A number of Chase users are now getting notice that they’ll soon receive a 1099-MISC for income which the bank did not properly report during years 2019 or 2020:
We issued an IRS Form 1099-MISC for credits you received in 2019 and/or 2020
Users who’ve gotten these notices don’t seem to be sure exactly what the 1099 is for, presumably some sort of credit or bonus offer from back then. Let us know if you figure it out. You can see prior coverage of 1099 issuance from banks at this link.
Hat tip to reader bob123 and to URtheoneforme
View Comments (79)
just got a 1099-mis for over $600. I didn't get any new chase cards or refer anyone. They don't seem to have a clue what this is for.
I received a 1099-MISC from Chase. The total was for $888. $10 of this was for going to paperless statements. The rest of it Chase has not been able to find. It's possible it was for a travel refund associated with Covid, but it's not clear how. Chase claims they made a correction but they don't know for how much??????? They seem totally incompetent. I have not received a correction and signing in using ID.me on the IRS site reveals they also have not received a correction. BTW I received the 1099-Misc after I filed my taxes. I have started logging my calls with Chase and tracking the identifier numbers of the representative. If it was for a travel refund originally based on spending Chase should not have reported it. One rep told me they wouldn't send out a correction if it was less than $600, even though the IRS still has the $888 1099. Due to the state I live in which allows SS income to not be taxed below a certain income threshold, this small increase ($888), results in a tax increase of ~$1800. At this point Chase has been unable to tell me if the correction they made in late March resulted in the 1099 reported income is lower or higher than the original. They have said they would pay for an amended return if possible, but are unsure how that process will work. BTW this on this Sapphire Reserve card which used to offer good service.
Did not want to duplicate my comment, so just pasting the link here (interesting DP for Capital One and 1099s).
https://www.doctorofcredit.com/report-bank-of-america-sending-out-1099-misc-for-credit-card-signup-bonus/#comment-1556603
I have received a 1099 form with $800 but I don´t know how they calculate it and they even don´t know. this is impossible because I only referred to one person. Any ideas?
Just got the 1099, it is for a CSP (states CC#) referral bonus in 2019, $150.
were you over $600 during that year? I thought they only send if over $600
They aren't likely to go after people for a discrepancy less than a few thousand, according to my CPA. Too much time and effort. And even if they do, the penalty is not going to be that much for the underpayment. Don't sweat it, IMO.
I got one – annoyed that they did not mention what was the actual correction. How am I supposed to amend my return if I don’t know how much to amend it by?
How do you not know?
If you had not reported this income, then the whole amount is the correction. If you have, then the difference.
If you don't know what income you had, then I have an excellent investment opportunity for you..
just wait for irs to make adjustment so they will mail you a bill with penalties then have Chase pay for it
I got one - annoyed that they did not mention what was the actual correction. How am I supposed to amend my return if I don't know how much to amend it by?
I still remember the 1099 form from Chase for a $5 award, probably the "tap to pay 3 times, get $5" promotion. Took me a while to figure out how to report that.
Title needs an adjustment. 2022 wouldn't be issued until next Jan. @chucksithe
Fixed the typo thanks