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Thread: 1099-misc from Citibank for ThankYou points use
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Old Feb 13, 2009, 1:49 am
  #14  
lpy
 
Join Date: May 2005
Location: California
Posts: 147
Originally Posted by sunil
From reading Fat Wallet it seems here's whats happening. If you received TYP from any bank bonuses , then tickets that are redeemed using those points are treated as taxable, even if they include points earned from non-taxable sources like CC points... urgh..

The formula seems to be 1099-MISC amount = (full value of tix + booking fees) x (redeemed taxable points) / (redeemed total points)
I received an 1099-MISC from Citi with $600+ in other income section. Could not figure out what it is but thought it might be related to the TYP redemption, now it is confirmed this is the case.
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