AMEX 1099-INT or 1099-MISC who got one?
Jan 28, 2023, 5:30 pm
#46
Join Date: Sep 2002
Location: District of Columbia
Programs: AA ExecPl, AT Gold, Hyatt Globalist, IHG Diamond, Hilton Diamond, National
Posts: 2,440
Mar 7, 2023, 8:34 pm
#47
Join Date: Nov 2018
Posts: 12
I plan to adjust it to $0.005/point. A fair market value of $0.01 doesn't make any sense, especially if I haven't spent them. Until I spend them, the points are the property of Amex. If my account is terminated, I'd lose all my points which I would have paid income tax on. Would the IRS then let me report that as a loss? I doubt it.
I think $0.005 is reasonable since that's what I'd get if I immediately cashed out to Amex gift cards which is the closest cash equivalent.
I'll report back here if the IRS fights it, but I highly doubt it. If Amex values their own points at $0.005 for their own gift cards, that's as strong a case as it gets.
I think $0.005 is reasonable since that's what I'd get if I immediately cashed out to Amex gift cards which is the closest cash equivalent.
I'll report back here if the IRS fights it, but I highly doubt it. If Amex values their own points at $0.005 for their own gift cards, that's as strong a case as it gets.
Last edited by sppe; Mar 7, 2023 at 8:37 pm Reason: Add info
Mar 8, 2023, 10:10 am
#48
Original Poster
Join Date: Jul 2010
Posts: 1,224
I plan to adjust it to $0.005/point. A fair market value of $0.01 doesn't make any sense, especially if I haven't spent them. Until I spend them, the points are the property of Amex. If my account is terminated, I'd lose all my points which I would have paid income tax on. Would the IRS then let me report that as a loss? I doubt it.
I think $0.005 is reasonable since that's what I'd get if I immediately cashed out to Amex gift cards which is the closest cash equivalent.
I'll report back here if the IRS fights it, but I highly doubt it. If Amex values their own points at $0.005 for their own gift cards, that's as strong a case as it gets.
I think $0.005 is reasonable since that's what I'd get if I immediately cashed out to Amex gift cards which is the closest cash equivalent.
I'll report back here if the IRS fights it, but I highly doubt it. If Amex values their own points at $0.005 for their own gift cards, that's as strong a case as it gets.
Mar 8, 2023, 11:40 am
#49
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
https://www.forbes.com/sites/robertw...w-to-disagree/
Mar 8, 2023, 12:09 pm
#50
Join Date: Nov 2018
Posts: 12
I report the 1099-MISC with the valuation Amex gave and separately put a negative amount under other income (1040 Schedule 1 8z) for half that with a description that says something like, “Amex 1099-MISC FMV Adjustment ($0.005/pt).”
Jun 26, 2023, 12:04 am
#51
Join Date: Nov 2018
Posts: 12
For the record, I filed my taxes exactly like I described above and the IRS accepted my tax return without issue. They sent me a letter some weeks later saying they had checked the calculations on my return and it matched their own, so they processed the refund.
Jan 26, 2024, 6:13 pm
#52
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL 1MM DM ext, UA PP <=> HH G/Marr PE/Hyatt G/IHG P FT RA ( Recovering Addict)
Posts: 4,596
1099 Tax Form from American Express National Bank
I got a 1099s from Amex Bank for 250$
I had 2 business Platinums last year that gave referral bonuses of 25k per referral
- I guess this is the downside of the Justice Goeke ruling on Amex rewards
Assuming 40% state + federal - the bonuses are now worth 150$ and 300$
Amex Chat rep states this was for credits given in 2023, not for the referral rewards but I think they are mistaken.
"Thank you for patiently waiting. I checked and this 1099 Form is sent out to our members who have received any credits from us through the year. Now, you would have to fill this out and submit it for reporting."
