Just went through this exact situation when I inherited from my aunt's estate in Liverpool last year! A few things I learned the hard way: 1. **Timing matters** - Exchange rates can swing 2-3% in a week. I watched GBP/USD for about 10 days and transferred when it hit a favorable rate, which saved me around $1,200. 2. **Document everything** - Keep all the estate paperwork, solicitor letters, and transfer receipts. The IRS may want to see proof it's inheritance money if they ever question a large deposit. I scanned everything to PDF just in case. 3. **Consider splitting the transfer** - Instead of one $65k transfer, I did two smaller ones ($35k and $30k) about a week apart. This helped me average out the exchange rate risk and also kept each transfer under some of the stricter reporting thresholds that kick in at higher amounts. 4. **Wise vs OFX** - I tested both with smaller amounts first. Wise was slightly more expensive but much faster (same day vs 2-3 days). For the peace of mind on a large amount, I went with Wise even though it cost me maybe $50 more. The inheritance itself definitely isn't taxable in the US, but definitely get familiar with FBAR requirements if you're keeping any money in UK accounts temporarily. Good luck with the transfer!

I went through a similar situation when my grandfather's estate in London was settled two years ago. One thing that hasn't been mentioned yet is to check if your inheritance qualifies for any tax treaty benefits between the UK and US. Also, be prepared for your US bank to ask for additional documentation beyond just the wire transfer. When I received my inheritance transfer ($58k), Bank of America initially flagged it and requested proof that it was legitimate inheritance money. I had to provide the probate documents, death certificate, and a letter from the UK solicitor explaining the source of funds. The whole verification process took about 5 business days, during which the funds were held. Another tip: if you're using Wise or OFX, create your account and get verified BEFORE you're ready to transfer. The verification process can take 3-5 days and involves uploading ID documents. You don't want to be waiting on account approval when exchange rates are favorable or when the estate executor is ready to send the money. For what it's worth, I used Wise for the transfer and was very happy with both the rate and the transparency. They show you exactly what you'll receive before you confirm, and there are no hidden fees that pop up later.

One thing to consider - if your daughter is a full-time student, the rules are different! My daughter was going to school full-time and working part-time when my granddaughter was little. Because she was a student, she was still able to claim her child for EIC purposes, while I claimed the child for the Child Tax Credit using Form 8332. This weird split actually maximized the benefits for our whole family. Worth looking into if your daughter is taking any classes. The tax software I used didn't catch this - had to research it myself!

This thread has been incredibly helpful! I'm dealing with a similar situation with my 5-year-old grandson. One thing I want to add that might help others - make sure to keep detailed records of ALL the expenses you pay for your grandchild throughout the year. I learned this the hard way when the IRS requested documentation. I now keep a simple spreadsheet with dates, amounts, and categories (food, clothing, medical, daycare, etc.) plus receipts. When I calculated everything for last year, I was shocked - we spent over $18,000 on our grandson while his mom contributed maybe $2,000. Having this documentation made it crystal clear that we provided more than half his support. Also, don't forget about medical expenses! If you're paying for doctor visits, prescriptions, dental work, etc., those all count toward the support test. These can add up quickly and really strengthen your case for claiming the dependent exemption.

I'm dealing with a similar situation right now and wanted to share what I've learned from my research. One thing that hasn't been mentioned yet is the potential impact on your quarterly estimated tax payments. If you hold the equity personally and file an 83b election, you'll need to pay taxes on the fair market value immediately (even if it's minimal for an early-stage startup). But if your LLC holds it, the tax treatment flows through your S-Corp election, which could affect your reasonable salary requirements and payroll taxes. Also, consider this: if the startup ever issues additional equity rounds or has anti-dilution provisions, having the equity in your LLC might complicate those calculations. I've seen cases where LLCs holding equity had to provide additional documentation or legal opinions that individual shareholders didn't need. Given your 48-hour deadline, I'd lean toward personal ownership for simplicity unless your accountant specifically structured your LLC to hold investments. The QSBS exclusion potential alone (up to $10M tax-free if you hold for 5+ years) makes personal ownership attractive for startup equity.

Great question and timing is definitely tough! I've been through this exact scenario with two different startups as a consultant. From my experience, I'd strongly recommend taking the equity personally rather than through your LLC. Here's why: **Tax advantages**: The QSBS (Section 1202) exclusion that others mentioned is huge - potentially $10M+ in tax-free gains if you hold the shares for 5+ years. Your LLC can't take advantage of this. **Simplicity at exit**: When the startup eventually has a liquidity event, you'll thank yourself for not having to unwind LLC ownership structures or deal with potential phantom income issues. **83(b) election**: Much cleaner to file personally. The IRS forms are straightforward and you avoid any complications around your S-Corp election. **Future flexibility**: If you ever want to dissolve your LLC, transfer the equity, or include it in estate planning, personal ownership gives you way more options. The only real advantage of LLC ownership would be liability protection, but for equity compensation from a consulting client, that protection isn't typically necessary. Given your 48-hour deadline, personal ownership is the safer, simpler choice. You can always restructure later if needed, but it's much harder to go the other direction. Good luck with the decision!

