In order to pay my bills I need digital money in my bank account. As a waitress I get a shitload of cash tips so every few months I put it into a money order to electronically deposit into my bank account. Will the IRS notice that & I'll have to explain it when filing taxes?

submitted by AmWomanDontCallMeBro from (self.PersonalFinance)

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[–]AmWomanDontCallMeBro[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Well we receive a lot of credit card tips too which are automatically reported on our w-2s at tax time. So the IRS will already see tips reported on my w-2s. I'm just wondering if I have to make an extra effort to report these money orders I'm depositing into my bank account.

[–]TitsAndWhiskey 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Legally? Yes. You are required to report all tips, cash or otherwise.

Whether you do or not depends on your risk tolerance. They tend not to mess around.