vania-janet/multiturn-rag-retrieval-data huggingface dataset:
I can do better, I can show you [sources](http://www.eeoc.gov/policy/docs/qanda_religion.html):  &gt; Religious Organization Exception: Under Title VII, religious organizations are permitted to give employment preference to members of their own religion. The exception applies only to those institutions whose “purpose and character are primarily religious.” Factors to consider that would indicate whether an entity is religious include: whether its articles of incorporation state a religious purpose; whether its day-to-day operations are religious (e.g., are the services the entity performs, the product it produces, or the educational curriculum it provides directed toward propagation of the religion?); whether it is not-for-profit; and whether it affiliated with, or supported by, a church or other religious organization.  Looks like my plumbing example may have been extreme because it doesn't necessarily have a religious purpose under those terms, but to be fair neither does the fortune 500 christian insurance company, whose primary purpose is to sell insurance, I was referring to earlier whose large legal department said we were legally safe to hire only christian salesmen and board members.
Don't pay it, see a lawyer.  Given your comment, it will depend on the jurisdiction on the passing of the house and the presence of a will or lack thereof.  In some states all the assets will be inherited by your mom.  Debts cannot be inherited; however, assets can be made to stand for debts.  This is a tricky situation that is state dependent.   In the end, with few assets and large credit card debt, the credit card companies are often left without payment.  I would not pay the debt unless your lawyer specifically told you to do so.   Sorry for your loss.
"There is no doubt that this is a scam (you ask a British solicitor for help with this sort of problem, not an American friend) but it's not as obvious as some answers seem to assume. Inheritance taxes always have to be paid before legacies can be received, and the funds are part of the estate not ""in the hands of the government"". There are certainly ways round the problem (which vary by country), but if the facts were as the asker sets out, this would be a reasonable request. You can bet they aren't and it isn't."
Assuming you are Indian Citizen / Resident for Tax purposes. Your friend in US Citizen / Resident for tax purposes. As you are borrowing these funds and returning, this would NOT be treated as Gift but as Loan. Ensure that you have the right documentation in place. There is no tax when you receive the funds/loan or rebate when you pay back the loan. From India FEMA (Foreign Exchange Management Act) point of view, if you take loan from friends, you cannot by default repatriate funds. You have to take special permission to repatriate the funds out of India.
Your employer's matching contribution is calculated based on the dollar amounts you end up putting in. The nature of your 401(k) contribution—whether pre-tax or Roth after-tax—doesn't matter with respect to how their match gets calculated, and their match always goes into a pre-tax account, even if you are contributing after-tax. The onus is on you to choose a contribution amount that maximizes your employer match regardless of the nature of your contribution. Maximizing your employer match using Roth after-tax contributions will eat up more of your annual gross salary, but as long as you are willing to do that then you won't leave free employer match money on the table. Roth after-tax contributions don't get the tax deduction inherent in a pre-tax contribution. The tradeoff is that you end up with less take-home pay per period if you contribute the same number of dollars on a Roth after-tax basis to your 401(k) as opposed to on a pre-tax basis. For instance, to make a maximum $18,000 Roth after-tax contribution to a 401(k), it's going to cost you a lot more than $18,000 of your annual gross salary to net the same $18,000 number. (On the flip side, the Roth money is worth more in retirement than pre-tax money, because it won't be subject to taxes then.) However, 401(k) plan contribution amounts are almost always expressed as a percentage of gross salary, i.e. in pre-tax terms, even when electing to make after-tax contributions! So when electing after-tax, one is implicitly accepting that the contribution will cost more than the percentage of gross salary, because you'll need to pay the tax on a gross amount that would yield the same number of dollars but as an after-tax amount.
Transfer of Money from you to Your Mother is Tax Free. i.e. This will not be considered as income for your mother as there is NO work done. This would be considered as Gift and would fall under Gift Tax. As per Gift Tax you can give unlimited amounts to close relative. Mother is considered as close relative. The tax rule is same whichever option you follow. You would need to maintain proper paperwork, should there be any query from Income Tax department. Any interest / income your mother generates on this will be her taxable income. You have also mentioned that you are repaying some loan for your relative, again the paper work should be very clear when your mother is transfering the money to your relative. The interest you pay back maybe taxable to your relative depending on paperwork. Edit: Elobrate OP's edit to question From your point of view, once you have given the funds to your Mother and call it gift; it ends. What your mother does with the money invests, spends, etc is not your liability. However if your mother is tranferring money to person's who are not defined as relatives under Gift Law or the interest your relatives get are all taxable events to them.
