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What law requires me to give my social security number to the…

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What law requires me to...
What law requires me to give my social security number to the bank where I do business?
Submitted: 8 years ago.Category: Legal
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Answered in 24 minutes by:
6/28/2010
Lawyer: JB Umphrey, Attorney replied 8 years ago
JB Umphrey
JB Umphrey, Attorney
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Thank you for using JustAnswer!

It's necessary for tax purposes. The bank has to report interest, etc. to the IRS every year and that is done via social security number.

As the IRS explains: For example, if you have a bank account that earns interest, you must give your SSN to the bank. The number must be shown on the Form 1099-INT or other statement the bank sends you. If you do not give the bank your SSN, you will be subject to the $50 penalty. (You also may be subject to “backup” withholding of income tax. See chapter 4.)

http://www.irs.gov/publications/p17/ch01.html#en_US_publink1000170731

Good luck and best wishes! I hope that you find this information to be helpful and this answer to be ACCEPTable!
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Customer reply replied 8 years ago
You only told me what the IRS requires, not the law that gives them the authority to do this. I have a checking account that draws no interest, yet they want my SSN. I have learned that the IRS does not make the law, they have to abide by it. There has to be a law that gives them the authority to tell the banks to do this.
Lawyer: JB Umphrey, Attorney replied 8 years ago
Congress has deemed that interest income is taxable.

Banks have to report the interest that is paid to individuals to the IRS.

Congress gives the IRS the authority to adopt various regulations which are published in the Federal Register.

However, you are not legally required to have a bank account.

Edited by JB Umphrey on 6/28/2010 at 2:56 AM EST
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Customer reply replied 8 years ago
Apparently you do not understand my question. Where does congress give the IRS this authority and by what regulations. You are giving me information, not facts.
Lawyer: LawHelpNow, Attorney/Lawyer replied 8 years ago
LawHelpNow
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Hello and thanks so much for choosing this forum to pose your important legal question. I will do my best to give you some honest and accurate guidance as I answer your question.

 

  1. I am a licensed attorney with privacy law experience. I will be glad to try and answer your question seeing another legal expert has chosen to opt out. I hope that the following information will be helpful to you, but please just write back if you have any follow-up questions or need clarification on anything after reviewing the following information.
  2. "What law requires me to give my social security number to the bank where I do business?" None. The bank is required to identify you pursuant to 31 CFR 103.121(b)(i)A)(4)(ii). However, the law does not require the bank to compel you to provide your Social Security Number (although it is free to do so as a matter of its own internal policy).
  3. I hope that makes sense, but please do not hesitate to write back if needed. I shall be signing off soon to attend to some other professional obligations. Please rest assured, however, that I will be sure to check for any updated posts from you when I return to this online forum.

 

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The information provided is general in nature only and should not be construed as legal advice. By using this forum, you acknowledge that no attorney-client relationship has been created between you and Benjamin M. Burt, Jr., Esq. You should always consult with a lawyer in your state.

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