Update 8/13/19: Chase is apparently considering a statement credit which offsets the annual fee (e.g. via retention offer) to be 1099 income as well. (via safxtacy) Other things like mortgage rebates and bonuses count as well.
Update 8/12/19: Looks like the corrected forms are finally being sent out. Hat tip to d0ctorofdebit
Update 8/2/19: A number of readers reported receiving this letter today, despite Chase stating that a corrected form would be sent by July 30th. It seems to be affecting Chase Ink Preferred cardholders that received any referral bonus for 2018.
Original Post:
Chase has sent out an physical letter to some account holders letting them know that they sent out an incorrect 1099-MISC form in late January and will be sending a corrected form by July 30th, 2019. For people affected this means they will need to file an amended tax return, Chase is offering to pay any fees you pay for filing this amended return.
It would be nice of Chase to include what error was made to help consumers. It would also be nice for them to send the correct information in the first place. I’m not even sure what the error was this time, back in February they had to send out corrected 1099-MISC forms because they reported a $5 paperless bonus as $500. I get that mistakes happen, but this is ridiculous. I also don’t think that just agreeing to pay for the amended filing fees is enough in this case given the time it will also take for people to rectify Chase’s mistake.
Hat tip to Lttruong
Anybody get their money from chase yet? They have been such a PITA. U need to fax or mail the invoice from your CPA.
I asked for 15,000 points as compensation for the hassle and missed work hours.well see what happens.
Hi, I received yesterday the 1099 for $1200 for my ink preferred. How is that possible when a yearly max in referrals is 100000 UR points ($1000). And nobody at Chase can t help.
Retention offers, etc.
have you figured it out? was it just referrals?
this was strictly for referral bonuses on both the personal and business cards and nothing else? I’m seeing $200 for my CFU and $200 for my CF and I have not received any referral bonuses for those cards. I have received a SUB for the CFU on 1/2018, but that bonus was only for $150. any idea what the $200 for CFU and CF are supposed to be from?? did not get retention offers for either cards as well
call the chase number. but i doubt they can give you any info. They are a piss poor biggest bank of US
I called the number on the paper, and I got passed around all over India. The manager that deals with 1099 does not know what the amounts are from. She said she would put in a dispute for me. They will get back to me in about 30days. wth. After a mins, i figured it out. I told her to forget it. I received a 600.00 1099-misc. 400.00 for my Ink card, and 200.00 for my sapphire card. I referred 2 Ink (20,000 each), and 2 CSP (10,000 each) = 60,000.
You’ve got to be kidding me…
So if I cancel my card early / downgrade I’m now 1099d? I really hope that’s not the case.
It doesn’t say that anywhere. If you got a retention offer to keep the card open an extra year then you’d get a 1099 including that as income
sure it doesnt… but with everything chase has done do you really think they will be able to differentiate between statement credit for cancelling / downgrading a card compared to retention offer statement credit? I mean, they counted 500 UR points as $500 1099 for gods sake. I dont trust this bank at all.
I can’t imagine going through life this paranoid.
paranoid? this is literally what Chase has done lol. Its not about me being paranoid. Alrighty then.
I went the other way. Initially received $600 1099 from Chase. Received a warning letter late July. Received an amended 1099 for $400.
They’re separate. The $600 1099 was probably a 1099 INT (for bank bonuses) while this new one is a 1099-Misc (for referrals) This means your total taxable income was $1000.
The original received was a 1099-MISC. I did not have any bank bonuses in 2018.
Which one was accurate?
check the card numbers ,and that it wasn’t for business numbers or personal or something?
Got the 1099 today finally
They added $200 for the second CIP….
same
For those of you who report everything regardless of whether you get a 1099 or not and want to be on the risky side you can always check the IRS transcript site. They have a record of every 1099-int/ 1099-MISC they received. Check their total number and see if it adds up to your total 1099-int/misc number… what you do after you find out that information is up to you.
Completely unrelated note: the IRS doesn’t care where you got your 1099 income from. If their number on you is lower than or equal to your reported 1099 earnings you’re good. Again what you choose to do this info is up to you and not my responsibility.
Quite frankly I reported a few bank account bonuses that didn’t send in a 1099 so…
https://www.irs.gov/individuals/get-transcript
How long would it take for the amended chase form to appear here?
awhile. the IRS did not have any of my info until june 2019 and that includes my w2 which were issued 1/31/2019
Are you referring to the “Record of Account Transcript”? Or is it the other pdf? I do see a list of the 1099-B transactions but I don’t see the 1099-int/misc records anywhere.
I had the same question and saw this on the IRS site.
Wage & Income Transcript
Wage and Income Transcripts show data from information returns, such as W-2s, 1099s and 1098s, reported to the IRS. Most recent year information may not be complete until July.
So it should be this one.
@ay That sounds like the right page…. Wages and income transcript page. If it’s not there then you have none submitted on time
I definitely did tons of bank bonuses, but on that transcript, there are no 1099-INT/MISC, just a bunch of stock/option 1099-B… There’s no chance that none of the 6+ banks I got bonuses for forgot to send in forms, right (one of them being Chase)? Can you provide a picture of what one of the 1099’s looks like from a bank
Didn’t know this existed
vince. Appreciate the information. I will still report non-1099 income, but this at least helps me with forms that may have gotten lost in the mail which always happens. Pulled my 2018 Wage and income transcript and its only 62 pages long, so guess i have some matching to do before my extension is due.
They also send 1099s to people who have previously not received anything.