4 ms·
If your family has $10MM in the bank, you too can take (and report) to IRS zero income.
by djbusby 4y ago
If your family has $10MM in the bank, you too can take (and report) to IRS zero income.
- flangola7 4y agoIn the US parents' income is already considered when applying for financial aid. Just add that info to admissions
- lordnacho 4y agoDoes this mean you can not work for a couple of years to make it easy to get in, plus get a discount on the fee?
- selectodude 4y agoNo, assets are taken into consideration for that exact reason.
- deleted 4y ago[deleted]
- sklargh 4y agoAssuming US due to agency choice. What about a 1099-INT? Surely even trivial interest earnings on 10mm would trigger this? Moreover I'd expect that any given user w/10mm would be rolling into multiple accounts to maximize protection offered by FDIC.
- pjscott 4y agoIf you put the money mostly into bonds or stocks that don't issue significant dividends, you'll pretty much just have to worry about capital gains (form 1099-B), and those aren't taxed until the fiscal year in which they're realized.