They've each maxed out their gifts to their own heirs. So they agree to max out their gifts to their sibling's heirs. This effectively doubles the transfer amount without tax implication. Also realize that they can pretransfer assets at the current market rate. So if a rich person has an asset that is currently undervalued, it may make sense to transfer it immediately as a gift. This will use up some of the estate exemption. But if you're going to transfer the asset eventually, you might as well do so when the value is optimal for your purpose. These are just the easy things to do. If someone wants, they can do more complicated things that make it harder for the IRS to track value. For example, the Bezos family invested in Amazon.com when Jeff Bezos was starting it. As a result, his company could survive capital losses that another company might not. The effect of this was to make him fabulously rich and his parents richer than they were. But he won't pay inheritance tax until his parents actually transfer the estate to him (and I believe they actually put it in a charitable trust). If his company had failed instead, he still would have been supported by the capital provided by his parents while it was open (e.g. his salary). But he wouldn't have paid inheritance tax on it. There are other examples of the same pattern: Fred Smith of FedEx; Donald Trump; Bill Gates of Microsoft; etc. The prime value of the estate was not in its transfer, but in working together while alive or through a family trust. The child's company became much more valuable as a result of a parent's wealth. And in two of those examples, the child was so successful that the parent became richer as a result. So the parent's estate does count. Meanwhile, another company might fail, leaving the estate below the threshold despite a great deal of parental support. And those aren't even fiddles. Those children started real companies and offered their parents real investment opportunities. A family that wants to do so can do a lot more with arrangements. Of course, the IRS may be looking for some of them.
No, the 120 days rule only applies in cases of delay or cancellation. If the purchase went through and you got additional money elsewhere - you cannot re-deposit the distribution back. See IRC Sec. 72(t)(8)(E): If any distribution from any individual retirement plan fails to meet   the requirements of subparagraph (A) solely by reason of a delay or   cancellation of the purchase or construction of the residence, the   amount of the distribution may be contributed to an individual   retirement plan as provided in section 408 (d)(3)(A)(i) (determined by   substituting “120th day” for “60th day” in such section)
Sorry for your loss. I am not a lawyer and this isn;t legal advice -- which I am not licensed to give. But I've had to deal with some debt situations of my own. I think the worst case scenario is the creditor can get a judgment, but that won't be against you unless you were a co-signor. The collectors are going to prey on your decency to make you feel like you should pay it, but you are under no legal obligation to do so.  If they file in court and then win a judgment, they may be able to collect on the assets of the estate. You mention no money but you mention a house. That is an asset with value, and putting it in your name isn't going to do much. You should see a lawyer on this, because it seems logical that they could collect on the value of the house at the time of the death, and even if it was willed to you it can still be attacked to pay the debt.  Here is a good write-up on NJ death and debt and whether it can be inherited by the adult children: https://www.atrbklaw.com/bankruptcy-resources/83-articles/103-can-you-inherit-your-dead-parent-s-debts
Having money held from one paycheck hardly counts as being covered by a retirement plan in my book! It's not your book that counts, it's the Congress' book called the Internal Revenue Code. No, you cannot rescind a contribution after the fact. Maybe during the year you can do something with employer balancing it out, but not after the year is closed. (That, by the way, is different for IRAs where you can actually do re-characterization until the tax day of the next year)
A 529 plan is set up in a specific beneficiary's name but the money can be rolled over or transferred into another 529 plan in the same beneficiary's name, or the beneficiary can be changed by the owner of the account.  I mistakenly believed that the new beneficiary could be anyone else, but as mhoran_psprep has  pointed out in the comment below, the new beneficiary must be related to  the previous one in specific ways as detailed in Publication 970 2011, Tax Benefits for Education in order for the change to occur without any tax consequences.  So my original statement that distributions can be used for anyone's educational expense without tax consequences was incorrect; if the new beneficiary is not related to the original beneficiary, tax consequences will indeed occur.  Note also that unlike IRAs where the entire amount can be withdrawn by the owner without incurring a 10% penalty after a certain period or after reaching a certain age, distributions from a 529 plan for nonqualified expenses (including as a special case a withdrawal of funds by the owner) will incur the 10% penalty tax regardless of when this occurs. The problem with UGMA accounts is that you have to turn the money over to the beneficiary when that beneficiary becomes an adult (18 years old in most cases) regardless of your current opinion of that beneficiary, and the beneficiary is free to use the money to buy a motorcycle with it if she chooses instead of using it for her education.  In this sense, I agree with mhoran_psprep's answer that it is best to put away the money in an ordinary account without seeking tax benefits, and deal with the matter as you see fit when the niece is filling out her college paperwork.
