Aspiration withholds taxes on interest and cash back earnings when we receive a notice from the IRS that there may be a discrepancy with your name and/or the social security number provided for your Aspiration Spend & Save Cash Management Account. This information needs to be updated in your account as soon as possible.
If the information on your account is not updated or if we are unable to verify your social security information and/or name with the requested documentation, 24% of any interest payments or promotional credits from Aspiration into your Cash Management Account will be withheld and paid to the IRS, per IRS rules.
If you find that there is no discrepancy within your account, we request that you upload an image of your latest W-9 and an image of your social security card showing all corners of the card so we may verify this information. For further assistance with this, please use this secure upload link to submit your documentation:
If you have any questions or concerns, feel free to reach out to us here.