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Avi
Avi (@guest_913323)
February 19, 2020 10:19

Anyone get a 1099-INT this tax season for Ultimate Rewards earned from a Sapphire checking upgrade in 2019?

Not a Gamer
Not a Gamer (@guest_914858)
February 20, 2020 17:52

 Chuck I only receive 1099 mis for my investment account and refer bonus.

Frugal Nellie (Lela)
Frugal Nellie (Lela) (@guest_713780)
January 29, 2019 16:49

Did anyone use a separate EIN for their business? If so, is the 1099 under the business tax ID, or personal? Should be business, but I’d like to double check.

nick
nick (@guest_709324)
January 21, 2019 10:13

i received one from chase for regular checking and savings and that is normal from chase…. what does happen if bank doesn’t send one out and you received a bonus from them? do you have to go in a branch and request one or not? thanks

Ann
Ann (@guest_709336)
January 21, 2019 11:06

If you didn’t receive a 1099 covering something you think should have been on one, you can still add it to your tax filing without an associated 1099 if you want to. I don’t think Chase can generate 1099s for things their automated system didn’t decide to generate one for.

JV
JV (@guest_709346)
January 21, 2019 11:21

You would include it on your tax form anyways. You do not need a 1099/W-2 etc to claim income, its more of a convenience to help you file your taxes. Best of luck

qmc
qmc (@guest_709388)
January 21, 2019 12:47

If your copy never got issued, the IRS may not know about it, but if your copy got lost in the mail, IRS is definitely going to know about it.

This fellow recommends reporting the income but not asking for the 1099. https://www.forbes.com/sites/robertwood/2015/01/29/missing-a-form-1099-why-you-shouldnt-ask-for-it/

NinjaX
NinjaX (@guest_709305)
January 21, 2019 05:54

and this is why i dont do chase bank deposit pts.

first you potentially pay income tax or at least explain to the IRS why your too poor to pay, then maybe pay YQ on that shit or get told to fuck off because your “taxable points” are non-transferable to airlines (aka citi).

no thank you.

Albert
Albert (@guest_709299)
January 21, 2019 03:50

Not true about Citi, i did the $300 bank bonus and got a 1099 for it.

Rob
Rob (@guest_710936)
January 23, 2019 19:39

Cash bonuses are reported in the year earned. Thank You points bonuses are reported when you redeem them. Sounds like you got a cash bonus.

Alfonso Aguilar
Alfonso Aguilar (@guest_709283)
January 21, 2019 01:52

So what if I had three different cards less than $6oo in value but then combined them, the points were earned separately using different chase cards, now one card has 200,000 combined points from multiple cards
(1) does adding the points from multiple cards into one card automatically make me receive the 1099
(2) do I automatically get the 1099 if I still haven’t used the points or cashed them out.

Rob
Rob (@guest_710938)
January 23, 2019 19:40

Chase doesn’t send out 1099s on bonuses earned on credit cards. Only bank accounts.

Jeff H
Jeff H (@guest_709268)
January 21, 2019 01:11

I did the $300.00 bonus Business Checking and a few months later, the $300.00 personal Total Checking. Each account paid with a $300.00 credit to each checking account. Not UR.
This week, I received two 1099-INT one for each account. The forms are identical in all details. .lt would be very easy to mistake them for duplicates.

Lrdx
Lrdx (@guest_709290)
January 21, 2019 02:26

I did checking + savings together, and have the same. It’s just one issued form, only both accounts link to it.

86
86 (@guest_709214)
January 20, 2019 22:01

So UR points held by Chase from your bank account signup bonus are considered your property. UR Points held by Chase from your credit card account signup bonus are technically the property of Chase? The I.R.S. taxes the former but not the latter, because they consider the latter a discount and the former as income.

sevillada
sevillada (@guest_709221)
January 20, 2019 22:35
  86

it’s not about whose property it is (which they are yours, in both cases). it’s about how they were obtained, CC rewards are a rebate, while bank bonuses are not. the first one requires a purchase, the latter not

86
86 (@guest_709238)
January 20, 2019 23:09

“Points aren’t your property and have no cash value. You can’t transfer or move points unless expressly provided for in this agreement. Additionally, points can’t be transferred by operation of law, such as by inheritance, in bankruptcy or in connection with a divorce.”

(from: Chase Sapphire Reserve® with Ultimate Rewards Program Agreement – 6/28/2018).

pawtim
pawtim (@guest_709302)
January 21, 2019 04:10

Typically income taxes apply when income is received rather than when its spent.

Sevillada
Sevillada (@guest_709248)
January 20, 2019 23:47
  86

Fine, but it’s not About ownership. You’re missing the point

86
86 (@guest_709296)
January 21, 2019 03:17

I do understand your point about why they’re treated differently. But I used to assume that all UR points were pretty much governed under the same rules. But by Chase awarding bank account bonuses in UR points, that doesn’t seem to be the case.

Frugal Nellie (aka Lela)
Frugal Nellie (aka Lela) (@guest_709222)
January 20, 2019 22:38
  86

So if Chase chose to take your points, they’d be seizing your property, that you were taxed on. Interesting. hmm. When Wells Fargo took all my points, they left my $25 signup bonus sitting there. I just can’t access it cuz I didn’t open a new account- they closed that account. Interesting that bank bonuses are more well protected…

Debit
Debit (@guest_709231)
January 20, 2019 23:01

Yup sounds like you have a case of filing a police complaint of larceny against the bank.

Orion
Orion (@guest_709212)
January 20, 2019 21:58

Would Chase referral bonus also counts toward the $600 threshold for 1099-MISC?

Frank
Frank (@guest_709206)
January 20, 2019 21:41

This seems reasonable. Tax on bank bonuses is expected and 1cpp is correct for chase