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New eligible personal checking account must be opened between May 24, 2015 and July 31, 2015.
Open a new Bank of America Core Checking® OR Bank of America Interest Checking® personal checking account by July 31, 2015, in a participating financial center or online AND set up and receive two (2) Qualifying Direct Deposits of $2,000 or more each to your new personal checking account within 90 days from account opening. A "Qualifying Direct Deposit" is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account
Your account does not qualify for the Bonus Miles until you provide all of the information we require in connection with opening the account by the promotion end date.
This includes information we require to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W-8 (as applicable). The value of this bonus may constitute taxable income to you. Bank of America may issue an IRS Form 1099 (or other appropriate form) to you that reflects the value of such bonus. To the extent required by law, Bank of America may withhold tax or other amounts from the distribution.
So the question is what is the value of the miles they will report to the IRS on the 1099. I post this here in hopes that someone can get a definitive answer on this. Please quote your source. Thanks.