Are you in business selling stuff on eBay, or is this all related to personal sales of your own used property?

This? https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-hardship-distributions

That just means you're allowed to take the withdrawal for that reason. It doesn't mean it's exempt from the 10% penalty.

> Hardship distributions are subject to income taxes (unless they consist of Roth contributions). They may also be subject to a 10% additional tax on early distributions.

A deduction reduces your taxable income, which indirectly reduces your tax by whatever your marginal tax rate happens to be.

For example, in the 12% tax bracket, a $4800 deduction reduces your tax by 0.12 x 4800 = $576 over the course of the year, or $48 per paycheck if you are paid monthly.

I'm not seeing the phrase "principal residence" anywhere on that page.

If you look at the table under the row for "homebuyers" it clearly says "no" for qualified plans (401k, etc.) and "yes" for IRA.

Hardship withdrawals are still subject to the 10% penalty unless some other exception applies

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

There is no 401k penalty exception for withdrawals related to buying a home. (There is for IRA, but not 401k.)

> When you enter a country

Or depart, in many cases

https://www.irs.gov/instructions/i1040gi#en_US_2022_publink24811vd0e4579

> You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts. To round, drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3. > > If you have to add two or more amounts to figure the amount to enter on a line, include cents when adding the amounts and round off only the total.

https://www.irs.gov/retirement-plans/ira-deduction-limits

No, you claim a tax deduction (if eligible) for those contributions when you file your tax return, which turns them into pre-tax.

ChatGPT?

There is no guarantee the stock will be worth $100 after the dividend is paid. In fact, it is far more likely to be worth $96.

https://www.fidelity.com/learning-center/investment-products/stocks/why-dividends-matter

> A stock price adjusts downward when a dividend is paid. The adjustment may not be easily observed amidst the daily price fluctuations of a typical stock, but the adjustment does happen.

> …

> This downward adjustment in the stock price takes place on the ex-dividend date. Typically, the ex-dividend date is 1 business day prior to the record date. The ex-dividend date represents the cut-off point for receiving the dividend. You have to own a stock prior to the ex-dividend date in order to receive the next dividend payment. If you buy a stock on or after the ex-dividend date, you are not entitled to the next paid dividend. If this sounds unfair, remember that the stock price adjusts downward to reflect the dividend payment. Therefore, while you are not entitled to the dividend if you buy on or after the ex-dividend date, you are paying a lower price for the shares.

The mistake you made is thinking dividends behave like interest. They don’t. Dividends aren’t free money. A $100 stock that pays a $4 dividend is immediately worth $96, so you still only have $100.

Every year that the backdoor method is required, you must contribute to the traditional IRA and then convert to Roth IRA. You can keep and reuse the same traditional IRA and Roth IRA year after year.

I would venture to guess that the average person has no idea what any of this is about. Based on the posts here over the last year, people’s understanding of this new 1099-K rule tends to be something along the lines of “if my friend Venmos me $600 (regardless of the reason) I have to pay taxes on it.” They don’t understand that it only applies to goods & services payments, and that the amount reported may not be entirely taxable, so they hear about this delay and they are relieved because they get to put off figuring it out until a year from now when they will all start to panic once again.

> even if you don't get a 1099k sent to you, you are still supposed to file taxes on all your sales

A lot of people are under the mistaken impression that if they don’t get a 1099, then they can get away with not reporting the income.

https://www.reddit.com/r/personalfinance/wiki/teachme#wiki_banking

Go to a local bank or credit union near where you live (a credit union is basically just a customer-owned nonprofit version of a bank). Many of them offer free accounts for students. You will probably need to have a parent or guardian as a joint owner of the account since you are still a minor. Once you turn 18 you can go back and open your own individual account, transfer the money over, and close the joint one.

Don't forget you may also owe taxes on the money you earn, depending on the total amount.

That's the very top end of the phase-out range. $129k is the bottom end, where your ability to contribute starts to become limited.

If you are below the Roth IRA income limit (~$129k) you can ask your IRA provider to recharacterize the contribution as Roth instead of traditional. This is a like a do-over and makes it like the contribution was Roth all along.

An anonymous benefactor seems unlikely. What seems more likely is that someone may have mistyped their account number when setting up bill payment. They're probably wondering where their payments have been going. Depending on exactly whose error it was and how long it is before somebody tries to fix it, the payments may end up getting reversed.

When you reimburse yourself, you are taking money out of your HSA. That money originally came from the combination of your own contributions, any employer contributions, and any earnings/growth that have happened over time.

Basically think of it like an IRA or other retirement account, but for medical expenses instead of retirement.

The benefit of an HSA is that the contributions are tax-deductible, the money grows in the HSA sheltered from tax, and is withdrawn to pay for qualified medical expenses completely tax-free. There’s no other account like that.

They say it can take up to 13 weeks, but many people have reported it taking less time than that. I'd say you have a chance of getting it done this year, but no guarantee.