Author Topic: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig  (Read 448066 times)

frozen

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2100 on: February 06, 2018, 09:21:19 PM »
As long as you don't have a 401(k). They are subject to the same limit according to a tax expert that posted here.

I see, I knew there had to be a catch.  Guess I'll stick with my SEP then.
How much can you contribute to a SEP if you maxed out your 401K contributions for 2017?
And can you get a tax deduction on a SEP?

spacecadet610

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2101 on: February 06, 2018, 11:19:18 PM »
My original agreement from last year was to be paid $250 per AU.

Looks like I only got $200.

Can he just change it like that if we had an agreement?

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2102 on: February 07, 2018, 02:58:35 AM »
My original agreement from last year was to be paid $250 per AU.

Looks like I only got $200.

Can he just change it like that if we had an agreement?

No.

Contact the owner and let him know about the error.

If you don't get a response after a bit, contact me.

They are planning on dropping the prices paid to be more in line with the industry (they currently pay the highest prices, and it's not sustainable as the prices charged to AUs for tradelines has dropped over the last year), but not until all payments are caught up.

This will be announced ahead of time, and you will have the opportunity to remove your cards from availability if you don't want to continue selling them at those prices.

You should always be paid at the rate that was agreed upon ahead of time.

:)
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monarda

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2103 on: February 07, 2018, 08:12:03 AM »
Payment for Nov add came through yesterday. I'm caught up.

tj

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2104 on: February 07, 2018, 10:13:06 AM »
As long as you don't have a 401(k). They are subject to the same limit according to a tax expert that posted here.

I see, I knew there had to be a catch.  Guess I'll stick with my SEP then.
How much can you contribute to a SEP if you maxed out your 401K contributions for 2017?
And can you get a tax deduction on a SEP?

It's like 20% of profit...I don't remember specifically...google it, there's only one SEP limit. Yes, it is deductible. There is no roth SEP option.

katsiki

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2105 on: February 07, 2018, 11:13:14 AM »
Thanks for the mention of SEP.  I had seen mention previously but didn't look into it.  While it won't do much for 2017, it will add up over a few years.  Another bucket...

spacecadet610

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2106 on: February 07, 2018, 04:58:30 PM »
My original agreement from last year was to be paid $250 per AU.

Looks like I only got $200.

Can he just change it like that if we had an agreement?

No.

Contact the owner and let him know about the error.

If you don't get a response after a bit, contact me.

They are planning on dropping the prices paid to be more in line with the industry (they currently pay the highest prices, and it's not sustainable as the prices charged to AUs for tradelines has dropped over the last year), but not until all payments are caught up.

This will be announced ahead of time, and you will have the opportunity to remove your cards from availability if you don't want to continue selling them at those prices.

You should always be paid at the rate that was agreed upon ahead of time.

:)

Yeah i had emailed him that I was supposed to get $250 instead of $200. He never responded to that email.

UPDATE: he did actually respond today after i emailed him again. he said he would send me the $50

He did reply to previous and subsequent emails about not receiving payments.
« Last Edit: February 08, 2018, 07:54:31 AM by spacecadet610 »

wienerdog

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2107 on: February 08, 2018, 06:11:49 AM »
Got my first add after having two cards signed up for a year now.  Honestly forgot about it.

tralfamadorian

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2108 on: February 08, 2018, 08:03:15 AM »
SEP is considered from employer portion, so yes, assuming you haven't hit the limit for all employer contributions which is something ridiculous like $50k..
Actually the 54K limit is per-employer.  So if you've got a very generous employer and a big side business, you could get $108K, as an example.

Not correct. The limit is an aggregate of all plans:
https://www.irs.gov/retirement-plans/how-much-salary-can-you-defer-if-youre-eligible-for-more-than-one-retirement-plan

dandarc

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2109 on: February 08, 2018, 08:10:00 AM »
SEP is considered from employer portion, so yes, assuming you haven't hit the limit for all employer contributions which is something ridiculous like $50k..
Actually the 54K limit is per-employer.  So if you've got a very generous employer and a big side business, you could get $108K, as an example.

