IRS questions (regarding bluebird,bank accounts credit cards )

[mr. perfect]

how much money in a bank acct will get you reported to irs ? Is that at one time or how about a lot of money going in and out ?  What about blue bird if I go over the 20k that they say will be reported ?

[zek]

how much money in a bank acct will get you reported to irs ? Is that at one time or how about a lot of money going in and out ?  What about blue bird if I go over the 20k that they say will be reported ?

I don't understand this question. Do other bank accounts report your balances to the IRS if you don't earn interest? Why is this different?

[Super Speed]

how much money in a bank acct will get you reported to irs ? Is that at one time or how about a lot of money going in and out ?  What about blue bird if I go over the 20k that they say will be reported ?

When did bluebird say anything about 20k?

[aj26]

Bluebird won't report you to the irs.

[Niftyone]

Are you talking about the rule where if you transfer/deposit over $10,000 at one time the bank has to report it to the IRS?

[Buckaroo123]

He may be referring to a 1099-k like paypal has if you do more than 20K AND 200 transactions ( I believe). I do not see anything that mentions reporting to the IRS in the BB card agreement. The paypal agreement does... refers to the 1099k. I always wondered if anyone confirmed with BB that there is no 1099k... its a checking account, so I doubt it would plus no mention of it in the agreement.

[mr. perfect]

When did bluebird say anything about 20k?

i think that's what dan said or maybe that was about amazon payments

[mr. perfect]

Are you talking about the rule where if you transfer/deposit over $10,000 at one time the bank has to report it to the IRS?

yes.   

[CountValentine]

Are you talking about the rule where if you transfer/deposit over $10,000 at one time the bank has to report it to the IRS?

yes.

No such rule.

[zek]

He may be referring to a 1099-k like paypal has if you do more than 20K AND 200 transactions ( I believe). I do not see anything that mentions reporting to the IRS in the BB card agreement. The paypal agreement does... refers to the 1099k. I always wondered if anyone confirmed with BB that there is no 1099k... its a checking account, so I doubt it would plus no mention of it in the agreement.

BB is not comparible to paypal. Paypal is specifically for buying and selling (ie: earning money). That is not specifically the purpose of BB. Ridiculous that this thread even exists.

[Super Speed]

BB is not comparible to paypal. Paypal is specifically for buying and selling (ie: earning money). That is not specifically the purpose of BB. Ridiculous that this thread even exists.

+1

[WAM]

BB is not comparible to paypal. Paypal is specifically for buying and selling (ie: earning money). That is not specifically the purpose of BB. Ridiculous that this thread even exists.

Hey, be nice! No need to call somebody's question ridiculous. Thanks for the answer, that was good enough.

[mr. perfect]

Yea and Btw blue bird wasn't the only thing I was asking about

[Chapshnell]

Asking for a friend, he has food stamps & he wants to know if opening a bluebird to upload $5k a month will hurt him. Anyone knows? 

[notanonymous]

Asking for a friend, he has food stamps & he wants to know if opening a bluebird to upload $5k a month will hurt him. Anyone knows?

Don't give them the BB info.  They will not find out, AFAIK (at least currently) they do not run the ss numbers to look for accounts.

[BigDanFan]

Asking for a friend, he has food stamps & he wants to know if opening a bluebird to upload $5k a month will hurt him. Anyone knows?

BB is generally charging the CCs to get the VRs to pay the people (with a BB check to Person #2) who is owed money...

no earnings involved...

[notanonymous]

BB is generally charging the CCs to get the VRs to pay the people (with a BB check to Person #2) who is owed money...

no earnings involved...

You are 100 % correct that it is kosher regarding earnings.  I gave my suggestion above because, try explaining to them (and having them believe) everything you just said.

[IsraelGuy]

Are you talking about the rule where if you transfer/deposit over $10,000 at one time the bank has to report it to the IRS?

No such rule.

There is such a rule, but its only if you transfer money to an overseas bank account.