+- Twitist Forums (http://twitist.com)
+-- Forum: General Social Media & Marketing Forums (/forum-8.html)
+--- Forum: Social Marketing (/forum-10.html)
+--- Thread: Paypal Money Market IRS thing? (/thread-103642.html)
Paypal Money Market IRS thing? - sjc_starblazers - 02-24-2014 02:46 AM
Ok so I am wanting to enroll in the money market on paypal...I was reading all of stuff on the pages then I come to the last little bit and there is this paragraph about the IRS and some other things I don't understand. Anyone want to break it down for me?
By submitting, I certify under penalty of perjury that (1) the number given is my correct Social Security number (SSN) or Employer Identification Number (EIN), and (2) I am not subject to back-up withholding because (a) I am exempt from back-up withholding, (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to back-up withholding as a result of failure to report all interest or dividends, or © the IRS has notified me that I am no longer subject to back-up withholding. (I understand that if I have been notified by the IRS that I am subject to back-up withholding as a result of dividend or interest underreporting, and I have not received a notice from the IRS advising that back-up withholding is terminated. I must not submit this form.) The IRS does not require my consent to any provision of this document other than the certifications required to avoid back-up withholding.
Ok so goig by what sassy said... Does that mean I am going to have to fill out taxes this year/next year? Cause I don't file them right now.
- sassy25 - 02-24-2014 02:53 AM
Means you gave your real Social Security number and did not make one up. You are not in current trouble with the IRS for failing to report all your income in the past.
This does not apply to you because you would then know what it meant You must report the income for the money market when you do your taxes next year.