Not correct. The limit is an aggregate of all plans:
https://www.irs.gov/retirement-plans/how-much-salary-can-you-defer-if-youre-eligible-for-more-than-one-retirement-plan
That entire article is talking about the employee deferral limits.  Not the overall limit.  A SEP-IRA only allows for employer side contributions, so that article is irrelevant to the discussion at hand.

Better article:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

Quote
Example 1: Greg, 46, is employed by an employer with a 401(k) plan, and he also works as an independent contractor for an unrelated business. Greg sets up a solo 401(k) plan for his independent contracting business. Greg contributes the maximum amount to his employer’s 401(k) plan for 2017, $18,000. Greg would also like to contribute the maximum amount to his solo 401(k) plan. He is not able to make further elective deferrals to his solo 401(k) plan because he has already contributed his personal maximum, $18,000. He has enough earned income from his business to contribute the overall maximum for the year, $54,000. Greg can make a nonelective contribution of $54,000 to his solo 401(k) plan. This $54,000 limit is not reduced by the elective deferrals Greg made under his employer’s plan because the limit on annual additions applies to each plan separately.

Emphasis at the end is mine.

annann

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2110 on: February 08, 2018, 11:52:29 PM »
I received my 1099-MISC for 2017 and did not open it right away as I am in the middle of moving.  It is for exactly double the amount of money that they paid me for 2017.  I have sent them a e-mail requesting they send me a corrected 1099.

Be sure that what your received from them is for the correct amount you earned.

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2111 on: February 09, 2018, 12:40:47 AM »
Got an update from the owner with a much encouraging progress on the late payments: All November payments have been made, and about 1/3 of the December (due 9 days ago). Hopefully should be all caught up this month.

PM me if you did not yet receive payment for an AU add that posted in November.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
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Tr10av

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2112 on: February 10, 2018, 08:02:47 AM »
After resting my Discover card since the audit, I added my first AU to my Discover card 3 days ago. This morning I received notification my account had been closed. Oh well, nice run while it lasted.

kudy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2113 on: February 10, 2018, 08:57:59 AM »
My Discover got shut down yesterday as well :(

I had a limit of 2 users, but I guess Discover is still not safe to use!

RedwoodDreams

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2114 on: February 10, 2018, 01:06:58 PM »
My Discover got shut down yesterday as well :(

I had a limit of 2 users, but I guess Discover is still not safe to use!

Disappointing to read about these Discover card account closings because I reliably sell 1-2 slots (max is 2 for me) every month via TL co. #1 (and have done so for the past two years). I would really like to know what flags trigger an audit by Discover... Perhaps it's random. Card use or lack therof? Activation (or not) of AU's card after you receive it? I use my Discover card regularly for Amazon purchases -- don't know if this factors in or not.

frozen

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2115 on: February 10, 2018, 01:31:00 PM »
My Discover Card was just shut down as well.
I used the card monthly and always activated and used the AU cards.

kudy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2116 on: February 10, 2018, 03:26:50 PM »
My Discover Card was just shut down as well.
I used the card monthly and always activated and used the AU cards.

...and on the other end of the spectrum, I barely used mine and never activated AU cards after receiving them. It feels random to me.

DavidAnnArbor

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2117 on: February 11, 2018, 05:54:17 PM »
Yikes then it's only a matter of time before my 2 Discover cards will get shut down.

CanuckExpat

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2118 on: February 11, 2018, 06:09:52 PM »
TL company say anything about the Discover shutdown?

flashflooder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2119 on: February 12, 2018, 08:23:23 AM »
I never re-activated my Discover card with them (after one of my 2 Discover cards got shutdown in the last round), but if you have one that you care about keeping, I'd recommend proactively asking the tradeline co. to suspend it.  Discover is closing these things with no warning, and you don't even have to be a heavy user (I think I had only sold 1 tradeline on the card they shut down).

