cost basis is $5,000. Now the stock is $80 a share and you give it as a gift. The value of your gift for gift tax purposes is $8,000. In 2015, you can give up to $14,000 to an unlimited number of individuals each year without paying a gift tax or even reporting the gifts. If you give over that amount to any individual, however, you must report the gift on your tax return, but you don't have to pay taxes until you give away more than the current lifetime limit of $5,430,000—for the amount above and beyond $14,000 per person per year. So in the example above, there would be no gift tax liability. However, if the stock happened to be $150 a share, the value of the gift would be $15,000. You'd then have to report it and $1,000 would be applied toward your $5,430,000 lifetime exclusion. You will need to pay a gift tax on the current value of the stock. I'm not familiar with the tax laws in India, but if your brother was in the US, he wouldn't pay taxes on that gift until he sells the stock. The recipient doesn’t have to worry about gift taxes. It's when the recipient decides to sell the stock that the issue of valuation comes up—for income taxes. And this is where things can get a bit more complicated. In general, when valuing a gift of stock for capital gains tax liability, it's the donor's cost basis and holding period that rules. As an example, let's say you receive a gift of stock from your grandfather. He bought it for $10 a share and it's worth $15 a share on the day you receive it.
Well, a couple things to keep in mind: Even if you have enough to meet the minimum initial amount, you need to have at least that much income in the year you make the contribution. You'll probably be best served saving up in a savings account so that by the time you have an income (and can thus make contributions), you have enough cash to meet the minimum initial contribution.
There is no distribution limit, only a contribution limit.  You can empty your HSA completely without tax or penalty, as long as the expenses are used for eligible medical expenses. In addition, you can reimburse yourself in the future for expenses that you have now, as long as you have an HSA account in place.  For example, you said that your dental bill was $3500, and you only had $3300 in your HSA, so you emptied your HSA and paid the rest from your checking account.  When you do get more money in the HSA, even if it isn't until next year, you can reimburse yourself for the $200 that you had to pay out of pocket on your dental bill.  And if you don't have enough money in your HSA this year to cover all of your birth expenses (congrats, by the way), you can reimburse yourself in a future year. Just make sure you keep good records on what the distributions were used for, in case you get audited.
There's no such requirement in general. If your particular employer requires that - you should address the question to the HR/payroll department. From my experience, matches are generally not conditioned on when you contribute, only how much.
You really should consider sitting down with an independent financial advisor to run the numbers for the various options and discuss what risks you're comfortable with and what your requirements/goals are. This isn't a simple decision,  unfortunately. Advice I've seen suggested that some portion of the money should stay in the market, earning market rate of return. Exactly how much, and invested in what, is complicated. An annuity is essentially an insurance policy.  The company assumes the risks and promises you specific payments in exchange for keeping the money.  They wouldn't do so if they didn't think that on average they'll pay out less than the combination of your purchase price plus earnings, so you really are paying a fee for this service. Whether it's worth that cost -- and for how much of your money -- depends on how much you have saved and how risk-tolerant you are. I'm going to steal a moment here to point out that many charities offer annuities. These may or may not pay out less than commercial annuities,  but the profits go to a better cause either way. If you plan to leave part of your estate as donation to a charity anyway, this basically lets them have the money earlier while you continue to receive income from it.
Is there a better vehicle for this than an index fund?  Seems like a good choice to me, unless you want to protect it from market risk since it's in essence an emergency fund, in which case maybe you'd want to keep some of it in CD's. Are significant downsides to keeping the money in our name until he needs it?  The main downside would be if you had need to dole out more than the maximum annual gift exclusion amount in a single year (currently $14,000), you'd have to report it as a taxable gift on your tax return and it'd count toward your lifetime gift exclusion. You and your wife can each give a gift, and if your brother were married you and your wife could each give to both he and his spouse, so 2-4x the annual gift limit before this becomes an issue. Additionally you can pay medical/education expenses directly and that is not counted toward the annual exclusion. Are there any other considerations that we are overlooking? There's always a risk that gift-giving can create expectation and/or resentment. I'd think you'd want to make instances of giving not sound like something you planned for, but something you are sacrificing for. Not sure what the best strategy is there, every family is different when it comes to dealing with finances.
