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Discussion Starter · #1 ·
Hi,
I got notifications about how paypal wants my tax id number or whatever, but the problem is I'm a teen and I was wondering if it's illegal for teens to be getting money and paying for things etc. It's not like I have a huge amount of income or anything, it's all pocket money.
Any suggestions about what to do? My paypal is linked to my high school checking account
Will there be legal trouble?
 

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Hi,
I got notifications about how paypal wants my tax id number or whatever, but the problem is I'm a teen and I was wondering if it's illegal for teens to be getting money and paying for things etc. It's not like I have a huge amount of income or anything, it's all pocket money.
Any suggestions about what to do? My paypal is linked to my high school checking account
Will there be legal trouble?
Hi neilshieh,

I just logged into PayPal and did not receive any notifications. When you went to the 'PayPal' website did you use a link provided in the e-mail? If so, and you logged on using your username and password you may want to change your password now.

I am not saying it isn't legit, but why are you the only one that has received a notification to date?
 

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ShrimpRetirement
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You must be making a gang of $$$!! ;) Uncle same wants his share. If you're not making over the threshold, which IIRC is $3000/year, you don't have to worry about giving them your info. If you're making more, you'd better give it to them, but yes make sure it's a legitimate request from Paypal themselves. There's lots of phishing scams going around as well.
 

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ShrimpRetirement
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Paypal will only want your SSN if you break some money line

I do some stuff on ebay and I got a notice in about middle December that if I broke 1200 in sales and approx 400 ebay transactions I would have to supply my SSN for a 1099 so needless to say my auctions ended until January 1st....
 

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Discussion Starter · #14 ·
@speedie
yeah that's what they redirected me to.
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just to clarify, it was an official paypal email as well as when i logged into my paypal.
im not being phished, thanks for the advice though!
do teens have to pay taxes?
 

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Children Boogie
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This whole thing smells; a teen pulling in $20K. If you are a teen, you better hand over the account over to an adult. Uncle sam or paypal is going to get you.

1.2 Eligibility. To be eligible to use the PayPal Services, you must be at least 18 years old or higher based on the age of majority in your jurisdiction, and a resident of one of the countries listed on the PayPal Worldwide page.
 

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well that's exactly the question... I am very sure I do not even go anywhere NEAR 20K :/ maybe 1-3K but 20K is way off in the distance.
well you don't need to exceed 20k in selling. It is the number of transactions. If you exceed 200 transactions, you'll get the notice. I've received that notice already and I know I haven't exceed 20k but I have exceed 200 transactions this year. Like other poster said, just shut down selling for the year and pick it up next year if you don't want to give your SSN or tax ID.

fyi: a gift transaction doesn't count towards the 200 transactions.
 

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ShrimpRetirement
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After talking with my accounting dept, I remember why I had to submit my info. Pretty much Paypal is gathering your info because you've either surpassed the 200 sales mark or exceeded the $20K limit. It doesn't have to be both. They need your info to submit to the IRS once you've exceeded both those limits. If you don't exceed both limits within a year, they won't submit to the IRS. It's rules from the IRS themselves.
 
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