8/2/2023 0 Comments Quickpay chase![]() ![]() ![]() The argument is that the bonus is treated as a rebate of the amount you paid to earn the bonus. Why Are These Points Taxable When Others Aren't?Ĭredit card sign-up bonuses have historically been excluded from income. The Points Guy will not share or sell your email. ![]() I would like to subscribe to The Points Guy newsletters and special email promotions. The letter is dated July 30, 2019, yet the letter indicates that Chase will mail her "the appropriate tax form by July 30th": TPG's Summer Hull was one of the cardholders who received a letter saying that Chase "should have sent" her a form. Please call us at 1-86 for more information about reimbursement of fees for filing an amended tax return. We may ask you to provide a copy of the receipt showing the amount you paid. If you file an amended tax return, we'll reimburse you for any fees you pay for filing. We apologize for the delay and will mail you the appropriate tax form by July 30th.īoth letters conclude: If you have questions about how this affects your tax return, please contact your tax advisor. Source Income Subject to Withholding) for tax year 2018. We apologize and will mail you the appropriate corrected form with the correct amount for tax year 2018 by July 30th.Ĭardmembers who didn't receive a 1099-MISC in January - but Chase has now determined that they should have received one - are getting letters saying: As part of an internal review, we determined that we should have sent you either an IRS Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person's U.S. If Chase previously sent you a 1099-MISC but is providing a corrected form, the letter starts: We reported an incorrect income amount on the IRS Form 1099-MISC (Miscellaneous Income) we sent you in late January. However, it seems that Chase is reporting income to cardholders who received points as compensation for successful credit card referrals. The letter from Chase doesn't indicate the reason for reporting this income. IRS Form 1099-MISC is used to report "miscellaneous income" paid by one taxpayer to another. Some cardholders are getting an amended 1099-MISC form while others are receiving a form for the first time - despite the Janudue date for filing this form. Over the past couple of weeks, Chase has sent letters to some cardholders informing them that the bank will soon be sending Form 1099-MISC for their 2018 tax return. ![]()
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