If you can find any proof you bought them (such as a transfer to an exchange) that would be great, but it's not essential. Many people have this same story and unless you're connected to something illegal, you probably don't have anything to worry about. Congratulations! So thats my question, what steps do I need to take to declare this money and obtain it without getting arrested / investigated? There's nothing special you need to do other than keep very good documentation. When you file your taxes, you will need to declare each sale. (This answer assumes that you didn't have a lot of income last year and significantly less income this year. If that's the case, you may have to pay estimated taxes to avoid a penalty. But that penalty is very small and will be calculated by the IRS for you automatically. So I wouldn't worry about it.) You may wish to read up on gift taxes to understand how they work. You won't owe any, but you may need to file paperwork with the IRS if you give large gifts (over $14,000) to people and you will use up some of your lifetime exemption. Keep records of any gifts you give.
Your mother can give you $14k and your wife $14k (every year) without creating a gift-tax filing requirement, anything in excess of that and she will have to file form 709 with her tax return, but she will not have gift tax liability on her end unless her lifetime gift tax exemption (currently $5.49M) has been exhausted. As the recipients of the gift, you have no tax liability or reporting requirement. So the easiest method would be for her to write you and your wife each checks for $14k. Since it's almost the end of the year, she could give you the extra $2k next year if needed, that smaller amount would not likely need to 'season' for loan approval. Since you mentioned only your mother, I assumed it's just her, but if your mother is married, both her and her spouse could each give you and your wife  $14k without creating a filing requirement, so up to $56k in gifts from one couple to another, or $28k from one party to a couple. It doesn't have to be a spouse, that's just the typical scenario.
Why limit yourself to $28K per year?  If you pay the tuition directly to the institution, it does not count against your annual or lifetime gift-giving totals.  You could pay the entire tuition each year with no tax consequences. The only thing you can't do if you want to go this route is give the money to your children; that's what causes the gift tax to kick in.  The money must be paid directly to the school.
I think you have a good start understanding the ESA. $2k limit per child per year. The other choice is a 529 account which has a much higher limit. You can deposit up to 5 years worth of gifting per child, or $65k per child from you and another $65k from your wife. Sounds great, right? The downside is the 529 typically has fewer investment options, and doesn't allow for individual stocks. The S&P fund in my 529 costs me nearly 1% per year, in the ESA, .1%. the ESA has to be used by age 30, the 529 can be held indefinitely.
Because of the way checks are processed, you can't write a check for $100 million or more: http://www.bankingquestions.com/checksyoureceived/q_limitfunds.html The field used for 'amount' has 10 digits, so anything at/above 10^10 cents (which would require 11 digits) can't be processed, at least not by normal means.
Funds from NRO account can be moved to NRE account subject to conditions that the overall limit is less than 1 million USD. There are additional documentation required, refer a sample here. Please consult a CA or your bank for more details.
"Having worked for both a non-profit and a charity, it is my recommendation that you always donate directly to the charity, and not through any form of solicitation.  Most of the telephone calls that you receive are likely from telemarketing companies.  It has been my experience (through exploring them as a means of fundraising) that the charity will likely only see about 10% - 25% of the funds raised in their name!!  I imagine that a number of door to door solicitations are also done by professional fundraisers. WRT sharing of lists, it is likely not the charities that share the lists, but the companies that they hire to solicit for them.  I always ask to be put on their ""do not call"" list To verify that a person collecting at your door is from the charity that they represent, can you pledge a donation, buying time to look into them?  Or write a cheque in the name of the charity if it is known to you?  I doubt that many scammers would go to the trouble of trying to open a bank account in the charity's name. I like YMCbuzz's point about the online donation - I use CanadaHelps.org.  They are very upfront about the small (3%) fee that they charge, and the rest of the money goes to the charity.  I have used them working for a charity, so I can vouch for how much is sent to the charity."
