Originally Posted by
beltway
Judging by the 1099s I’ve received this month, I believe the rules are as follows:
1. bank interest of $10+ generates a 1099-INT; this includes bonuses for opening accounts
2. CC bonuses (paperless statement opt-in; dollar-denominated gift cards issued as part of CC SUB; referral bonus) are reported on a 1099-MISC, but only if if a) such bonuses exceed $600 or b) such bonuses plus interest reported on form1099-INT total $600 or more
I say this because P2 and I have been cross-referring for many years with no resulting 1099s. What changed for us in 2023 was that we each earned a sizable Chase bank-account cash SUB. Even though our earnings in category 2 above were individually below $600*–and thus would not have triggered reporting on their own—that combined with category 1 receipts was enough to push us into 1099-Land for the first time.
*For the record, Chase valued UR at 1cpp.
yes, wife and I have always referred each other, but referrals were only 20K points and neither of us hit a combined $600. This year with the 40K Ink cards referrals, we went over $600 each. 2 referrals each of 40k points(valued at $400) is $800 in box 3 on the 1099, other income. Wasn't expecting this, but have to report.