If the contributions were yours, they are vested immediately. Otherwise, there are some rules laid out on the Department of Labor website: ww.dol.gov/ebsa/publications/wyskapr.htm
Your friend would have only been liable for a tax penalty if he withdrew more 529 money than he reported for qualified expenses.   That said, if he took the distribution in his name, it triggers a 1099-Q report to the IRS in his name rather than his beneficiaries.  This will likely be flagged by the IRS, since it looks like he withdrew the money, but didn't pay taxes and penalties on it, not the beneficiary.  In other words, qualified education expenses only apply to the beneficiary, not the plan owner/contributor.  In this case, the IRS would request additional documentation to show that the expenses were indeed qualified.   To avoid this hassle, it's easiest to make sure the distribution is payed directly to the beneficiary rather than yourself.  Once he or she has the check, then have them sign the check over to you or transfer it into your account.  Otherwise you trigger an IRS 1099-Q in your name rather than your beneficiary.
The rebate amount is a non-qualified distribution: IRS Pub 969 describes how the HSA works: Reporting Distributions on Your Return How you report your distributions depends on whether or not you use the distribution for qualified medical expenses (defined earlier). If you use a distribution from your HSA for qualified medical expenses, you do not pay tax on the distribution but you have to report the distribution on Form 8889. However, the distribution of an excess contribution taken out after the due date, including extensions, of your return is subject to tax even if used for qualified medical expenses. Follow the instructions for the form and file it with your Form 1040 or Form 1040NR. If you do not use a distribution from your HSA for qualified medical expenses, you must pay tax on the distribution. Report the amount on Form 8889 and file it with your Form 1040 or Form 1040NR. If you have a taxable HSA distribution, include it in the total on Form 1040 or Form 1040NR, line 21, and enter “HSA” and the amount on the dotted line next to line 21. You may have to pay an additional 20% tax on your taxable distribution. I looked at several plans regarding how to handle mistaken distributions: example A What if I accidentally use my HSA Visa debit card for a non-qualified expense?   To fix this problem, just bring that same amount into any local branch and tell us it was a Mistaken Distribution. We can then put the funds back into your HSA and correct the problem.  example B  You’re allowed to correct mistaken   HSA withdrawals when there is clear and convincing   evidence that amounts were distributed from an HSA   because of a mistake of fact due to reasonable cause. You   can correct the mistake by repaying the withdrawal   no later than April 15 following the first year that you   knew or should have known that the withdrawal was   a mistake. When a correction is made, the mistaken   withdrawal does not have to be included in gross   income or be subject to the 6 percent additional tax, and   the repayment does not count as an excess contribution.   If an error is made by SelectAccount in its role as the   administrator, SelectAccount will be responsible for   taking appropriate corrective action. Check with your plan trustee on their procedure to fix the mistaken withdrawal.
An answer from PayPal stated that donations may be turned on only for Business PayPal accounts that are verified for its non-profit status. Such PayPal Business account must be opened in the name of non-profit organization (not a single person) and go through verification process. One must provide the following information: That would mean that one cannot ask for donations as a private person, at least in Croatia, and probably in Europe.
No matter how the money was received/inherited by the parent, the receiver of the gift (in this case the child) will not owe any taxes. If it is below the annual gift exclusion the parent will not owe any taxes or need to fill out any forms. If it is above the annual exclusion then it will depend on how the money was transfer to the child/grand children. One check to the family would not be a good way for the parent to distribute the funds. A check to each person in the family unit (child, spouse, grand child) will allow a large amount to be transferred each year. Because the OP doesn't have a clear understanding of the source of the funds, and any taxes that might or might not have been paid at that time, and the parent isn't willing to discuss this information with the OP; the source of the funds is irrelevant to the answer. do I have to pay additional tax on the amount I receive from her? No.
Assuming you and your family always get along and everyone is happy with the situation... Should you become ill, die, or go on government benefits for some catastrophe, the government will look at all those funds as YOURS, and now your wonderful family is hurt by the estate tax and/or expectations of how much of the bill you handle before support kicks in. Additionally, should you ever reach a point where you are married and then facing divorce (even if no fault of your own), all that investment is now up for grabs in equitable distribution.  So your family's entire investment fund is at risk.
If you keep the account in your name only and your girlfriend is depositing money into it, then she is in effect making gifts of money to you. If the total amount of such gifts exceeds $14K in 2014, she will need to file a gift tax return (IRS Form 709, due April 15 of the following year, but not included with her Federal tax return; it has to be sent to a specific IRS office as detailed in the Instructions for Form 709). She would need to pay gift tax (as computed on Form 709) unless she opts to have the excess over $14K count towards her Federal lifetime combined gift and estate tax exclusion  of $5M+ and so no gift tax is due.  Most estates in the US are far smaller than $5 million and pay no Federal estate tax at all and for most people, the reduction of the lifetime combined... is of no consequence.  Another point (for your girlfriend to think about): if you two should break up and go your separate ways at a later time, you are under no obligation to return  her money to her, and if you do choose to do so, you will need to file a gift tax return at that time. If you will be returning her contributions together with  all the earnings attributable to her contributions, then keep  in mind that you will have paid income taxes on those earnings all along since the account is in your name only.  Finally, keep in mind that the I in IRA stands for Individual and your girlfriend is not entitled to put her contributions into your IRA account. Summary: don't do this (or open a joint account as tenants in common) no matter how much you love each other. She should open accounts in her name only and make contributions to those accounts.
