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After Tax Dollars. Any loan you take is repaid in after tax dollars and 401k loans are no different. The money you take out is not taxed so you get the benefit of that. Technically you can default on it and not repay it at all - then you are hit with the big penalty tax as it would be considered a distribution. So it's up to you - pay it with after tax money, or don't pay it and get hit with the tax and the penalty for early withdrawal tax.
A tax refund loan is a loan that is provided to you until you receive your tax refund. You can pursue this option if you have done your taxes and are expecting a refund.
No a child cannot get a loan. You need to be 18 years old to legally get a loan.
No. Under Section 51(1) of the Internal Revenue Code, the general rule is that interest payments on a loan used to fund a life insurance policy are not deductible. Congress considers life insurance a highly tax privileged form of investment and declines to afford this additional benefit.
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We do simply by paying tax!
Child Tax Credit is paid to the person registered as the carer of the child. Only one household can get Child Tax Credit for a child. If you share responsibility for a child and you can't agree who should claim you can both apply. The Tax Credit Office will decide for you. -------------------------- Child benefit is paid to a person responsible for a child. (You'll usually be responsible for a child if you live with them or you're paying towards looking after them.) Only one person can get Child Benefit for a child.
Loans basically have no tax efffect. The loan is a trade of $ (or value) for the obligation/debt to pay it. Someone is worth not one penny more, or less, after borrowing money than before. Certainly SOMETIMES the expenses and the interest (the costs of the loan), can have a tax effect, most normally in a business situation.
Not on your individual income tax return as long as all of the rules are met for you to be able to claim the 15 year old as your qualifying child dependent on your income tax return.
After Tax Dollars. Any loan you take is repaid in after tax dollars and 401k loans are no different. The money you take out is not taxed so you get the benefit of that. Technically you can default on it and not repay it at all - then you are hit with the big penalty tax as it would be considered a distribution. So it's up to you - pay it with after tax money, or don't pay it and get hit with the tax and the penalty for early withdrawal tax.
Not everyone can get a tax benefit and if you do the amount can vary.
Unless there is a tax benefit that you want/need, you should retire a loan as soon as possible. I am assuming that there is no prepayment penalty, which may impact your decision. It is costing you money (in interest) while you have the loan.
A tax refund loan is a loan that is provided to you until you receive your tax refund. You can pursue this option if you have done your taxes and are expecting a refund.
15% of it can be taken including child support tax levey or goverment loan which has a wide veriety
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
No a child cannot get a loan. You need to be 18 years old to legally get a loan.
It varies on the jurisdiction under which the loan was taken out and the purpose of the loan. Generally speaking, if a loan is taken out to benefit a business, the business can claim the interest on that loan as a business expense and offset it against income. A loan taken out for personal reasons, however, does not fit that profile. Interest on a loan taken out for personal reasons, and interest on credit cards, which are basically the same thing, are not tax deductible. In the United States of America, interest you pay on the mortgage of your principal residence could be written off against income. That may not be true any longer. If you have any questions about this, I strongly recommend consulting the tax code of your country, or a competent tax lawyer.