I went through something similar last year and it turned out to be a combination of identity theft and poor record-keeping on Uber's part. Here's what I learned that might help: First, definitely follow the identity theft steps others mentioned - they're spot on. But also document EVERYTHING. Take screenshots of your Uber passenger account showing you've never been a driver, save all your ride receipts, and print your account history. When you call Uber's fraud department, ask them to pull up both your passenger account AND check if there's a separate driver account using your SSN. In my case, someone had created a driver account with my SSN but different contact info. Uber's systems didn't flag this as suspicious because they treat passenger and driver accounts separately. Also, check if you've moved recently or had mail forwarded. Sometimes identity thieves use old addresses to sign up for gig work, then change the payout method once they're approved. The good news is that once I provided all this documentation, both Uber and the IRS were very responsive. It took about 6 weeks total to get everything resolved, but I didn't end up owing any taxes on income I never received. Don't let this stress you out too much - it's definitely fixable, just requires some patience and thorough documentation.

The wallet theft 8 months ago could definitely be the source! That's exactly the kind of incident that leads to this type of identity theft. Even though you replaced your cards and monitored credit, thieves often sit on stolen personal information for months before using it. All the services I used were completely free - Uber's fraud department, IRS Form 14039, police reports, etc. The only thing that cost money was getting additional copies of my credit reports, but even those are free once per year. For documentation, I collected: - Screenshots of my entire Uber passenger account history - All ride receipts I could find in my email - A formal statement from Uber confirming no legitimate driver account existed in my name - The fraudulent driver account details Uber found (which had my SSN but different phone/email) - Police report from when my wallet was stolen - Timeline showing the wallet theft preceded the fraudulent account creation Uber actually provided the formal statement voluntarily once their fraud team investigated. They were very cooperative because they don't want fraudulent drivers on their platform either. The key was being persistent but polite, and having all my passenger history ready to prove I was a legitimate customer, not someone trying to hide income. The stolen wallet connection will probably help your case significantly - make sure to mention that timeline when you call Uber tomorrow.

As a newcomer to this community, I'm really grateful for how thoroughly everyone has explained these Roth IRA contribution rules! The key insight that finally clicked for me is that it's all about your **earned income** from working - not your AGI or taxable income after deductions. Your situation with $8,420 in W-2 wages is actually incredibly advantageous for retirement savings. You can contribute up to $7,000 to a Roth IRA for 2024 (if under 50), and you're getting an amazing combination of benefits that many people never experience: 1. **Zero current tax cost** - Since your taxable income is $0 after the standard deduction, you're essentially making tax-free contributions to a tax-free growth account 2. **Potential Saver's Credit** - With your AGI, you could qualify for up to $1,000 back through Form 8880 just for saving for retirement 3. **Decades of tax-free growth** - Every dollar you contribute now will compound completely tax-free until retirement This is honestly one of the best retirement savings scenarios possible! Even if you can't contribute the full $7,000, any amount you can put in while you're in this favorable tax position will pay huge dividends over time. You have until April 15, 2025 to make 2024 contributions, so there's still time to take advantage of this opportunity. Don't let the confusion about AGI vs. taxable income hold you back - focus on maximizing this incredible chance to build wealth while your effective tax rate is essentially zero!

As a newcomer to this community and retirement planning, this thread has been absolutely incredible! I'm so grateful for how clearly everyone has explained that **earned income** is what matters for Roth IRA contributions - not AGI or taxable income after deductions. Your situation with $8,420 in earned income from your part-time job is actually a dream scenario for retirement savings. You can contribute up to $7,000 to a Roth IRA for 2024 (assuming you're under 50), and you're getting what I'm now calling the "retirement savings trifecta": 1. **Zero tax cost now** - Your taxable income is $0 after the standard deduction, so you pay nothing in taxes on Roth contributions 2. **Money back through Saver's Credit** - You could get up to $1,000 back via Form 8880 just for saving for retirement 3. **Decades of tax-free growth** - Every dollar grows completely tax-free until retirement This combination is so rare and powerful! Most people either pay taxes now (traditional IRA) or later (Roth), but you're essentially getting both current AND future tax benefits. It's like finding a financial cheat code. Even if you can only contribute $1,000-2,000 while maintaining an emergency fund, you'd still benefit from this incredible tax situation. And remember, you have until April 15, 2025 to make 2024 contributions. Don't overthink the numbers on your tax return - focus on this amazing opportunity to build wealth while your effective tax rate is zero!