10k Withdrawals and Government

Jeter5583 · #1 03-02-2007, 11:20 AM

I have heard that withdrawing 10k leads to some sort of Government notification after post 9/11 legislation. I do not, however, know if that matters at all or not or even who get's notified and what they are told. If I pay taxes, is that something I shouldn't care at all about, or do you try to avoid having a "flag" shown up for no reason?

Orlando Salazar · #2 03-02-2007, 11:25 AM

it's actually 3k now.

Jeter5583 · #3 03-02-2007, 11:32 AM

What is 3k? Where did you hear this? WHAT does it mean and WHAT are the implications? Is it something to care at all about?

Jeter5583 · #4 03-02-2007, 12:55 PM

Does anyone know if this is something to even care about? What are its implications? What exactly does it all?

Jeter5583 · #5 03-02-2007, 12:57 PM

Also, do you receive any kind of notification if this happens, or you have no idea?

cowboy.up · #6 03-02-2007, 12:59 PM

If you pay your taxes you have nothing to worry about, no matter the sums of money you're moving. Report it, sleep easy.

Jeter5583 · #7 03-02-2007, 03:27 PM

I would still like to know if anyone knows the answers to my specific questions..

Morphling29 · #8 03-02-2007, 05:54 PM

Withdrawing over 10k means that your bank must file a SOA, suspicion of activity ,form on you and submit it to the irs. They may also do it on their own for other amounts but this almost never happens since it is extra work for the emlployees.

jively · #9 03-02-2007, 09:17 PM

[ QUOTE ]
I would still like to know if anyone knows the answers to my specific questions..

[/ QUOTE ]
Well, you have been informed, so everytime you move $3K or more it is reported. No, they never send you a notice.

File your taxes properly and sleep easy.

-Tom

Sniper · #10 03-03-2007, 07:24 AM

[ QUOTE ]
If you pay your taxes you have nothing to worry about, no matter the sums of money you're moving. Report it, sleep easy.

[/ QUOTE ]