If I deposit a $40,000 check to my bank account will I be red flagged from IRS?
The agency that deals with this is FinCEN. If the bank thinks that what you are doing is suspicious, then they will report it to FinCEN, and if FinCEN thinks that you are evading taxes, then they will bring in the IRS.The IRS doesn’t red flag accounts. Usually what happens is that if the IRS has suspicion that you are evading taxes, they will contact the bank and the bank will give them all your bank records. In some sense, everyone’s accounts are red flagged by the IRS.A USD 40k check from inside the US shouldn’t cause any issues because it’s likely that the money is recorded by some one else that they can check if there is an issue. For example if you got the money from the sale of a house, the real estate agent will issue that information to the IRS so there is no need for the IRS to track the money coming in.The one situation where a USD 40k would raise flags is if it came from foreign sources. If you suddenly started getting lots of checks from BVI corporations, then the bank would issue a report to FinCEN, FinCEN would contact the IRS, the IRS would check if you’ve reported any association with overseas corporations. If you didn’t, the IRS would assign an case worker to investigate further. If they can’t come up with anything, you’ll never know anything happened.
Can you deposit a check into your account if it's made to someone else?
I owe back taxes, so any $$ I have in the bank that's in my name, is subject to garnishment. I use my GF's acct to cash my checks by signing my name, then she signs it, then we deposit it on the ATM machine. We tried walking up to the bank teller, but they refused my check due to bank policies. When we started using the ATM machine, they processed the checks so fast, they don't stop to check and make sure the check is made out to whom ever the acct belongs to. Been doing this for over 2 years now, and the bank still hasn't realized the checks she's depositing on her acct (through the ATM machine) are not made out to her name. RE SiriusMary's posting; its only accts that pay interest, like savings acct, money market certificate accts, etc... that are subject to IRS reporting. Unless you have an interest-bearing checking acct, deposits (and balances) into checking accts are not reported to the IRS. Your checking acct is only subject to review during an IRS audit, when they're investigating unreported income to evade paying taxes.
(TAX RETURN) can it be deposited into someone elses account?
Call your bank and explain the situation. You may have to be put on the account, either as a beneficiary or something, but yes, you will have to be on the account in some fashion or the bank will refuse the DD. It happened to me one year using Netspend. Even though I was also on the return, hubby was too, and he wasn't on the Netspend account, and it had to be corrected that day (because we only called when the DD hadn't come in, so it sounds like you have time) or the funds would've went back. It's a fraud prevention issue.
Can I Cash in someone elses Check into my bank account or deposit?
He needs to sign the check and then write "pay to order of" to your name and then you endorse and deposit it. This shows he signed it, which is required, and then authorized you to endorse and deposit. A suggestion is for your father to open an account for himself and authorize you as a signatory.
If I deposit personal checks into my bank account does it count towards my total income for the year?
Do these checks represent money that someone has paid you for doing work for them? If not, then it's not INCOME and you do not need to report it on your INCOME tax return. You are not taxed on money that someone gives you as a gift.
Is It taxable If I deposit 3 lakh cheque in one savings account bank and 2 lakhs cash in another savings banks account?
Taxability depends upon whether this 5 lacs deposited by you is your income or a loan say unsecured loan taken from some one by you.If it is your income, yes it falls under tax net.Many more scenario needs to be seen before deciding it's Taxability. What kind of income is that 5 lacs deposited by you. Whether it is salary income or business income. If it is a business income, you can claim expenses against the income. If salary income, you can't claim expenses.Moreover cash deposit of 2 lacs, can also be your old savings. Here you can escape tax net.But remember do not deposit more than 50,000/- in saving account in one day/one shot. If want to deposit 2 lacs cash, deposit it in 4 days, 50,000/- each day.
Do I need id to deposit a check into my checking account at Washington Mutual?
No, you do not need identification to make a deposit into an account. you will need id however, if you plan to withdraw any of the funds in the account or by cashing the check.
Can I deposit my tax refund into someone else's account?
From my experience last year yes ...a friend had hers deposited into my account and either of us shared the same last name
What time will fed. tax return be deposited into my bank account?
There is no answer to this question....they send them out in different batches. It might be early or it might be late afternoon. And, it also depends on your bank too...how soon they post it to your account. I have tried to figure this out for several years. The IRS works in cycles...if you file by this day then you should get your return on this day. However, if you file at the start of the cycle that doesn't mean your return will be the first sent out on the day it is due. It has been my experience that will they be posted after 2 p.m. usually...but not always. Maybe someone knows the reasons and the rules but they will not tell us. I have called and written letters to find out. It's seems that is protected information. hope this helps
If I deposit a check for two hundred thousand dollars does the bank notify the IRS and how much taxes will I owe on that amount?
A2A. US perspective.The bank will not report a deposit of that size to the IRS, but it will be reported to the Financial Crimes Enforcement Network (FinCEN) as part of the bank's Currency Transaction Report.Whether you pay tax on it depends on the source of the money. If it's a gift or an inheritance, you won't pay tax on it; the gifter or the estate may. If it's anything else, chances are that it will be taxable income, with the rate depending on the type of income. In most cases, there won't be withholding at the source and you won't have to worry about it until you file your return.