I can only address this part of it: For instance with a 10k net income, 9293 is the limit for 401k from employee. How is this calculated? I believe this limit is total for all sources too, which I'm confused about. How it's calculated is that when you are self-employed you also pay the employer portion of the FICA taxes.  This comes off above the line and is not considered income.  The 401k contribution limit takes this into account.
The penalty for excess contributions is 6 percent. The 6 percent is assessed on the amount of the overage. This penalty is an excise tax. If you remove the excess amount prior to the end of the tax year, you will not be assessed a penalty on the excess contribution amount. Above is from http://beginnersinvest.about.com/od/401k/a/401k-Penalties-To-Avoid.htm
The FSA can only pay for expenses incurred after it was open.  This also applies in case of a mid-year change in election (such as due to marriage, divorce, child birth, etc.) For example, according to this page: You can only be reimbursed for qualifying expenses, from the election that was in place at the time the expense was incurred. So, say you had $500 available from January to June, then on July 1 had a qualifying event, you then elected $2000.  You can be reimbursed for up to $500 in expenses incurred prior to July 1, and then an additional $1500 in expenses incurred after (up to $2000 if you didn't use your full $500). More specifically, from the IRS Publication: Generally, distributions from a health FSA must be paid    only to reimburse you for qualified medical expenses you    incurred during the period of coverage. -- The HSA question is more complicated. I would talk to a tax accountant, or at minimum your benefits coordinator.  Also read the publication I linked above, the first part is about HSAs.  The short answer to your specific question: stop contributing to the HSA, unless you were contributing well under the limit of the HSA.  If you know your limit, and you know you're under it, you can continue contributing until April 15 of next year: If you fail to be an eligible individual during    2013, you can still make contributions, up until April 15,    2014, for the months you were an eligible individual. The general rule is you can contribute up to (1/12)*(your limit)*(number of months you were eligible).  So, if you changed jobs Oct 1, and you're single, then you could contribute (3250)*(1/12)*(9), or just over $2400 in total for the year.  If you've contributed less than that to date, you may continue contributing up to that amount - but again, contact your benefits coordinator or preferably a tax accountant, as the rules can be complicated. You definitely cannot deduct any expenses from the account that you incur after you are no longer eligible, and the rules on distributions are pretty complicated - and if you get it wrong, you may owe a 10% penalty on top of the tax you would normally owe, so there is significant incentive not to get it wrong.
I'm in a similar situation as I have a consulting business in addition to my regular IT job.  I called the company who has my IRA to ask about setting up the Individual 401k and also mentioned that I contribute to my employer's 401k plan. The rep was glad I brought this up because he said the IRS has a limit on how much you can contribute to BOTH plans. For me it would be $24K max (myAge >= 50; If you are younger than 50, then the limit might be lower). He said the IRS penalties can be steep if you exceed the limit. I don't know if this is an issue for you, but it's something you need to consider. Be sure to ask your brokerage firm before you start the process.
"First, your employee needs to work out his contribution limit for the year. Because he was eligible for a few months, his limit will be prorated. See this post for details on how to calculate the prorated limit.  Once he determines his contribution limit, you'll know how much needs to be taken out. You (or he) can do an excess contribution withdrawal to remove the extra contribution without penalty. See this post for more details. If he has already spent some or all of the extra contribution, talk to the HSA custodian. They may be able to reclassify some of his distributions as excess contribution withdrawals. You won't get the money back, but it will avoid the penalty. Your employee would then need to add the extra as ""other income"" on his tax return so he can pay tax on it.  You have until April 15 to remove the excess HSA contributions. If you are unable to do it by then, the penalty to your employee is 6% (Source: Pub 969) on the excess that is not removed, in addition to the income tax."
