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Old 12-28-2017
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Default Using the same Tax ID # for two paypals

Ok, first off I KNOW this is the last thing you want to do.

I have no choice.

I accidentally went over 20K received by a few hundred dollars. I can't have the tax ID on file get a 1099 since it is a stealth account and not mine.

There is about 10K in the account.


my question is will it be flagged in 24 hours or will I have a bit of time to slowly pull the money out, max i pull out is $500 at a time.


I can care less about the account, the money in the account (if I have to wait six months so be it), but there is a SS# associated with the account already so I am hoping it won't be limited immediately.

Any experience adding the same tax ID on purpose or accident?


Thanks,
Eric
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Old 12-28-2017
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Default Re: Using the same Tax ID # for two paypals

WHY on earth would you leave $10k in a paypal account???
Start pulling it out. Once you pass the $20k mark they'll request the SSN. They will do so several times before the account is limited. Since it is this close to the end of the year you might not even get the request and the account might simply reset on January 1st.
Still, I would NOT do anything with this account before I got all the money out. And when you do get started on it again (assuming youre able to) I would AVOID getting into a similar predicament.
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Old 12-29-2017
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Default Re: Using the same Tax ID # for two paypals

Quote:
Originally Posted by slokor View Post
WHY on earth would you leave $10k in a paypal account???
Start pulling it out. Once you pass the $20k mark they'll request the SSN. They will do so several times before the account is limited. Since it is this close to the end of the year you might not even get the request and the account might simply reset on January 1st.
Still, I would NOT do anything with this account before I got all the money out. And when you do get started on it again (assuming youre able to) I would AVOID getting into a similar predicament.
It has a tax id already, just not of his own.......BHW garbage accounts with SS attached.
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Old 12-29-2017
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Default Re: Using the same Tax ID # for two paypals

Upgrade to business and enter a made up EIN number. It wont match and the poor fellow that the SS belong too wont be on the hook.

It wont kill the account and you can revise with a real EIN later IF you desired to do so.
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