Tax Year 2022 is the first year MS clients would have paid the $695 Amex annual fee and received a $695 bonus.

The previous annual fee of $550 was below the IRS mandatory reporting threshold, and most of the people posting here who signed up after the summer 2021 fee increase wouldn’t have received the bonus in year 1. (Existing platinum card holders didn’t start paying the new higher fee until 2022 as well)

I suspect quite a few people will be surprised when they get a 1099-MISC early next year.