I got an email this morning from Citi asking if I wanted to open a citigold checking account and get 23.5k miles for a few simple actions (dd for two months OR 2 billpays) or get 10k miles for a regular checking acct (same actions required).

I was thinking about taking this offer because I don't currently have a checking acct with Citi. The citigold acct wants a $30 monthly fee unless I keep $50k in there, so I'll go with the regular acct which has easier monthly restrictions.

My question is this: in the legal disclaimer, it says the following:
The bonus will be reported to the IRS as miscellaneous income on Form 1099-MISC, as required by applicable law.


Does this mean I have to pay taxes on an award of currency that sort of doesn't really exist?

Any other "gotchas" with opening an acct like this to receive the award miles?

derp, i just realized there was another long running thread on this matter. This one can be closed out, sorry for the noise.

http://www.flyertalk.com/forum/miles...g-account.html

I promise to search next time!