Jump to content



Photo
- - - - -

Amazon Payments TIN/SSN Requirements


  • Please log in to reply
6 replies to this topic

#1 Squarehard

Squarehard

Posted 09 December 2011 - 04:31 PM

I'm still a bit confused if this is for tax purposes or security purposes since the email didn't really explain a whole lot.

I know they say it's a federal issue, which is why they are putting it in, but still not sure what that's exactly about.

I'm worried this may be the next step to finally charging fees, or have to file taxes on payments sent through Amazon payments.

Any insight would be appreciated. :bouncy:

mew.gif?t=1406933044mew2.gif?t=1406933043


#2 mtxbass1

mtxbass1

    This space for rent.

  • CAGiversary!

Posted 09 December 2011 - 04:37 PM

It's for tax purposes. The government requires it now on eBay as well. If you sell over an amount (I think 20k), you will get a 1099 from them and be expected to pay tax on this.



#3 Lancey Howard

Lancey Howard

    Raising 10s on a 3 flush

  • CAGiversary!

Posted 09 December 2011 - 05:08 PM

It's 200 transactions/$20K comination. You must meet both. However, Amazon wants your TIN/SSN for only 50 sales...period.
"It's a pleasure to meet someone who understands that to the true gambler, money is never an end in itself, it's simply a tool, as a language is to thought."

http://scour.com/invite/moselle

#4 Brian9824

Brian9824

    CAG-Obsessed

  • CAGiversary!

Posted 09 December 2011 - 11:14 PM

Basically amazon doesn't want to have to deal with someone under the radar they missed so they are just requiring it for anyone remotely close to the number.

#5 Squarehard

Squarehard

Posted 10 December 2011 - 02:13 AM

Thanks for all the responses.

I guess I don't really have a whole lot to worry about since I'm not really a high volume user outside of sending payments here and there for trades.

mew.gif?t=1406933044mew2.gif?t=1406933043


#6 crunchberries

crunchberries

    Omnomnomnomnom

  • CAGiversary!

Posted 29 December 2011 - 02:28 PM

It's 200 transactions/$20K comination. You must meet both. However, Amazon wants your TIN/SSN for only 50 sales...period.


The 50 sales thing is only true for Amazon sellers. The OP is asking about Amazon Payments.

I'm still a bit confused if this is for tax purposes or security purposes since the email didn't really explain a whole lot.

I know they say it's a federal issue, which is why they are putting it in, but still not sure what that's exactly about.

I'm worried this may be the next step to finally charging fees, or have to file taxes on payments sent through Amazon payments.

Any insight would be appreciated. :bouncy:


This rule was originally created so Amazon could be in compliance with the new IRS law, but the company has decided --quite arbitrarily, mind you-- to extend the requirements to every user of Amazon Payments. As I said, pre-edit:


"Amazon requires an SSN/TIN for all customers regardless of payment volume. As of this point, there is no firm deadline on doing so, but they ask that you update your account 'as soon as possible'."

As for reasoning, they say this: "It is Amazon Payments' policy for Amazon Payments accountholders to provide taxpayer identification information to Amazon Payments."

That's it. No explanation, no way to opt-out short of closing your account. Nothing.

Edited by crunchberries, 29 December 2011 - 02:38 PM.
added in some more info and made my comment all pretty-like


I've earned over $600 in Amazon GCs from Swagbucks and $200 in Amazon GCs from GiftHulk. Sign up to these sites and you can make some $$$  with me!

 

Currently playing: :3ds: Pokemon X | :360: Fallout 3 | :pc: Minecraft w/ Pixelmon mod installed | :pc: Binding of Isaac w/ Wrath of the Lamb DLC | :3ds: Animal Crossing: New Leaf


#7 Indigo_Streetlight

Indigo_Streetlight

    East Coast Scum

  • CAGiversary!

Posted 29 December 2011 - 05:41 PM

Yeah, when I first saw this I didn't like the fact that Amazon required SSN info while at the same time the IRS had no documentation up on their website in regards to the actual forms / conditions for filing.

I'm guessing that Amazon is just covering their asses vs. the regulations, but it'll be interesting to see what happens if they report all sales (including the Amazon Payments kind) as profits. Namely because if you sell any personal possession to break even / at a loss that amount isn't taxable (Note that the IRS defines "sellers" and "collectors" quite differently)
The Asylum leads the eyes of those pursued by gaming madness...