Question for married girls or girls that work for a bank???????????

I was told yesterday to not deposit ALL the money in the bank at once. (gifts for the wedding) Because they say after a certain amount you have to fill out an IRS form and you will get taxed on the money?????

Is this true!! What did you ladies do???

i was wondering about this too - i think its only a single gift over 10K, like if you got 10K from 1 person.....i think

actually i have no idea, i just feel like i heard that somewhere

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Posted by ant090608

I heard that if you deposit more than 9k it sends an alert that you have all this extra income. I am not sure if that is true, but that is what I have heard.

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that's true, they make you fill out a form asking where the money came from and some other stuff.

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Posted by SB7308

It applies to cash. We deposited the checks only, then some cash at different times.

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So we can put any amount of checks in witout getting questioned?

interesting ... i didn't know this.
more questions for bank ladies....what if the check is made out to 'Mr. and Mrs. NEWLYWED' where do you deposit that if you don't have a joint account yet? OR WORSE....what if one of my family members makes the check out to me with my married name??? hmmmmmm

Colleen I already got a check written out to mrs and mrs booth ... i was told we cannot deposit it until we have a joint account.

for the original question - i asked at my bank about this because there, anything over $5k will be placed on an 'extended hold.' I was told it's not just ONE check in the amount of $5K - it's all checks COMBINED. So, I guess I will making a few deposits of under $5K.

Not sure how this relates to the $10K thing, if at all.

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Posted by Future Mulligan

i was wondering about this too - i think its only a single gift over 10K, like if you got 10K from 1 person.....i think

actually i have no idea, i just feel like i heard that somewhere

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I think this is correct actually. Just call your tax person and they'll give you a straight answer.

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Posted by JBoothIn2008

Colleen I already got a check written out to mrs and mrs booth ... i was told we cannot deposit it until we have a joint account.

for the original question - i asked at my bank about this because there, anything over $5k will be placed on an 'extended hold.' I was told it's not just ONE check in the amount of $5K - it's all checks COMBINED. So, I guess I will making a few deposits of under $5K.

Not sure how this relates to the $10K thing, if at all.

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We just had a check written out to Mr. & Mrs. Kenneth C. Is that the way your check is written? I was going to try to deposit it today. FH signed it because his full name is on it.

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Posted by wifetobe

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Posted by SB7308

It applies to cash. We deposited the checks only, then some cash at different times.

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So we can put any amount of checks in witout getting questioned?

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We did. I think the red flag goes up if you deposit over $10K in cash. So if you have that much in cash, do the deposits separately.

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Posted by Mici n KC

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Posted by JBoothIn2008

Colleen I already got a check written out to mrs and mrs booth ... i was told we cannot deposit it until we have a joint account.

for the original question - i asked at my bank about this because there, anything over $5k will be placed on an 'extended hold.' I was told it's not just ONE check in the amount of $5K - it's all checks COMBINED. So, I guess I will making a few deposits of under $5K.

Not sure how this relates to the $10K thing, if at all.

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We just had a check written out to Mr. & Mrs. Kenneth C. Is that the way your check is written? I was going to try to deposit it today. FH signed it because his full name is on it.

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Yes, that's what mine says. I was told it cannot be deposited unless both people sign, and if you have a joint account. But that's from my mom - not a bank.

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Posted by kimNanthony

This only applies to cash over $10,000 I believe

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That's what I was thinking!! I can ask my Mom later she'd managed a Chase for a lot of years.

If its made out to Mr. & Mrs. DH Last name, you both have to sign it. Thats what our bank had us do.
We also changed my account into a joint account at the same time as making all the deposits.

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Posted by SB7308

If its made out to Mr. & Mrs. DH Last name, you both have to sign it. Thats what our bank had us do.
We also changed my account into a joint account at the same time as making all the deposits.

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Also just wanted to let you know, almost all our checks were made out to Mr & Mrs DH's last name and we didn't have to both sign them, just one or the other...

ugg what a pain - so i guess we should add each others names to our accounts. and then i have to go back again and change my name once i get the paperwork done.

uggggggg thanks for the input though

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Posted by Snick n Nick

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Posted by SB7308

If its made out to Mr. & Mrs. DH Last name, you both have to sign it. Thats what our bank had us do.
We also changed my account into a joint account at the same time as making all the deposits.

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Also just wanted to let you know, almost all our checks were made out to Mr & Mrs DH's last name and we didn't have to both sign them, just one or the other...

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I guess it depends on your bank?