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2120 on: February 12, 2018, 09:13:29 AM »
How can they even know it's a tradeline if it's only one AU?  I've added family members with different last names as AU on accounts (not on discover though).  Seems ridiculous they would cancel the card for adding a single AU.  What's the point of them even allowing AU if that's gonna be their policy?

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2121 on: February 12, 2018, 09:37:04 AM »
The company portal appears to be down. Anybody else able to get in?

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2122 on: February 12, 2018, 10:09:41 AM »
The company portal appears to be down. Anybody else able to get in?

Down for me too.  Times out on some sort of SQL database connection request.

hgjjgkj

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2123 on: February 12, 2018, 10:31:00 AM »
Got an update from the owner with a much encouraging progress on the late payments: All November payments have been made, and about 1/3 of the December (due 9 days ago). Hopefully should be all caught up this month.

PM me if you did not yet receive payment for an AU add that posted in November.

Wonder what happened to the guy who was owed like 6 grand

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2124 on: February 12, 2018, 11:06:25 AM »
The company portal appears to be down. Anybody else able to get in?

Down for me too.  Times out on some sort of SQL database connection request.

Somebody over there is reading this thread.

aetherie

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2125 on: February 12, 2018, 11:14:42 AM »
Has anybody been instructed to leave an AU on for longer because they "purchased an extra month"? I'm just wondering if this counts as another sale and I should expect to get paid for it, or not.

sol

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2126 on: February 13, 2018, 08:11:29 AM »
How can they even know it's a tradeline if it's only one AU?  I've added family members with different last names as AU on accounts (not on discover though).  Seems ridiculous they would cancel the card for adding a single AU.  What's the point of them even allowing AU if that's gonna be their policy?

If I was a credit card company, I'd be looking at ways to identify fraudulent (paid stranger) AUs.  I can think of several different ways to do that.

CCs already have a vast store of knowledge about you.  They can probably identify your ten closest relatives already, despite some of those people having different names.  I'd look at your usage history on my company's card and all of your other cards, because it seems unlikely an ordinary user would add and then immediately remove 6-10 AUs per card in a year.  Then I'd look at geographic proximity, because you're more likely to personally know somebody in your town than you are someone in Iran.  I'd also keep a database of known fraudulent AUs, by name and SS and the CC used to purchase the slot, because while some of these purchasers are probably legitimate Americans in need of credit repair, others are apparently international crime syndicates and hackers who buy these things as part of a larger enterprise. 

If it was really important to me, and none of those were working, I'd just pay the tradeline company directly for information about their adds.  Money talks.

RedwoodDreams

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2127 on: February 13, 2018, 04:41:50 PM »
Has anybody been instructed to leave an AU on for longer because they "purchased an extra month"? I'm just wondering if this counts as another sale and I should expect to get paid for it, or not.

Yes, I've been asked to do this, and you will be paid for that extra month, yes.

el_ingeniero

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2128 on: February 13, 2018, 05:15:47 PM »
I have a problem.  Was late adding an AU, and the task disappeared on me.  I emailed Erica asking for DOB, SSN, and address.  She emailed (in plaintext!) the first 2 back to me, but no address.  So Now I've been calling the office, emailing, etc, since noon trying to get hold of her without a response.

Is there anything I can do in the next 1 hour 45 minutes I haven't done?

meatgrinder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2129 on: February 13, 2018, 05:37:20 PM »
How can they even know it's a tradeline if it's only one AU?  I've added family members with different last names as AU on accounts (not on discover though).  Seems ridiculous they would cancel the card for adding a single AU.  What's the point of them even allowing AU if that's gonna be their policy?

If I was a credit card company, I'd be looking at ways to identify fraudulent (paid stranger) AUs.  I can think of several different ways to do that.

