Anonymous
Anonymous asked in Business & FinanceCredit · 6 months ago

If I deposit $40,000.00 in a credit union will it be reported to the government?

15 Answers

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  • 6 months ago

    Any deposit over $10k is reported.

  • 6 months ago

    Yes, if in cash. But what are you afraid of? Did you gain the cash illegally? If not, and you paid taxes on it, you have nothing to worry about.

  • 6 months ago

    IF any ONE ITEM on a deposit is more than $10,000. the bank is bound, by law, to file a form. Cash is one Item, while 5 checks totaling $10K is not.

    If you deposit 2 separate deposits of $5,000 each (on different days) then there is no reporting requirement.

  • Judy
    Lv 7
    6 months ago

    In cash, yes. transfer from another bank, no.

    • RiddleMeThis
      Lv 5
      6 months agoReport

      What do you mean by "transfer from another bank"? Even if it is in a check or bank check, the bank, right or wrong, will still file the paperwork.

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  • 6 months ago

    ABSOLUTELY, and how many times do you need to be told that?

  • 6 months ago

    Yup.. If it exceed the amount of 10,000 then it is reported to the IRS.

  • DON W
    Lv 7
    6 months ago

    Yes, as you've been told many times before. Either you are trolling, or looking for some "secret" that doesn't exist.

  • 6 months ago

    Certainly. A credit union account is treated the same way as a bank account.

  • Yes. The IRS receives notification for all transactions $10,000.00 or greater. If you intentionally try to hide the transfer by breaking it down into smaller quantities and making multiple transfers, then you are guilty of something known as "structuring" and each count carries penalties and jail time. That's what got Kent Hovind busted.

  • 6 months ago

    Any sum of money deposited in a personal account exceeding the amount of 10,000 is reported to the IRS. They are required b law to submit a form 8300 to the IRS.

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