Originally Posted by
sdsearch
In the case of AA miles, many people consider it to be a ridiculous valuation, but there's nothing you can do about that (other than not earning miles / points from checking / savings accounts, only from credit cards).
Actually you can report the correct FMV on your tax return, but you will get a notice when the IRS computer finds a mismatch to the 1099. You can then contest the value reported by Citi. I understand people have had some success in doing so but dealing with the IRS is never a pleasant process.