After that reduction, the contribution limit is split equally between the spouses unless you agree on a different division. The rules for married people apply only if both spouses are eligible individuals. If both spouses are 55 or older and not enrolled in Medicare, each spouse's contribution limit is increased by the additional contribution. If both spouses meet the age requirement, the total contributions under family coverage cannot be more than $8,550. Each spouse must make the additional contribution to his or her own HSA. Note: most of the document was written with 2014 numbers, but sometimes they mention 2015 numbers. If both are covered under a single plan it should be funded by the person that has the plan. They may get money from their employer. They may be able to have the employer cover the monthly fee that most HSA administrators charge. The non employee can make contributions to the account but care must be taken to make ure the annual limits aren't exceeded. HSA contributions from the employees paycheck may reduce the social security tax paid by the employee. If the non-employee is self employed you will have to see how the contribution impacts the social security situation for the couple. If the non-employee is 55 or older it can make sense to throw in that extra $1000. The employer may not allow it to come from the paycheck contributions because they wouldn't necessarily know the age of the spouse, they may put a maximum limit based on the age of the employee.
I filed all my tax returns when I was abroad so they know how much I   made (just not how much I saved). I smell problems here. If you were compliant wrt to your filings, you must have filed FBAR forms and form 8938. Even if you were below the threshold for form 8938, you will probably be above it when you move back to the US - the threshold for people living in the US is much lower. Do I still need to declare it, even though I might not intend to use   this money to help my kids through college? I believe so. Here's what they want: Nothing there suggests that it is only limited to the accounts in the US or to the money you intend to use to help your kids through college.
Here is an IRS citation to support my comment above - Exceptions. The 10% tax will not apply if distributions before age 59   ½ are made in any of the following circumstances: Made to a beneficiary (or to the estate of the participant) on or   after the death of the participant, Made because the participant has a qualifying disability, Made as part of a series of substantially equal periodic payments   beginning after separation from service and made at least annually for   the life or life expectancy of the participant or the joint lives or   life expectancies of the participant and his or her designated   beneficiary. (The payments under this exception, except in the case of   death or disability, must continue for at least 5 years or until the   employee reaches age 59½, whichever is the longer period.), Made to a participant after separation from service if the separation   occurred during or after the calendar year in which the participant   reached age 55, Made to an alternate payee under a qualified domestic relations order   (QDRO), Made to a participant for medical care up to the amount allowable as a   medical expense deduction (determined without regard to whether the   participant itemizes deductions), Timely made to reduce excess contributions, Timely made to reduce excess employee or matching employer   contributions, Timely made to reduce excess elective deferrals, or Made because of an IRS levy on the plan. Made on account of certain disasters for which IRS relief has been   granted.
@RonJohn's answer for pallet of $20's is right for the specific case. For the general case of all income, it depends on whether or not the the source of the income was potentially criminal. https://www.forbes.com/sites/timtodd/2015/11/16/a-win-for-the-5th-amendment-at-the-tax-court/ I am not a lawyer, but reading that article, one needs to provide the total amount, but not the source if there's a risk of self-incrimination.
"The ""must be postmarked"" language might be just from the old bank itself, not from the IRS.  The language I see in Publication 969 only says ""You can make contributions to your HSA for 2014 until April 15, 2015."" In this case, it is understandable that the credit union you have the new account with does not want to accept the contribution for tax year 2014.  You didn't have an account with them in 2014.  You didn't even send out the paperwork to them to open the account until last week, and they didn't open your account until this week, after the deadline. It is unfortunate, but I don't think you'll be able to force them to do anything differently here.  It is just too late. I do know how that feels.  I had a somewhat similar circumstance with my HSA, the first year I had the account.  I contributed money to the HSA using my credit union's website, transferring money from my checking account into my HSA, as I was told to do.  In January and February of the following year, I made more contributions this way, thinking that I was making them for the previous tax year.  However, they never got coded correctly by the credit union, and I later found out that the credit union counted those as contributions for the current year.  As a result, I was essentially denied the full contribution limit for that year, and had a bit of a paperwork nightmare.  Now, if I have to make a prior year contribution, I only make it in person, and they have a form they have me fill out each time I do."
Others have tip-toed around this, but I'll just come out and say it.  The amount of money you're giving to the church is bordering on irresponsible given that you're just barely breaking even yourself.  The best thing you can do if you want to have children is to stop paying such a high amount to the church, and redirect most, if not all, of that money to your savings account.