CCs already have a vast store of knowledge about you.  They can probably identify your ten closest relatives already, despite some of those people having different names.  I'd look at your usage history on my company's card and all of your other cards, because it seems unlikely an ordinary user would add and then immediately remove 6-10 AUs per card in a year.  Then I'd look at geographic proximity, because you're more likely to personally know somebody in your town than you are someone in Iran.  I'd also keep a database of known fraudulent AUs, by name and SS and the CC used to purchase the slot, because while some of these purchasers are probably legitimate Americans in need of credit repair, others are apparently international crime syndicates and hackers who buy these things as part of a larger enterprise. 

If it was really important to me, and none of those were working, I'd just pay the tradeline company directly for information about their adds.  Money talks.

What part of the paid tradelines process is fraudulent?

Its going to a take a lot of money for a tradeline company to provide all of their AU cardholders and forfeit their future income streams.  This could also have potential legal implications due to a third party sharing private information without consent.

sol

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2130 on: February 13, 2018, 06:45:33 PM »
What part of the paid tradelines process is fraudulent?

The part where you claim the AU is personally known to you.  It's a tiny white lie, but it's still a lie.

Quote
Its going to a take a lot of money for a tradeline company to provide all of their AU cardholders and forfeit their future income streams.  This could also have potential legal implications due to a third party sharing private information without consent.

I'm sure their privacy policy is sufficiently broad to allow them some wiggle room.  I don't trust anybody anymore.

And they don't even have to turn over their books.  If I was a tradeline company and VISA offered to pay me the equivalent of one tradeline sale to check whether or not I had added a specific name to a specific card in the past month, I'd be tempted.  It's a yes/no question.  You're not revealing any information not already known to VISA.  It's a potential revenue stream.

Do they actually do it?  I have no idea.  I'm just saying that these people are all running businesses, and money talks when you're in business.  Ethics kind of goes out the window, as I think we've already established in this thread.  It's not like they have any shortage of cardholders, mustachian or otherwise, to require protecting their valuable cards.  They literally can't sell 90% of the available slots they already have.  Converting another 10% of those into one-time cash payments from VISA (who will probably close the card if you answer yes) in order to double your revenue would be a tempting offer, I think.  All of those unsold slots aren't doing anything for you otherwise, so why not get paid for them?

This whole business model exists in a sort of moral gray area, like payday loans and creative accounting, where there is money to be made if you're willing to be a little fast and loose with the rules.  I'm not exactly confident that any of these companies would take the moral ground of refusing VISA if they offered to pay for an AU name check.  This whole thread is a treasure trove of examples.  They seem to routinely delay payments, or pay lower amounts than promised.  They offer you advice on how to lie on the phone to the credit card reps.  There is no transparency around why some of us are making $25k and some $300 per year on the same number of cards.  Prices appear to be secretly negotiable.  The tax reporting is kind of on the honor system.  We know that some of the AUs are buying slots with stolen credit card numbers.  The whole thing is very slightly shady, right?  I mean I'm still doing it, I'm just not ignoring the warning signs here.

el_ingeniero

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2131 on: February 13, 2018, 07:49:00 PM »
I have a problem.  Was late adding an AU, and the task disappeared on me.  I emailed Erica asking for DOB, SSN, and address.  She emailed (in plaintext!) the first 2 back to me, but no address.  So Now I've been calling the office, emailing, etc, since noon trying to get hold of her without a response.

Is there anything I can do in the next 1 hour 45 minutes I haven't done?
OK, I figured things out.  I can remove the person from the card in the history section and they become visible again in the card history.  Then I can get the information into Discover.

flashflooder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2132 on: February 14, 2018, 06:39:36 AM »
Quote
They seem to routinely delay payments, or pay lower amounts than promised.  They offer you advice on how to lie on the phone to the credit card reps.  There is no transparency around why some of us are making $25k and some $300 per year on the same number of cards.  Prices appear to be secretly negotiable.  The tax reporting is kind of on the honor system.  We know that some of the AUs are buying slots with stolen credit card numbers.  The whole thing is very slightly shady, right?  I mean I'm still doing it, I'm just not ignoring the warning signs here.

