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- 11Upvotes of all answers to this question
Why do people withdraw and hide their money instead of keeping in their bank?
Favourite answer:Most people don't but I'm sure there are many reasons why people would do this. I can think of one good one - if someone gets SSI (supplemental security income which is a federal welfare program) they might want to hide resources. People on SSI aren't eligible if their resources are $2000 if single or $3000 if married.
Another good reason - hiding assets from a spouse you are planning on divorcing.
As for taxes - you pay taxes on income when it is received - not money you have in bank accounts unless you receive interest or dividends.
7 Answers2 years ago - 6Upvotes of all answers to this question
Did you get a great job after tried and failed many times?
Favourite answer:Life isn't fair, the sooner you come to terms with that the better. In the end effort should beget results.
2 years ago