Sentences with phrase «pay the back taxes within»

Not exact matches

You can withdraw up to $ 25,000 ($ 50,000 per couple) without paying tax to use toward the downpayment, and you're required to pay it back within 15 years.

You would be able to carry the loss back to a prior year's income, if there was taxable income within the past three years (taxes paid in that period would be refunded immediately) or the losses could be used against future income to decrease the taxes payable in those future years.

However, if you fail to pay the loan back within 5 years, you would likely owe the tax and 10 % penalty (which would be fine for this comparison), however, you also run the risk of being unable to further contribute to the 401K plan after that, though I have no idea how often that last part of the rule is enforced.

There are drawbacks to this — such as missing out on tax - free compounding — but borrowing from your 401k may be a better option than pulling your money out completely; it will be much cheaper since no penalty will be exercised, just as long as you pay the money back with interest within five years.

Since my spouse is attending university and we plan to buy a house within 5 years, I have access to 45K from my RRSPS without penalty, tax free * (I do however, have to pay them back within 10 years or else I must declare them as income).

70 % of those who use home equity to pay off their credit card debt (although it seems logical given the lower interest rates and the tax benefits) typically spend themselves right back into the same credit card debt within 1 - 2 years... plus they now have home equity debt.

If you fail to tell the tax credits office that any of your circumstances have changed within one month, you could be fined # 300 as well as paying back any overpayments.

You can take money without paying taxes and penalties on it during a rollover, but the money has to be back in an IRA within 60 days.

In addition, surrendering within 2 years of the commencement of the policy will lead to the tax deduction on the premium paid under 80C being added back to your income in the year of surrender.