Posted by William Charles on March 15, 2017
Credit Cards

Published on March 15th, 2017 | by William Charles

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Update On Chase 1099-MISC For Referrals

Please consult with your tax advisor for tax advice. This article is for informational purposes only.

In our post on banks that issue 1099’s for referral bonuses we noted that Chase does send out a 1099-MISC if you receive over $600 or more in referrals. That was based off this /r/churning thread.  That same user has now received a revised correction (sent to us via e-mail):

Today I received a letter from Chase stating that “We’ve made a correction to your 2016 form 1099-MISC.” They go on to issue a revised 1099 and say that my correct amounts is now $0 wiping out the whole $1,000.
Needless to say this is really annoying now since I’ve filed ALL of my taxes already (Federal, State & Local) but I guess it will be worth the hassle to file amendments to get around $200 back.
It seems like Chase have had a change of heart or have received updated advice regarding this. It’s obviously very annoying for anybody that has filed their taxes. We will update our original post to reflect this new information.

 



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R

Off topic but any one is able to get $50 dining certificate with Fairmont card. I just use my night certificate at Scottsdale AZ but there is no dining certificate is there. I called chase and they say no such promotion is with this offer. May be I think there were 2 links for this card and one might be with only free night and not dining.

Raj

I got 2 $25 dining/spa certificates with the card. Maybe call Fairmont?

R

Thank you. Just call Fairmont. It’s there.

Logan
Logan

Happened to me as well… honestly im pissed because i already had to file an amendment once because of Chase’s LATE 1099-MISC. They were supposed to send this by January 31 to begin with. so not only were they a month late but I then get another letter like this one saying “sorry we made a mistake” and heres the correct amount. So now I have to file another amendment? Chase has some amazing rewards and typically create customer service but im pretty mad at them right now. Wonder what I can get out of it.

Frank
Frank

Probably nothing but lest us know if you do. Did you get the whole amount wiped out or just some if it? They lowered mine from &1,000 to $900. I called and got no explanation of how they determined this. I received 100,000 rapid reward points from credit card referrals.

Frank
Frank

I had originally received a 1099-misc from Chase for $1,000 for referring a total of 20 people for the Southwest Premier and Plus cards. I just received a certified letter from Chase stating the correct amount is $900. I’d really like to know how they came up to that amount and why someone else had their $1,000 wiped out completely. It really pisses me off since I already filed my taxes.

Chuck

Do we have any data points of someone who got 6,000 UR points as to whether they got this retraction on the 1099?

I wonder if it’s only miles that they are retracting, maybe UR points are still being valued as cash. I’d assume if you have $600 in cash bonuses (e.g. from Freedom cards) you would get a 1099.

Logan
Logan

Well, I only had Southwest Referrals as well and they valued it at “$600” on the original 1099-MISC.
The revised one they sent was a correction to $0.

SouthFayetteFan
SouthFayetteFan

I had Chase Freedom, Sapphire Preferred, Disney, and Southwest. And mine were all wiped to $0. My concern now is whether this is final or not…I hope they don’t change course again. I’m really debating if it’s worth it to do an amended return to get $150 back…

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