The bank decides they need to hold 25% in federal withholding taxes – $312,000…There are 2 things wrong with this scenario. First, you never want to exchange all of your currency at the same financial institution. The most Irene would want to exchange is $500,000 ($250,000 in her account and $250,000 in her father’s account) [FDIC $250,000 per depositor]…The second thing Irene wants to do is invest the profits to generate an ongoing monthly income so she can quit her job. [Post 2 of 3….stay tuned]
