So I just received my company bonus this year of 13k direct deposit into my bank.
Personally I like to keep some money buried at home and not in my bank account.
I have read that the banks/credit unions are required to send a form to the IRS for any cash withdrawal or deposits of 10k or more.
That it raises a red flag with the IRS. I have zero to hide, but certainly do not want the IRS asking me questions or being on their radar.
Also, I want to be careful about doing 2 cash withdrawals for 7k a piece that it looks like I am trying to avoid the form as that makes it worse I have read and could have an investigation.
Bottom line it's my money and I want it in my possession.
1. Is the form really a big deal even if it's sent?
2. Should I be worried and try to do a couple 7k cash withdrawals in a months time?
Thanks for the help. I have been with this small credit union for like 8 years as well.
Personally I like to keep some money buried at home and not in my bank account.
I have read that the banks/credit unions are required to send a form to the IRS for any cash withdrawal or deposits of 10k or more.
That it raises a red flag with the IRS. I have zero to hide, but certainly do not want the IRS asking me questions or being on their radar.
Also, I want to be careful about doing 2 cash withdrawals for 7k a piece that it looks like I am trying to avoid the form as that makes it worse I have read and could have an investigation.
Bottom line it's my money and I want it in my possession.
1. Is the form really a big deal even if it's sent?
2. Should I be worried and try to do a couple 7k cash withdrawals in a months time?
Thanks for the help. I have been with this small credit union for like 8 years as well.