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InvisibleWoodsCall
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Registered: 12/06/04
Posts: 1,486
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Under the table
    #7973045 - 02/03/08 01:20 PM (15 years, 11 months ago)

I'm an older college student and up until this month I've held full-time well paying jobs since I've been 17, so for about 8 years. I'm now working part-time at an animal shelter and getting paid under the table cash.

I do currently receive a $500 check each month from my godmother to help with living expenses. I also live with my boyfriend and another roommate.
I'm closing my checking account so there is no record of cash deposits/withdrawals over the $500 per month I receive from my godmother. I also got all my internet bills switched back to paper.


What I would like to know is if I should be worried about the IRS contacting me or if I'm just paranoid. Is there anything else I should do or be made aware of?


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Invisibleim_on_a_boat
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Registered: 04/06/06
Posts: 3,950
Re: Under the table [Re: WoodsCall]
    #7973083 - 02/03/08 01:29 PM (15 years, 11 months ago)

why would the IRS contact you?

being paid 'under the table' isn't really a big deal for you. it would be a big deal for your employer if they get audited or something like that though, then you might get in trouble, but it's unlikely.

are you getting federal aid for school is that why you're asking this?

if so, then yes you can definitely get in some shit if you have income and are not reporting it, but aside from legal and moral obligations, you should be o.k. as long as you keep your shit on the downlow..

it's just kind of a shitty thing to do to get free money from the government while the rest of us are having to work to pay for you while you cheat the system if that is indeed the case.

$500 a month must be nice..


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OfflineGnosticWarrior
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Re: Under the table [Re: WoodsCall]
    #7973123 - 02/03/08 01:38 PM (15 years, 11 months ago)

I don't know but maybe someone who works in banking can tell you what triggers flags for suspicious activities, thought I don't think that amount of money you're transfering will.

There's lots of people who get paid under the table. Hard to prove unless you got lots of cash unaccounted for being deposited on a consistent basis.

Also, your godmother or any other person can legally gift you up to $12,000 a year with out having to file anything. It's more detailed if it's over that amount. http://www.irs.gov/publications/p950/ar02.html#d0e126

Just pay the taxes on the interest you earned and you should be fine.


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InvisibleWoodsCall
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Registered: 12/06/04
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Re: Under the table [Re: GnosticWarrior]
    #7973150 - 02/03/08 01:43 PM (15 years, 11 months ago)

I haven't gotten aid this year because I made too much money, so I must take out federal loans to pay for school. I am hoping to get aid for the next school year, though.

Quote:

it's just kind of a shitty thing to do to get free money from the government while the rest of us are having to work to pay for you while you cheat the system if that is indeed the case.




I do agree with you on this and I'm not trying to justify my actions, but the taxes I paid last year are helping to pay for my schooling next semester if I do get financial aid.

$500 a month is nice, but it's really not that much when it comes down to it... Living under my means is rough, but I'm still fucking broke regardless.


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InvisibleWoodsCall
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Registered: 12/06/04
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Re: Under the table [Re: GnosticWarrior]
    #7973157 - 02/03/08 01:45 PM (15 years, 11 months ago)

Thanks


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InvisibleGGreatOne234
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Registered: 12/23/99
Posts: 8,946
Re: Under the table [Re: WoodsCall]
    #7973742 - 02/03/08 03:30 PM (15 years, 11 months ago)

i would ask for cash from both parties.

cashing a check leaves a paper trail every time.


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OfflineMaverick
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Re: Under the table [Re: GGreatOne234]
    #7975673 - 02/03/08 10:20 PM (15 years, 11 months ago)

500 a month can stir some attention, but for the most part you should be fine as long as you're not shoving an extra 500 dollars out into the credit economy making them go "whoah he earned a grand this month but paid off 1500 in bills".


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OfflineSmackshadow
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Registered: 09/27/05
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Re: Under the table [Re: Maverick]
    #7980459 - 02/04/08 10:11 PM (15 years, 11 months ago)

Just FYI banks are not required to file reports on transactions under 10,000 bucks per day. They do monitor transactions over $3,000 for "Suspicious Activity" however that is mostly done by tracing transactions over a long period of time. It should be noted that even though transactions 10k and over automatically triggers a report; one should know that repeated deposits of $9,999 or similar will warrant suspicious activity and will normally get reported as well.
I am not encouraging anyone to abuse the system or commit illegal activity, I just think it is fair that everyone should know how their being monitored.


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The trouble with fighting for human freedom is that one spends most of one's time defending scoundrels. For it is against scoundrels that oppressive laws are first aimed, and oppression must be stopped at the beginning if it is to be stopped at all.
     
~H. L. Mencken~


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