None of this is true, except for the delay in payments (which, while unfortunate, is far from a big deal.)

I understand you're not making as much as you'd like, but I don't think there's a lack of transparency...  They give their clients a choice of tradelines, and their clients must not like something about your accounts (I'd assume they're looking at the fee they pay vs. credit age / credit limit).  Goes to reason that if you have a card that's on the upper end of a credit limit / age bracket, you're going to get more adds.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2133 on: February 14, 2018, 08:56:15 AM »
What part of the paid tradelines process is fraudulent?

The part where you claim the AU is personally known to you.  It's a tiny white lie, but it's still a lie.


I never claimed they were personally known to me.  I just said I wanted to add an authorized user and gave the information.  Reading my cardholder agreement I can't see anywhere they require you to know the authorized user either.

https://www.citicards.com/cards/wv/pdf/CMA_DoubleCashADA-3.pdf?JFP_TOKEN=F2GFUVIH

dragoncar

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2134 on: February 14, 2018, 09:43:37 PM »
I received my 1099-MISC for 2017 and did not open it right away as I am in the middle of moving.  It is for exactly double the amount of money that they paid me for 2017.  I have sent them a e-mail requesting they send me a corrected 1099.

Be sure that what your received from them is for the correct amount you earned.

Anyone else get a 1099-MISC?  Are they filing these with IRS or just issuing to us?  I've got a big refund coming so I'd like to file as soon as possible, but I don't want to file with one number and have them submit a different, incorrect, number to the IRS.  Odds that I can file with my actual payment data and not get flagged by IRS?

tj

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2135 on: February 14, 2018, 09:58:01 PM »
I received my 1099-MISC for 2017 and did not open it right away as I am in the middle of moving.  It is for exactly double the amount of money that they paid me for 2017.  I have sent them a e-mail requesting they send me a corrected 1099.

Be sure that what your received from them is for the correct amount you earned.

Anyone else get a 1099-MISC?  Are they filing these with IRS or just issuing to us?  I've got a big refund coming so I'd like to file as soon as possible, but I don't want to file with one number and have them submit a different, incorrect, number to the IRS.  Odds that I can file with my actual payment data and not get flagged by IRS?

If you get a 1099, there's no reason it wouldn't also be filed wih the IRS.

dragoncar

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2136 on: February 15, 2018, 04:19:57 AM »
I received my 1099-MISC for 2017 and did not open it right away as I am in the middle of moving.  It is for exactly double the amount of money that they paid me for 2017.  I have sent them a e-mail requesting they send me a corrected 1099.

Be sure that what your received from them is for the correct amount you earned.

Anyone else get a 1099-MISC?  Are they filing these with IRS or just issuing to us?  I've got a big refund coming so I'd like to file as soon as possible, but I don't want to file with one number and have them submit a different, incorrect, number to the IRS.  Odds that I can file with my actual payment data and not get flagged by IRS?

If you get a 1099, there's no reason it wouldn't also be filed wih the IRS.

There’s no reason people shouldn’t be paid on time but stuff happens

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2137 on: February 15, 2018, 03:41:02 PM »
I received my 1099-MISC for 2017 and did not open it right away as I am in the middle of moving.  It is for exactly double the amount of money that they paid me for 2017.  I have sent them a e-mail requesting they send me a corrected 1099.

Be sure that what your received from them is for the correct amount you earned.

Anyone else get a 1099-MISC?  Are they filing these with IRS or just issuing to us?  I've got a big refund coming so I'd like to file as soon as possible, but I don't want to file with one number and have them submit a different, incorrect, number to the IRS.  Odds that I can file with my actual payment data and not get flagged by IRS?

