Fedex Payout Question, help who can

[Lockport7]

I made a withdraw yesterday from Olympic via Fedex after hitting that 4-teamer on Saturday and really haven't used Fed-Ex before I requested they cut me a check for $3300 bucks, was that to much to do? I don't know what the rules are for doing the Fed-ex stuff. Is there a limit upon which i should look at for doing this kind of withdrawal? I was just curious hopefully someone can help me out, f-in bank is gonna make me wait 5-7 for it to clear too. Damn

then I have to give 33% to the IRS (

)

 

[Its Gravy]

i say screw the irs..but thats me....they are notified of any deposit over 3000. so i would cash it and make (3) 1,000 deposits 2 weeks apart total 6 weeks..if you can wait

 

[Lockport7]

Its Gravy,


So I am screwed huh? How am I gonna get around that if I get a check and they wont give me anything until it clears.... What will I do come tax time? Now I am worried. Do you think they will say anything about come tax time? I have cashed a check for like 4,000 before in my savings account but not from this stuff but never heard anything about that

 

[marine]

save the canceled check or the bank draft of you depositing it. Then, next time you fill out the taax form you have to put it down in your gross income box. based on your age and job (?) it really wont affect your tax bracket a whole heck of a lot. just be safe and declare it next january when you fill out your tax papers. better safe than sorry with something like this.
you shouldnt have to pay any tax on it when you just deposit it into your bank account however. (i think pretty much so) if they were going to take out taxes it would have to have a W-2 attached to it when you got thecheck i thought.

 

[visionary]

are u guys nuts??? you want to pay taxes on 3,000$$$??lol. as long as you dont deposit more than 9k in your account the bank need not fill out a form which they send to the irs..that goes for any deposits or withdrawals of over9k....slip do yourself a favor......uncle sam has bigger fish to fry...deposit the check and go spend it at the tittie bar......oh, and if uncle sam calls you while you are in class, just show him all the transfers you made to the books and tell them even if you deposited 3k for the next 10 yrs, you would still be posting a loss, therefore having earned no money...hehe
GL to ya..go and have some fun.

 

[MadJack]

visionary-no forms are filled out and reported unless 10K of 'cash' is exchanged.

slip-just cash the damn thing against your savings acct and go have fun

don't worry about it, like visionary said.

 

[Lockport7]

Thanks Madjack and Visionary,


Wasn't sure and I guess it was good to ask here instead of doing something foolish..... I am happy to at least see the check, hee hee. You guys are the best

 

[Skinar]

I asked a bank manager what their official policy was, and what the IRS policy was, regarding cash transactions.

First, a cashier's check is considered cash. I can't imagine why your bank would make you wait, that is a negotiable instrument.

Second, the policy at my bank was to keep track of ALL cash transactions in a rolling 12 month period. If they totalled in excess of $10K, they would report it.

Third, this bank manager told me the official IRS policy is to report ANY cash transaction of $10K or more, that is automatic. The IRS also wants the banks to keep rolling 12 month totals, although some of the smaller local banks don't have the software to do that.

On another note, please be aware that the US Postal service now has a policy of watching folks who buy postal orders. They have a special form for reporting this info to the IRS if you begin to buy a LOT of them. I'll see if I can't find the link to the article I read about that. The bottom line is that the USPS will report you for amounts as little as $500.

 

[Lockport7]

Thanks for the info, I recieved my check today via FedEx and I asked the lady at the bank because it is just a regular check and she said it would take 5 to 7 business days before I could withdraw against it.... Either way I am happy though at least I got things straightened away