A guy in counseling inquired about his selfhelp fund on behalf of his sister. Because your sister will give birth soon, and all financially conscious people know that in such cases, it is a mistake not to take advantage of the $ 150,000 tax refund available from the selfhelp fund.
(If you do not already have a selfhelp fund, read the articles on this. In short, if you have a childbirth, you can withdraw about $ 500,000 to $ 1 million from the selfhelp fund, which the state gives plus 20% tax credit minus checkout cost.)
I asked him the $ 30,000 question, why doesn’t he take advantage of his sister’s birth?
It is lawful to claim a beneficiary who may be your child, parent, spouse, partner or brother .
That is, for the sake of having your brother or child born, you can withdraw the same amount from your selfhelp fund by making it a beneficiary in your own fund.
Client can use the same amount of money from his own money as his sister
All you have to do is show your sister’s child’s birth certificate and make sure she even made a contribution on her own account before she gave birth.
The law provides for a waiting period of 180 days for such use. Some cash registers protect this by giving you 180 days to file your claim. So, if the baby is not born, then it works. But it may not be the case with your checkout. Ask how much time you have to announce your birth.
Not all cash registers pay the same amount for childbirth, the standard deviation is high. Ask how much your cashier pays at this time.
Cash registers that prohibit the use of payouts
For such an event in the cash register. Do this or open an account at another checkout. According to comments, there is a cashier that refuses to pay even though the law allows it. Check with your cashier and find another cashier if necessary.
It does not matter how much the fund deducts for running costs and entry costs. (That’s why I wrote $ 110K instead of $ 150K.) Compare the funds in this regard.
You can also use a selfhelp fund, a health fund and a voluntary pension fund with a $ 150,000 credit. If you’ve already spent the tax credit on the other two funds, it makes no sense to pay into a selfhelp fund. (If you received it in a cafeteria, it will only count if you paid from your own pocket.)
Do you pay PIT at all? If you get tax credit for a lot of kids or you are a cat entrepreneur, you may not even pay PIT.
If your brother or child has a child, it can be a financial pleasure for you
Not big money, but you don’t have to do too much for it. (Yeah, and then you can request an extra payment just because your sibling / child has lost income, read more in the linked articles.)
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