I received one a few weeks ago.  The number they reported on the 1099-MISC matched my records exactly.

Note that the 1099-MISC will report payments made to you in calendar year 2017 regardless of when the AUs were added.  So it will not include payments for AUs that you added in November or December, because those weren't paid out in 2017.  Conversely, it will probably include payments made in January 2017 for adds in November or December 2016 (if anyone has any of those!).

And yes, any 1099 you receive from anyone, including the TL companies, should also be cc'ed to the IRS.

Finally, if  the number you report to the IRS matches the 1099s, you'll be fine.  If the numbers don't match for any reason, you'll probably get a robo-letter from the IRS and will have to deal with the discrepancy.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2138 on: February 22, 2018, 09:10:45 AM »
Just got 2 more adds on my citi card.  I called the rep to add them yesterday, but neither one is showing up on my account as an AU yet.  I really hope I don't have to call in a second time to add them, again.

What was the consensus on how to report the income with no 1099?  I made $75 last year.  Where do I add it to my tax return?

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2139 on: February 22, 2018, 09:21:33 AM »
Just got 2 more adds on my citi card.  I called the rep to add them yesterday, but neither one is showing up on my account as an AU yet.  I really hope I don't have to call in a second time to add them, again.

What was the consensus on how to report the income with no 1099?  I made $75 last year.  Where do I add it to my tax return?

I put in "other income" in TaxAct.  It was a bit hard to find...  It asked if you had other income like gambling and other odd things.  I then went into that section and there was a box for an amount and description for "other income".  It did not fit in any of the listed categories.

(I posted a similar question in the taxes board, btw).

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2140 on: February 22, 2018, 12:52:10 PM »
I had the same experience with H&R Block: it asked if I had any 1099 income and took me down a self-employment-tax path, but I was able to delete that after I found the "Other Income" section.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2141 on: February 23, 2018, 10:20:18 AM »
Just got 2 more adds on my citi card.  I called the rep to add them yesterday, but neither one is showing up on my account as an AU yet.  I really hope I don't have to call in a second time to add them, again.

What was the consensus on how to report the income with no 1099?  I made $75 last year.  Where do I add it to my tax return?

Just checked online and no AU are added.  I called back in, got transferred to fraud prevention and had to re verify my account.  Then I readded the 2 AU.  He assured me they are on the account, although when I checked online afterwards it didn't show them.  I guess I'll just check back tomorrow.  Kind of ridiculous if I have to call in a third time to add them though.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2142 on: February 24, 2018, 08:57:47 AM »
Just got 2 more adds on my citi card.  I called the rep to add them yesterday, but neither one is showing up on my account as an AU yet.  I really hope I don't have to call in a second time to add them, again.

What was the consensus on how to report the income with no 1099?  I made $75 last year.  Where do I add it to my tax return?

Just checked online and no AU are added.  I called back in, got transferred to fraud prevention and had to re verify my account.  Then I readded the 2 AU.  He assured me they are on the account, although when I checked online afterwards it didn't show them.  I guess I'll just check back tomorrow.  Kind of ridiculous if I have to call in a third time to add them though.

Still no AU and I just got an email from Citi telling me there was a problem and I need to call in to add them. Wtf Citi? This is significantly less attractive if I have to call and add each AU 3+ times before they are actually added.  Wtf is going on at Citi that they can't handle adding AU?

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2143 on: February 24, 2018, 09:26:55 AM »
Still unable to add them, I think citi's AU adding mechanism is fucked up.  I can't view my AU on the website or the mobile app, it just gives me an error.

Are there time lines I should be worried about?  Both these citi orders were placed before my cards closing date, and I tried to add them unsuccessfully multiple times before the closing date.  Now the closing date has passed, so if I am still able to add them now it won't be reported to the credit bureau for another month.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2144 on: February 24, 2018, 10:03:06 AM »
I'm thinking of selling tradelines, but 95% of my accounts are with Chase. From the research here, I've read that Chase is the most likely to cancel ALL credit cards at one time and the most risky.