I can see that it was credited on your Business Platinum card and here are the details of the credit for your reference:
Sep -$200.00 Dell Credit
Oct -$189.00 CLEAR
APR -$173.26 Dell Credit
Oct -$100.00 TSA Global Entry Fee Credit
Feb -$100.00 AMEX Airline Fee Reimbursement
Feb -$100.00AMEX Airline Fee Reimbursement
APR -$13.37 Dell Credit
APR -$13.37 Dell Credit
Jan -$10.00 Wireless Credit
Dec -$10.00 Wireless Credit
etc
I had 2 business Platinums last year that gave referral bonuses of 25k per referral
- I guess this is the downside of the Justice Goeke ruling on Amex rewards
Assuming 40% state + federal - the bonuses are now worth 150$ and 300$
Amex Chat rep states this was for credits given in 2023, not for the referral rewards but I think they are mistaken.
"Thank you for patiently waiting. I checked and this 1099 Form is sent out to our members who have received any credits from us through the year. Now, you would have to fill this out and submit it for reporting."
I can see that it was credited on your Business Platinum card and here are the details of the credit for your reference:
Sep -$200.00 Dell Credit
Oct -$189.00 CLEAR
APR -$173.26 Dell Credit
Oct -$100.00 TSA Global Entry Fee Credit
Feb -$100.00 AMEX Airline Fee Reimbursement
Feb -$100.00AMEX Airline Fee Reimbursement
APR -$13.37 Dell Credit
APR -$13.37 Dell Credit
Jan -$10.00 Wireless Credit
Dec -$10.00 Wireless Credit
etc
Last edited by ffI; Jan 26, 2024 at 6:44 pm
Jan 27, 2024, 12:11 pm
#54
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL 1MM DM ext, UA PP <=> HH G/Marr PE/Hyatt G/IHG P FT RA ( Recovering Addict)
Posts: 4,596
NO checking accounts - referrals for business Platinum cards = 25k miles bonus
Rewards on PURCHASES are not taxable as they are considered rebates - but bonus rewards for opening bank accounts are taxable
And it appears now that the bonuses for referrals are taxable as well
And it appears now that the bonuses for referrals are taxable as well
Jan 27, 2024, 1:03 pm
#55
Join Date: Jan 2017
Posts: 286
Edit: seems like Chase started doing this about 5 years ago.
https://onemileatatime.com/chase-referral-1099/
Last edited by DCJoe1; Jan 27, 2024 at 1:05 pm Reason: More.info
Jan 27, 2024, 1:54 pm
#56
Join Date: Aug 2014
Posts: 1,303
ETA- I deleted my post from an hour ago. Called Amex, They deposited two 30k MR referral bonuses in the final months of 2023, I recall one as it was my p2, but I have no idea who the second was, but I was able to look back and see that Amex did indeed deposit two different 30k MR rewards so I'm fine with it then. Basically, I was expecting a 30k MR 1099 and got a $600 one, so it was twice as much as I was expecting. Obviously someone signed up from my link but they usually tell me they do. My MR balance is above 100k so I didn't notice the second 30k MR referral deposited.
Last edited by DeltaNeutral28; Jan 27, 2024 at 3:21 pm Reason: .
Jan 27, 2024, 3:15 pm
#57
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Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Correct, since 2019: AMEX sending out 1099s for referral bonuses
Last edited by mia; Jan 27, 2024 at 6:46 pm Reason: Remove reply to edited post.
Feb 8, 2024, 8:38 am
#59
FlyerTalk Evangelist
Join Date: Dec 2006
Location: Pacific Northwest
Programs: UA Gold 1MM, AS 75k, AA Plat, Bonvoyed Gold, Honors Dia, Hyatt Explorer, IHG Plat, ...
Posts: 16,857
My MRs for a savings account were valued at 1 cent each.
Take a look at https://www.flyertalk.com/forum/amer...who-got-4.html
Take a look at the rest of the posts in this thread that your post was merged into
Take a look at the rest of the posts in this thread that your post was merged into
Last edited by notquiteaff; Feb 8, 2024 at 8:53 am