"Daniel covered the correct way to file on the returns, I'm chiming in specifically to discuss the question of whether it could be a gift. The IRS will classify it as a tip even if the person giving it says it's a gift if a service was rendered before the gift was given. The only way that you could make a case to the IRS that it was a gift is if you have a personal relationship outside of the working environment, and the person giving the gift provides an explanation for the motivation behind the gift.  Such explanations as ""Happy Birthday"" or ""Congratulations on graduating"" or other special occasions could be gifts. But ""you did a good job, and I just want to reward you for your effort"" is not a reason someone gives a gift, and the IRS will penalize you if you do not have evidence that it was a gift rather than a tip."
Thanks for replying. I think we are talking at cross purposes, though. In your original example you were talking terms of a promise to pay at a future time. In that example the asset might be destroyed but the promise to pay would still be binding (under typical laws of obligations) and so a court could enforce the obligaton to pay - unless perhaps the promise was itself nullified eg by being contingent on the asset (the apples) being harvested (ie not being destroyed). So, my question was really whether such a contingent promise really amounts to creating new money (as is suggested by the original example). I don't see a promise of this nature can be akin to creating money - it is a new bargain entered into by two (or more) parties
"From your mother point of view, the money she receives from you cannot be defined as ""Income"" and hence there is not income tax. However this would be treated as ""Gift"" and as per Gift Tax rules, there is no limit on transfers of money between ""Relative"". Your Mother falls under this definition and hence you can give unlimited money to your parents without any tax implication. It is advisable to keep proper records if the amounts run upto lacs of rupees."
No. But you are not splitting the 401(k), the judge is. There is no provision for an employee to simply request funds to give to the ex-spouse. But there is a QDRO, a qualified domestic relations order whereby a judge orders this to occur. The lawyers will be aware of the loans, as will the judge, and will take that into account when splitting the 401(k). Depending on what other money the Ex has, he make be required to pay the loans back, partially, or in full.  No one can guess what will happen. The judge will take all aspects of your finances and current earnings into account.
No, money transferred for a loan or a gift is not taxable. If you pay your parents interest, they'll have to pay tax on that. And if they give you money and then die within seven years, the gift may become liable for inheritance tax.
"The instructions do specifically mention them, but not as exclusive plans.  Pension and annuity payments include distributions from 401(k),   403(b), and governmental 457(b) plans. The instructions also mention this: An eligible retirement plan is a governmental plan that is a qualified   trust or a section 403(a), 403(b), or 457(b) plan. 414(h) plans are ""qualified"" plans. Employee contribution to a 414(h) plan is qualified under 403(b). Report it there and mark it as ""Rollover"". Talk to a licensed (EA/CPA licensed in your state) professional when in doubt."
"Debts do not inherit to the children. You are absolutely not liable for your parent's debt, in any way whatsoever. ** Collection agents will lie about this; tricking you is their job, and your job is to tell them Heck no, do I look like an idiot? When a person dies, all their personal assets (and debts) go to a fictitious entity called the Estate. This is a holder for the person's assets until they can be dispositioned finally. The estate is managed by a living person, sometimes a company (law firm), called an Executor. Similar to a corporation which is shutting down business, the Executor's job is to act on behalf of the Estate, and in the Estate's best interest (not his own). For instance he can't decide, in his capacity as executor, to give all the estate's money to himself. He has to loyally and selflessly follow state law and any living-trust or wills that may be in place. This role is not for everyone. You can't just decide ""la la la, I'm going to live in their house now"", that is squatting. The house is an asset and someone inherited that, as dictated by will, trust or state law. That has to be worked out legally. Once they inherit the house, you have to negotiate with them about living there. If you want to live there now, negotiate to rent the house from the estate. This is an efficient way to funnel money into the estate for what I discuss later.** The Estate has assets, and it has debts. Some debts extinguish on the death of the natural person, e.g. student loans, depending on the contract and state law. Did you know corporations are considered a ""person""? (that's what Citizens United was all about.) So are estates - both are fictitious persons. The executor can act like a person in that sense. If you have unsecured debt, how can a creditor motivate you to pay? They can annoy and harass you. They can burn your credit rating.
Sorry, it appears not, according to http://www.nysscpa.org/cpajournal/2008/508/perspectives/p12.htm: ...and the election to make Roth 401(k) contributions (these are after-tax contributions) is irrevocable.  Fairmark says the same thing. PS, don't complain too loudly, given the reason for the problem. :)