American Express, Chase & Discover all sent out 1099 forms for referral bonuses recently. One issue with the forms that Chase sent out was that paperless bonuses for 500 points were included as well, but instead of counting for $5 they counted for $500 ($1 per point). We brought this issue to Chase’s attention and they have now provided the following official statement:
We sent out some IRS Form 1099-MISCs with incorrect dollar amounts from Chase Bank USA, NA. We apologize. We’re double-checking our files and will send out Corrected 1099-MISCs to affected customers as soon as we can.
It’s not clear if these corrected 1099-MISC forms will cover the paperless bonus issue only, or other issues such as retention and upgrade bonuses also being included will be corrected.
