1099-misc from Citibank for ThankYou points use

Reply Subscribe

Thread Tools

Search this Thread

Mar 18, 2009, 11:52 am

#16

yyyccclll

Join Date: Jul 2003

Location: los angeles,ca

Posts: 281

when

when did you receive the revised copy?

Quote:

Originally Posted by nrr

I received a "corrected" 1099-misc, showing $0.00. A note attached states that the initial 1099-misc "was overstated" and they have corrected the error.^

Mar 18, 2009, 2:07 pm

#17

nrr

FlyerTalk Evangelist

Original Poster

Join Date: Jul 2003

Location: jfk area

Programs: AA platinum; 2MM AA, Delta Diamond, Hilton Diamond

Posts: 10,291

Quote:

Originally Posted by yyyccclll

when did you receive the revised copy?

I received it on 3/17/09.

Mar 18, 2009, 3:04 pm

#18

mcgahat

Join Date: Sep 2003

Location: W29

Programs: It's Complicated...

Posts: 6,824

Quote:

Originally Posted by nrr

I received a "corrected" 1099-misc, showing $0.00. A note attached states that the initial 1099-misc "was overstated" and they have corrected the error.^

I received a new one late last week also. Mine just went down by about $100.

Feb 9, 2010, 12:10 pm

#19

MRTHNMAN

Join Date: Nov 2002

Location: BROOKLYN

Posts: 79

I just got one of these for 2009 , where do I call to dispute this ?

Mar 29, 2010, 8:23 pm

#20

hellyea

Join Date: Nov 2006

Location: Chicago

Posts: 887

I got hit with a $1300 1099-MISC. I cashed out my TY points last year ilke most others to get ~ $1100 with United credit. I'm not sure how they calculated $1300. Will need to followup with them.

Mar 30, 2010, 9:53 am

#21

Happy

FlyerTalk Evangelist

Join Date: Jul 2003

Location: Florida

Posts: 29,768

Quote:

Originally Posted by MRTHNMAN

I just got one of these for 2009 , where do I call to dispute this ?

Quote:

Originally Posted by hellyea

I got hit with a $1300 1099-MISC. I cashed out my TY points last year ilke most others to get ~ $1100 with United credit. I'm not sure how they calculated $1300. Will need to followup with them.

If your TYPs are earned thru BANKING PRODUCTS, the deemed value of pts is treated as Interest earning, by regulations and rules.

How much value per point your ticket costed? If it is 3 cent, then each pt is worth 3c, if it is 2 cent, then each pt is worth 2c. Multiply that value with the portion of your TYPs that are from BANKING PRODUCTs, that is the value shows on your 1099-MISC.

For those of us whose TYPs strictly came from CC earnings, 0 tax liability because they are NOT treated as interest earning.

Sometimes, it pays to spend time to read the fine prints of Ts and Cs so to avoid nasty surprises.

Reply Subscribe

Reply Share

First
Prev
2 / 2
Next
Last

Forum Jump