Originally Posted by
GUWonder
Since some of those points in accounts got invalidated by Amex, does that mean that some of those 1099-hit people from the 2018 tax year should file an amendment to get a refund of sort for the taxes paid on income that Amex recalled?
Logically you would think that they ought to be able to. Which gets to the whole inconsistency of the 1099s. I'm not an accountant or lawyer but it doesn't seem right to have to pay tax on something, e.g., MR points, that are explicitly not your property and bring you no actual value until you actually redeem them. I believe Citi only sends 1099s on bank-account-earned TYPs based on points redemptions, which makes sense at least.
Originally Posted by
GeezerCouple
Thanks.
I guess we've been too busy actually *using* those points and traveling/planning the travel/etc., that I hadn't noticed this.
And I suspect there are other new issues with various charge cards that I'll need to catch up on...
Anyway, I couldn't quite figure out where it all stood. Is it indeed for "referrals" only? We've not done any of that (unfortunately, apparently).
Or is it also for either spending accrual points or sign up bonus points?
And what's the status of that question of "the points belong to Amex until 'used'"?
Imagine someone paying tax for them when issued, and then for whatever reason having Amex grab them back some time later...
Thanks again.
GC
Yes only for referrals, not for sign-up bonuses, other spending bonuses, or redemptions.