Tax ID number in Paypal setting?

[ndkhoa5]

Hi there, as a new Paypal user, I have some questions, hope everyone will help me, I'll appreciate that. 🙂

Today I went to Paypal setting, and saw the tab Tax ID Number which was displayed on red, so I tried entering my SSN, but didn't bother the Tax ID thing 'cause I had no idea about it. After that, Paypal said they would review my SSN in 3 business days....

So is there any problem if I don't provide them the ID tax number? I currently have $90 and my account is unverified.

Thank you! 🙂

[Whac-A-Mole]

If you are US citizen or US resident residing in USA now,and you want toopen a Paypal account-

personal account -Social security number

business account -tax id or social security number

your local currency will be US dollars

You can link a US bank account and a credit card .

The only way to transfer your Paypal fund out of Paypal is transfer to your bank account,not debit card. or ask Paypal to send you a bank check.

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SO,do not open a US based paypal account if you are not US citizen or resident as someday Paypal will ask for your SS number.

you can open a business account with your SS number,many sellers are sole proprietorship and they use their SS number.

Just because you give Paypal your SS number does not means you wil pay tax,if y ou collect 200 transactions AND $20,000,under goods and services,Paypal will send you a 1099 for 2016 early next year,one copy to you and one copy to IRS.

[asoadya]

i dont pay taxes yet  what should i do      it says they will check as well  

[Whac-A-Mole]

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@asoadya wrote:

i dont pay taxes yet  what should i do      it says they will check as well  

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where are you?

if you are a US citizen or resident living in USA or abroad,you will report your income.

Paypal does not help you pay tax,it just send you a 1099 at the end of the year if you collect 200 transactions and $20,000 or more.,

read PAYPAL terms and agreement .

[Shaiqkhan]

Yes i have usa paypal account but provide me the information how %tex of 20000usd yearly.....