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Quickthoughts W9

So I went to redeem today and got the dreaded: “we need you to fill out a W9 since you are over $599”. Is my best bet to just leave the app until next year? I don’t know a single thing about taxes and am looking for the best and most cost effective method to move forward.

30 thoughts on “Quickthoughts W9

  1. It’s currently June. Is it worth it *for you* to give up all of your potential income from that app for the rest of this year?

    You have to do your taxes either way. Honestly, doing the W9 would likely make it easier since you’ll get a form that way.

    1. How much is it going to cost me though? I don’t know anything about taxes and money is not good at all right now. I honestly find it moronic that they can tax gift cards as income.

      1. It depends on your tax bracket. If you are working a normal W2 job, I wouldn’t worry about it. Your tax refund should cover it. Otherwise, I think people say 30% is a good amount.

        https://www.reddit.com/r/beermoney/comments/7nor4o/about_filing_your_tax_return_us/

         

        Edit: Before the swarm of arguments – I’m *really* generalizing here. There’s a lot of potential situations and OP has not provided any information about their situation nor am I a tax professional.

        1. I don’t work. I have severe mental health issues and do this on the side to try to get by. 30% of $600 is $180,which is way more than I could come up with. Really don’t know what to do.

          1. If you are on any type of government support, like SSI or Medicaid, I would check to see that your “work” or income doesn’t jeopardize that support. On its own I don’t think that it would.

            Also, as others have said you won’t owe anything unless you make over like 12k, and the income above 12k starts being taxed at 15%. So even if you made 20k you’ll just pay 15% of the 8k over 12.

            And if you don’t make enough to owe tax you don’t have to file, although you may want to if you qualify for rebates like Earned Income.

          2. You could add another site into your routine that pays out to PayPal, checks, or direct deposit. You could also sell some of the gift cards.

            If you only have a small amount of income, your taxes should be less than 30% though. I just pulled up my tax return from a while ago – With ~$4.2k in /r/beermoney stuff, I owed $588 in self employment tax and about $50 in local income tax. You might owe less for smaller amounts, but that’s the lowest one I could find.

          3. Unless your above standard deduction ($12k) don’t worry. You might get something with hud if you get rent subsidized but most of those don’t care if it’s under $2400 a year

          4. Apologies if I’m wrong, but it sounds like you think you only owe the taxes if you fill out the W9. That’s not the case. You should *always* be setting aside money for taxes. You shouldn’t have to “come up with” money for taxes. Always back out some % of your earnings to account for taxes.

          5. If you don’t work it should be much less than 30%. Even if it were 30%, $600-$180 is $420, do you will have way more than enough to come up with the $180.

            Just file the form. You have to pay taxes on the money you earn whether you file it or not. Taxes aren’t optional.

          6. Right but if you are planning to quit now and forgo all future earnings, then realistically you could KEEP going and save 100% of what you make the rest of the year until you find out what you owe. Amazon cards are easy to flip

      2. Give H &R Block a call or some other company that does taxes. They will be happy to answer a few questions for you.

  2. The income is taxable in the year it is earned. Just because you didn’t withdraw the “cash” from the account doesn’t mean it’s not taxable.

    This would either go into your 1040 as other income or on a schedule C as a “contractor” of some sort.

  3. I filled out the w9 earlier this year. It takes about 10 days before you can cash out again but It’s totally worth the hassle of doing it.

    1. Same situation, here. I’m at about $900 for the year, so I’ll probably hit $2k by the end of December. It’s definitely worth it to me.

    2. That time frame must vary, it took Quickthoughts nearly a month to let me redeem again after I sent them my W9. But I agree, totally worth it.

    3. how’s that work exactly, i’ve never sent in form through QT so is it..physical mail getting a w9 locally, or do they send you a digital kind of deal that you email back?

      edit: i’m not even close to 599 (410 here) but i might just be before the end of july if all other places keep kicking the bucket during these summer months.

  4. If you don’t work and this your only income for the year you honestly don’t need to file anything of you are making under $12k annually

    1. It just sucks to live in America to begin with. Crap healthcare,high cost of living,and a terrible deluded society.

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