Originally Posted by
Happy
Just got the 1099 that includes 2x 10K UA miles at 0.01 per mile valuation, propelled the 40K Ink referral to the total of $600.
I did not know Chase issued 1099 on partner cards referral. Had I known about this, I would not be bothered with the UA referrals with one of them being asked by a fellow FTer who thought it would be good for me...
OK, THAT is a first that I have ever seen… in a 1099 some calculation for MILES earned. What does that mean for sign-up bonuses going forward? An AMEX 100K Plat sign up bonus would trigger $1000 in 1099? That would be quite the blow.
As for overall 1099, yes, pretty much anything over $600 (today, this might change) for money TO THE RECIPIENT. Doesn’t matter if it was direct, indirect, referral, whatever. It was $$ to YOU. That needs to be reported and DO NOT NEGLECT to account for all of it.
Anyone doing ANY of this type of free money, I would suggest to make sure that you have an IRS online account and REFER to the INCOME AND RECEIPTS report that you can get on your account and make sure that anything THERE is ON YOUR TAXES. I had $7.18 in unreported interest from an online bank, that had closed and actually I Never received any of that money, but it cost for $228 in penalties and interest and required withholding on interest accounts for half a decade.