1099-INT for Citibank Savings Account Bonus (5000 miles)
Feb 3, 2011, 9:29 am
#1
Original Poster
Join Date: Nov 2009
Posts: 74
1099-INT for Citibank Savings Account Bonus (5000 miles)
I was surprised to receive a 1099-INT from Citibank with the notation Bank Promotion and $125.00 reported to the IRS for receiving 5000 miles for opening a savings account. (A valuation of 2.5 cents per mile) What are the standards for IRS reporting of value of miles on bonuses? Credit Card bonuses do not seem to be reportable, based on past history. Nor have I received a 1099-INT for receiving bonuses for opening checking accounts. Is this just a Citibank policy or is it a matter of different banks interpreting IRS rules differently?
Feb 3, 2011, 9:40 am
#2
FlyerTalk Evangelist
Join Date: May 2001
Location: MSY; 2-time FT Fantasy Football Champ, now in recovery.
Programs: AA lifetime GLD; UA Silver; Marriott LTTE; IHG Plat,
Posts: 14,518
Feb 3, 2011, 9:50 am
#3
Senior Moderator and Moderator: American AAdvantage & TravelBuzz
Join Date: Nov 2007
Location: BOS
Programs: AA EXP, Marriott Titanium
Posts: 10,417
Thanks for providing those links, swag!
Since there seems to have already been extensive discussion about this topic at the MilesBuzz thread linked above, I think it's probably best for our AA forum members (and all FT members) if the conversation continues to exist one place. We'll close down this thread but make sure that folks searching on the AA forum can still find this thread and the above link.
Thanks! /Moderator
Since there seems to have already been extensive discussion about this topic at the MilesBuzz thread linked above, I think it's probably best for our AA forum members (and all FT members) if the conversation continues to exist one place. We'll close down this thread but make sure that folks searching on the AA forum can still find this thread and the above link.
Thanks! /Moderator