Go Back  FlyerTalk Forums > Miles&Points > Discontinued Programs/Partners > Continental OnePass (Pre-Merger)
Reload this Page >

Did you get a 1099 from Chase reporting your CO mileage bonus as taxable income?

Did you get a 1099 from Chase reporting your CO mileage bonus as taxable income?

 
Old Feb 8, 12, 7:15 am
  #1  
Original Poster
 
Join Date: Mar 2001
Location: New York / Hawaii
Programs: UA Global Services, HH Diamond
Posts: 4,066
Did you get a 1099 from Chase reporting your CO mileage bonus as taxable income?

The Chicago Tribune is reporting that Citibank is issuing 1099's to cardholders who earned bonus miles for signing up for their card, reporting the income to the IRS on such miles at $0.025/each.

With the standard Chase bonus lately at about 50k for new card sign-ups, that means a taxable income of $1250 if they use the same rate... and issue the 1099.

Because the 1099s are being issued on promotional sign-on bonuses and not on miles earned for purchases, some believe these 1099s will stick (which allows the banks to write down more costs to save on their own tax bill.)

Did anyone get a 1099 from Chase for a Continental/United credit card they signed up for in 2011?
Weatherboy is offline  
Old Feb 8, 12, 7:20 am
  #2  
 
Join Date: Aug 2008
Location: MCO
Programs: DL-DM/1MM, HILTON-DIA, .HYATT-DIA/GLOB , IHG-PLT,HERTZ 5*, NATIONAL ES
Posts: 8,690
Saw this in the WSJ this weekend. I have major issues with this.
Crazyhotelguy is offline  
Old Feb 8, 12, 7:42 am
  #3  
 
Join Date: Jan 2010
Location: Dallas TX (DFW/DAL)
Programs: American Gold, Hyatt Diamond, Starwood Gold
Posts: 312
http://www.flyertalk.com/forum/miles...all-banks.html
broms is offline  

Thread Tools
Search this Thread