Author Topic: The Target Prepaid REDcard (Read 1913061 times)

tjak · « **Reply #6760 on:** March 10, 2015, 09:23:59 PM »

Quote from: Tom Brady on March 10, 2015, 09:18:11 PM

You didn't read what I was giving a suggestion for.

My mistake.

rng · « **Reply #6761 on:** March 11, 2015, 11:56:36 AM »

a novice question here;
just wondering why no one has mentioned the fact that after an X amount of rc loads you will be getting a 1099 making it income that has to be reported??

Marco Polo · « **Reply #6762 on:** March 11, 2015, 11:57:56 AM »

Quote from: rng on March 11, 2015, 11:56:36 AM

a novice question here;
just wondering why no one has mentioned the fact that after an X amount of rc loads you will be getting a 1099 making it income that has to be reported??

I think it was only after x amount of loads which most people wouldn't hit, unless they were loading very small amounts.

benjie1305 · « **Reply #6763 on:** March 11, 2015, 12:00:03 PM »

Quote from: rng on March 11, 2015, 11:56:36 AM

a novice question here;
just wondering why no one has mentioned the fact that after an X amount of rc loads you will be getting a 1099 making it income that has to be reported??

It is a combination of x loads and amount and is mentioned in the wiki:

"12) There is no tax event in loading your RedCard. Even if it was reportable, it would only get a 1099 if, in a year, you did more than 200 transaction AND gained more than $20,000."

rng · « **Reply #6764 on:** March 11, 2015, 12:05:55 PM »

Quote from: benjie1305 on March 11, 2015, 12:00:03 PM

It is a combination of x loads and amount and is mentioned in the wiki:

"12) There is no tax event in loading your RedCard. Even if it was reportable, it would only get a 1099 if, in a year, you did more than 200 transaction AND gained more than $20,000."

more of a question for an accountant which I am sure there are plenty of accountants that are familiar with manufactured spending...its not hard to reach 200 transactions and 20k a year.
If youre doing 5k a month you're there in 4 months, what am i missing here? is it still worth it? Im starting to question this with the all tax ramifications.
As well if I am swiping my business card how do I report this in quickbooks? I need to expense this for my corporation? as a loan?

benjie1305 · « **Reply #6765 on:** March 11, 2015, 12:09:56 PM »

Quote from: rng on March 11, 2015, 12:05:55 PM

more of a question for an accountant which I am sure there are plenty of accountants that are familiar with manufactured spending...its not hard to reach 200 transactions and 20k a year.
If youre doing 5k a month you're there in 4 months, what am i missing here? is it still worth it? Im starting to question this with the all tax ramifications.
As well if I am swiping my business card how do I report this in quickbooks? I need to expense this for my corporation? as a loan?

Quote from: benjie1305 on March 11, 2015, 12:00:03 PM

It is a combination of x loads and amount and is mentioned in the wiki:

"12) There is no tax event in loading your RedCard. Even if it was reportable, it would only get a 1099 if, in a year, you did more than 200 transaction AND gained more than $20,000."

rng · « **Reply #6766 on:** March 11, 2015, 12:12:46 PM »

An accountants that can answer this question?
If I am doing 5k a month I am spending the 20k in 4 months, 200 transactions in a year isnt hard either...
what am i missing here? is it still worth it? Im starting to question this with the all tax ramifications.
As well if I am swiping my business card how do I report this in quickbooks? I need to expense this for my C corporation? Do I report it as a loan?

AnonymousUser · « **Reply #6767 on:** March 11, 2015, 12:14:13 PM »

Quote from: rng on March 11, 2015, 12:05:55 PM

more of a question for an accountant which I am sure there are plenty of accountants that are familiar with manufactured spending...its not hard to reach 200 transactions and 20k a year.
If youre doing 5k a month you're there in 4 months, what am i missing here? is it still worth it? Im starting to question this with the all tax ramifications.
As well if I am swiping my business card how do I report this in quickbooks? I need to expense this for my corporation? as a loan?

Please stop using all of your cards immediately. You can send them all to me; I'll take care of them for you. PM me for my address.

Marco Polo · « **Reply #6768 on:** March 11, 2015, 12:16:55 PM »

Quote from: rng on March 11, 2015, 12:12:46 PM

An accountants that can answer this question?
If I am doing 5k a month I am spending the 20k in 4 months, 200 transactions in a year isnt hard either...
what am i missing here? is it still worth it? Im starting to question this with the all tax ramifications.
As well if I am swiping my business card how do I report this in quickbooks? I need to expense this for my C corporation? Do I report it as a loan?

You are swiping your card over 16x's a month?