My biggest concern with having Chase cards cancelled is losing all the rewards points I've accumulated. Does anyone knows if Chase will also cancel business credit cards along with all the personal credit card? My thought process here is I could transfer all my rewards points to the business card if it's a way to shield the points.

Anyone have any thoughts on this?

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2145 on: February 24, 2018, 12:12:15 PM »
Are there time lines I should be worried about?  Both these citi orders were placed before my cards closing date, and I tried to add them unsuccessfully multiple times before the closing date.  Now the closing date has passed, so if I am still able to add them now it won't be reported to the credit bureau for another month.

One time I was unable to add before the closing date.  In that scenario I emailed the AU company and informed them and suggested them move the AU to another card, either one of mine or someone else's.  They moved it to someone else's card.

I think the AU can see the card, age, limit, and closing date.  I think there is an implicit assumption that you're able to add the AU before the next closing date.  So missing that date, it seems to me that the customer might be disappointed if they have to wait another month.  I'd rather lose a sale for myself and have the AU company be happy with me as a slot provider.

I'm thinking of selling tradelines, but 95% of my accounts are with Chase. From the research here, I've read that Chase is the most likely to cancel ALL credit cards at one time and the most risky.

My biggest concern with having Chase cards cancelled is losing all the rewards points I've accumulated. Does anyone knows if Chase will also cancel business credit cards along with all the personal credit card? My thought process here is I could transfer all my rewards points to the business card if it's a way to shield the points.

Anyone have any thoughts on this?

I don't think Chase has a higher probability of shutting someone down, it's just that the impact when they do is much worse.  Everyone has to assess their own situation and risk tolerance of course.

Chase is pretty sophisticated.  My opinion is that Chase could shut down any product associated with your customer record.  It would not surprise me in the least if they closed down both your personal and your business lines and voided all of your Chase reward points regardless of where they are located.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2146 on: February 24, 2018, 03:41:08 PM »
I'm thinking of selling tradelines, but 95% of my accounts are with Chase. From the research here, I've read that Chase is the most likely to cancel ALL credit cards at one time and the most risky.

My biggest concern with having Chase cards cancelled is losing all the rewards points I've accumulated. Does anyone knows if Chase will also cancel business credit cards along with all the personal credit card? My thought process here is I could transfer all my rewards points to the business card if it's a way to shield the points.

Anyone have any thoughts on this?

The general consensus is don't use any cards that you're not willing to lose.  Any account can be closed.  If you have rewards that you don't want to lose, don't use that card.

katsiki

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2147 on: February 24, 2018, 05:30:07 PM »
I'm thinking of selling tradelines, but 95% of my accounts are with Chase. From the research here, I've read that Chase is the most likely to cancel ALL credit cards at one time and the most risky.

My biggest concern with having Chase cards cancelled is losing all the rewards points I've accumulated. Does anyone knows if Chase will also cancel business credit cards along with all the personal credit card? My thought process here is I could transfer all my rewards points to the business card if it's a way to shield the points.

Anyone have any thoughts on this?

I agree with the other posters.  One option if you proceed is to transfer those points to a spouse or family member.

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2148 on: February 24, 2018, 07:43:46 PM »
Anybody been paid or not for December adds?  I try to be patient...

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #2149 on: February 25, 2018, 07:08:25 AM »
Still unable to add them, I think citi's AU adding mechanism is fucked up.  I can't view my AU on the website or the mobile app, it just gives me an error.

Are there time lines I should be worried about?  Both these citi orders were placed before my cards closing date, and I tried to add them unsuccessfully multiple times before the closing date.  Now the closing date has passed, so if I am still able to add them now it won't be reported to the credit bureau for another month.

I just checked my citi account and both the AU were apparently added, despite citi emailing me yesterday letting me know my most recent attempt to add them failed. I don't know when they were actually added.