Chase 1099 for referral & other bonuses: paperless, retention, etc [Consolidated]
Mar 5, 2021, 1:41 am
#61
Join Date: Apr 2007
Posts: 567
BankDirect's now issuing 1099-INTs starting 2020. And I have received INTs from I think both Citi and BoA for miles bonuses associated with opening checking accounts. I went back through 10 years of taxes and couldn't find where I have received the MISC for miles. I hope I never need to trigger one to generate!!
I'm still not 100% sure (or convinced) as to exactly what Sapphire/ Ultimate Rewards points activity is considered by Chase to qualify as being valid to be aggregated to the MISC. So the only concrete answer I have received is from that customer service area I spoke with a few days ago. I'll go with that for now.
Jun 29, 2021, 3:58 pm
#62
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,089
The referring party gets 20k Chase points for a successful applicant, all while the applicant gets 100k points upon meeting the SUB requirement to get the 100k points. And sometimes the referring party may share some of the rewards of the loyalty program game even from those referral bonus points.
The referring party’s points may come with a tax liability, so factor that in.
The referring party’s points may come with a tax liability, so factor that in.
Jun 30, 2021, 7:21 am
#63
Join Date: Sep 2011
Posts: 1,857
I personally am a data point and I've seen many others. Chase has been issuing 1099s for referral bonuses, possibly over some threshold, for the last 2 years.
Jun 30, 2021, 8:58 am
#64
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,089
Thank you for sharing that data point. Do they only send out 1099s if you've earned 60K, or more, UR pts? If so, that's probably why I've never received one. My referral bonuses, per year, are between 20K>40K.
Jun 30, 2021, 9:04 am
#65
Join Date: Aug 2005
Location: Brooklyn
Programs: Delta Diamond, Bonvoy something good; sometimes other things too
Posts: 5,051
I had 10K UR in referral bonuses in 2020 and did not get a 1099 (and waited and looked for it, expecting it, but it did not come).
Jun 30, 2021, 9:49 am
#66
Suspended
Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
Programs: Just Say No to Fleecing and Blacklisting
Posts: 102,095
I would expect $600 equivalent — meaning 60k points — to have been the threshold for a 1099 being generated by Chase, but that’s just my guess. With 3 referrals for this card currently and the ability to cash out points to settle account charges at better than a cent per redeemed point, the referral credit’s taxability is something to factor. Also, something more to factor is this: the absence of a 1099 for a referral credit doesn’t necessarily mean that the referral credit is non-taxable.
Feb 4, 2022, 7:25 pm
#68
Join Date: Apr 2003
Location: Scottsdale AZ
Posts: 728
I got my 1099s today and yesterday. Chase issued one to my home address for personal chase card referrals, another to my business address for business card referrals (with my personal SSN rather than business TIN). I was REALLY successful in getting friends that are fellow business owners to sign up for cards- my personal 1099 MISC was $850 and business was $2400! (I also got 1099MISC from amex for $1650).
Yes, I got about 200,000 UR points, 100,000 Southwest points and 165,000 AMEX points woohoo! Both banks broke it down by the card the referral was from. If you have all three chase ink business cards, you can generate up to five referrals per year for each, for a total of 15- the 5 referrals per year isn’t limited across all three cards.
Yes, I got about 200,000 UR points, 100,000 Southwest points and 165,000 AMEX points woohoo! Both banks broke it down by the card the referral was from. If you have all three chase ink business cards, you can generate up to five referrals per year for each, for a total of 15- the 5 referrals per year isn’t limited across all three cards.
Last edited by mia; Feb 5, 2022 at 2:11 pm
Feb 23, 2022, 12:50 pm
#69
Join Date: Feb 2003
Location: NY Metro
Programs: SPG Titanium, United Premier 1K
Posts: 1,601
I received a 1099-Misc as well. The agent said it was based on if you redeemed more than $600 in goods or services. When I told them I didnt redeem a single point, they opened up an inquiry to look into it. I did receive 3 referrals for 20k each but they are still sitting in the account. Hopefully this resolves itself but I don't want to get a 1099 now and then again when I redeem!
Feb 23, 2022, 1:21 pm
#71
Join Date: Sep 2011
Posts: 1,857
I received a 1099-Misc as well. The agent said it was based on if you redeemed more than $600 in goods or services. When I told them I didnt redeem a single point, they opened up an inquiry to look into it. I did receive 3 referrals for 20k each but they are still sitting in the account. Hopefully this resolves itself but I don't want to get a 1099 now and then again when I redeem!
Feb 23, 2022, 1:28 pm
#72
Join Date: Feb 2003
Location: NY Metro
Programs: SPG Titanium, United Premier 1K
Posts: 1,601
Since I earned 60k referral, can I decline 100 points to be below the threshold for 1099 reporting? Not trying to game the system or anything but I don't believe frequent flyer/ reward points are taxable even by the IRS so disagree with the whole concept of getting a 1099 for this.
Feb 23, 2022, 1:46 pm
#74
Join Date: Oct 2004
Location: Indianapolis area
Programs: Marriott Lifetime Titanium
Posts: 436
Since I earned 60k referral, can I decline 100 points to be below the threshold for 1099 reporting? Not trying to game the system or anything but I don't believe frequent flyer/ reward points are taxable even by the IRS so disagree with the whole concept of getting a 1099 for this.
Feb 24, 2022, 8:00 am
#75
Join Date: Sep 2011
Posts: 1,857
Since I earned 60k referral, can I decline 100 points to be below the threshold for 1099 reporting? Not trying to game the system or anything but I don't believe frequent flyer/ reward points are taxable even by the IRS so disagree with the whole concept of getting a 1099 for this.