The bank is not going to file a 1099 - Confused Posted: Oct 16th, 2021 - 5:29 pm In Reply to: Apparently you still do not understand. The banks will - be required to file a 1099 all
On your money. A lot of that money comes from payroll, which is already taxed. It is your responsibility to file your own 1099. If you have tax withheld on other earnings, that information is already furnished to the IRS and if you are not reporting your earnings, that is tax fraud. If you don't report it, the IRS will come after you, not the bank, it is not their money. Paying rent and bills will not be any different than it is now. Don't write checks and leave a paper trail to trace, if it concerns you so much, or pay cash. Invest your money in a 401K or CDs. I get that there is tracking, but they are not going to be raiding anyone's bank account. A lot of time is being spent on something that has not, and might never, happen. It has to become law, and there are regulations that the banks need to follow.
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