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Old 11-24-2013
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Default Does this mean I cant receive payments / withdraw?

Got this message from paypal, no where near the 20k reporting requirements, will they limit my account now, soon, or when I approach 20k? Obviously being slealth, I dont want to provide them with my ssn

"We're asking for your tax ID number due to new IRS rules. Your tax ID
number is one of these:

- Your Social Security number
- Your Individual Tax Identification Number
- Your Employer Identification Number

We'll use your tax ID number to send tax Form 1099-K to you and the IRS
when the payments you receive exceed both of these milestones in a calendar
year:

- $20,000 in gross payment volume for goods or services
- 200 payments for goods or services

We want to remove the limitations on your account as soon as possible. It's
easy here's how:

1. Log in to your PayPal account.
2. A message will appear asking you to update your information.
3. Click Provide Now.

If you have multiple PayPal accounts, repeat these steps for each account.
After we've received and processed your information, we'll remove the
limitations on your account, and you'll be able to use PayPal without
interruption."
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Old 11-25-2013
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Default Re: Does this mean I cant receive payments / withdraw?

when you log into PayPal you will see a message asking you for you tax id before you can go onto your account. It seems like they send 2 emails asking for Tax ID on the third one you get locked from receiving payments and closing the account. It tends to be when you get close to the 200 transaction limit. This is different than previous years. It appears to protect themselves they are preventing sellers who do not provide the tax id from going over both 200 transaction and 20k. It sucks.

There is no exact science but the multiple people I have talked and my own experience makes me feel very confident this is when they enforce this limitation.

Last edited by vogeltron; 11-25-2013 at 04:49 AM.
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Old 11-25-2013
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Default Re: Does this mean I cant receive payments / withdraw?

even though the reporting limit is 20K,
paypal calculates and forecasts yout current rate of income into the future, adding some worst case adjustments. If their forecast indicates you might be anywhere near the 20K by end of December, then they'll ask for tax numbers.

Example:

an account that had accumulated $3000 by the month of MAY, got hit with a tax nr request.
An account that received only $1800 by May, did not get hit.

Once this happens, you have about 3 weeks to continue using your account before further action. use this time to divert your funds to a different account.

If you do not reply to the tax nr request, the account usually gets unlimited after about 6 months.

You might use the tax ID of a family member -with their permission, and then make sure you DO NOT GO OVER 18K income by end ov december. Paypal will then not use this tax number in any way.

If you hit something like $18,500 at any time before midnight Dec 31st, , then Paypal will do a test verification with the IRS on your number provided, in preparation of possibly having to file with them.
If you fail this verification, account will be limited for another 6 months.

All this happens even though you never reached the 20K reporting limit.

Last edited by sick-bay; 11-25-2013 at 07:54 AM.
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Old 11-25-2013
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Default Re: Does this mean I cant receive payments / withdraw?

So is it safe to switch the paypal account that is linked to the ebay account? I have probably put through 2-3k this year on this account, will I still be able to receive payments/withdraw? WHen will that be limited?
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Old 11-25-2013
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Default Re: Does this mean I cant receive payments / withdraw?

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Old 11-26-2013
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Default Re: Does this mean I cant receive payments / withdraw?

Quote:
Originally Posted by smokescreen View Post
So is it safe to switch the paypal account that is linked to the ebay account? I have probably put through 2-3k this year on this account, will I still be able to receive payments/withdraw? WHen will that be limited?
Anyone on here will say it is a gamble. What I can tell you is that this year for US accounts. If you get close to either of the limitations you will get the can't receive funds/close the account. Previous years you could sell 500 items and get 7k no problem. Now for example if you sell 195 items and get $6k you very well might be limited from receiving funds/closing the account. I would say you will get limited I haven't had anyone with cred here yet dispute this. The few years before it seemed to be projected sales going over the 20k limit. Once you go up to 18k or so if you spaced things out you might get this. Now it seems like it is going over either one. Either close to 20k or close to 200 transactions. PP seems to not want to deal with the regulators.

Also I will make it clear. We are talking about stealth accounts in which no tax Id is provided to PayPal.

For the mods you need to report all income in the US. My advice is just to deal with the changing conditions of using PayPal in the states without interruption.

Last edited by vogeltron; 11-26-2013 at 05:29 AM.
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Old 11-26-2013
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Default Re: Does this mean I cant receive payments / withdraw?

Quote:
Originally Posted by smokescreen View Post
So is it safe to switch the paypal account that is linked to the ebay account? I have probably put through 2-3k this year on this account, will I still be able to receive payments/withdraw? WHen will that be limited?
Very rough idea to consider - that pp may go down too...especially when you try to withdraw. Not recommended.

As for when...cant be 100% sure.
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