Hi everyone,
I am 15 years old, and run a business. As of today (11/29), I crossed a gross revenue of $30,000 (NOT PROFIT OF 30,000, GROSS OF $30,000)!!!! I received an email from PayPal not only stating that they completely limited my account, banning me from possessing the ability to send or receive any form of payment, but that they need my social security number, tax id number, and worker employment number. I’m 15; evidently I do not have any of those things (besides a social which I was forcibly made to enter). I read this and though, ok, whatever. I can make another PayPal or if I have to, use my Dad’s. Now here’s where I am stressed, confused, and kind of scared.
The next portion of the email said this [direct copy from the email]
To comply with the Internal Revenue Service's (IRS) rules, we ask that you submit your Tax ID number to us as soon as possible. Your Tax ID number is one of these:
- Your Social Security Number (SSN)
- Your Individual Tax Identification Number (ITIN)
- Your Employer Identification Number (EIN)
We are required to obtain tax ID numbers from all online sellers who receive payments for goods or services through PayPal. If you do not provide us with your Tax ID number, your account access will be limited, and you will be unable to request or receive money. After you provide us your Tax ID number, your account will be fully functional.
First off, do I owe any tax payments? Second off, how much would the amount I owe be if I’ve grossed 29,857 this year and 200 from another PayPal they somehow detected. That’s around 30,000. These might sound like ill informed questions and I don’t mean to sound stupid, but I am totally inexperienced when it comes to this and need someone’s help. Thanks! The rest of the email provides numerous instructions regarding how to “reenable” my account.
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Log in to your PayPal account.
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A message will appear asking you to update your information.
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Click Provide Now and follow the instructions.
If you have multiple PayPal accounts, repeat these steps for each account.
We'll use your Tax ID number to send tax Form 1099-K to you and the IRS when the payments you receive meet the 1099-K reporting thresholds for the calendar year. For more information, please see our FAQs on the IRS reporting requirements: www.paypal.com/irs.
Although the actual email never stated that owe taxes, I went to that link and saw my gross and how the amount received meets the IRS requirements.
Submitted November 30, 2017 at 01:41AM by Adamg02 http://ift.tt/2AoT3D4
