absolutely... when you give them the check, they run it through a check reader that reads the magnetic numbers on the bottom lefthand side of your check and completes the transaction
Posted on 06/11/2005 4:42:00 PM PDT by mlmr
Do banks collect all infomation from checks cashed if you are a customer? IOW...if one cashes a 15 dollar check, is it put into the same system as one's own checks that are copied and stored?
:-)
There's a business around here that has a LARGE poster of the names of people who have bounced checks right beside the cash register, in something like 60-point font with their hometown (it's a rural area). I'm surprised it didn't have their mother and father listed for further embarrasment.
Word gets around here, and so I said, "That must be an effective deterrent." She looked at me and said, "You would think so!"
I've heard that the bank has to report you if you ask any questions about the reporting procedures.
Becasue I cashed 15 or 20 of them over the past year and never kept good track of them....I am a Neanderthal at bookkeeping ...I recently hired a bookkeeping and billing person...but it concerns me.
At least Rush's bank reports every transaction.
LOL!
I might as well just hang myself now....
I just never really thought about it until now. It isnt that much...perhaps 300 or so. With four children I would still be at the poverty level.
Does TurboTax have an I made a glitch refile section?
I've heard that the bank has to report you if you ask any questions about the reporting procedures.
You're joking, right?
I don't think so. You can cash a check at your own bank OR at the bank it is drawn on. You do not need to have an account at the bank it is drawn on, just good ID.
absolutely... when you give them the check, they run it through a check reader that reads the magnetic numbers on the bottom lefthand side of your check and completes the transaction
"You're joking, right?"
No.
Why?
Yes. It's called an amended 1040.
But if you have only $300 that came in without some sort of 1099 form with it, then it probably looks like a gift. If it is business income that you didn't report, you can probably just report it on this year's 1040.
I'm not a tax dude, so YMMV as far as any point of view that I have...
As long as you have the required id, I don't understand why a bank would dishonor a check drawn on one of their accounts. Some banks now require a fingerprint along with ID and some even a charge a small amount for cashing a check drawn on them for a non-account holder. The only time I've had problems, the teller got in trouble for dishonoring the check.
"Why?"
Because that's what I heard.
I would assume they want to know who is trying to 'structure'.
That's assuming it is true. I think I heard it on one of those crimestoppers type tv shows, which of course proves it must be true.
It was a bunch of 15 dollar checks...not a gift.
of course proves it must be true.
LOL
Well, and amended 1040 sounds like a pain in the buttocks. I think it means you have to redo a bunch of stuff, and if you hired help to get your first one done, you probably have to get their help to fix it.
But you are obviously paranoid about doing the wrong thing, so you probably need to do something to make sure your conscience is taken care of.
How about you just report it on this year's return, and in case the tax rates are lower this year than last year (because the Bush 2001 tax bill phased in tax cuts) you can check off that "$3 presidential campaign" box. ;-)
Oh yeah, if you want, you can pay "estimated tax" (i.e. the same thing self employed people are supposed to do) and just send in the taxable amount of the money now. That way, if anyome ever questions your motive in this whole sordid affair, you can show that as soon as you found out about the taxable income, you made sure the government had its share immediately, and you worked out the paperwork as you found the help.
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