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0 pointsdjbusby3y ago0 comments

If your family has $10MM in the bank, you too can take (and report) to IRS zero income.

0 comments

Assuming 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.

pjscott3y ago

If 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.

flangola73y ago

In the US parents' income is already considered when applying for financial aid. Just add that info to admissions

lordnacho3y ago

Does 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?

selectodude3y ago

No, assets are taken into consideration for that exact reason.

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