Author Topic: 40,000 Citi Points for Opening a checking account (Read 48897 times)

good sam · « **Reply #40 on:** December 06, 2011, 12:11:34 PM »

Quote from: Dan on December 06, 2011, 12:09:38 PM

Why should you hold off on a question about a theoretical that doesn't exist as far we know? Seriously?
Maybe you should start a master thread for theoretical questions about situations that don't exist?

But what if there was a card that paid you to take the miles? Would the payment amount be taxable?

AJK · « **Reply #41 on:** December 06, 2011, 12:48:11 PM »

Quote from: Dan on December 06, 2011, 12:09:38 PM

Why should you hold off on a question about a theoretical that doesn't exist as far we know? Seriously?
Maybe you should start a master thread for theoretical questions about situations that don't exist?

Maybe you should relax. Seriously.

It was a question. Last I checked, they don't charge me per letter.

If you don't feel like answering it, don't.

good sam · « **Reply #42 on:** December 06, 2011, 12:49:50 PM »

Quote from: AJK on December 06, 2011, 12:48:11 PM

Last I checked, they don't charge me per letter.

hmmmmm

Dan · « **Reply #43 on:** December 06, 2011, 01:37:57 PM »

Quote from: AJK on December 06, 2011, 12:48:11 PM

Maybe you should relax. Seriously.

It was a question. Last I checked, they don't charge me per letter.

If you don't feel like answering it, don't.

The question didn't bother me. It's the stubbornness you exhibit even after someone called you out for it...

Quote from: good sam on December 06, 2011, 12:49:50 PM

hmmmmm

Lamdan · « **Reply #44 on:** December 06, 2011, 03:20:50 PM »

ahavas yisrael

joeb1 · « **Reply #45 on:** December 08, 2011, 09:16:39 AM »

Quote from: joeb1 on December 05, 2011, 10:55:00 PM

i know this has been discussed extensively however can someone please tell me how i can do a direct deposit artificially and still be qualified?

sorry for the repost. Does anyone have the answer to this question. Thankx

twentie4hrs · « **Reply #46 on:** December 08, 2011, 08:29:41 PM »

Quote from: AsherO on December 05, 2011, 09:00:25 PM

+1

That would suck royally.

has this ever happened to anyone?

AJK · « **Reply #47 on:** December 08, 2011, 08:58:20 PM »

Quote from: twentie4hrs on December 08, 2011, 08:29:41 PM

has this ever happened to anyone?

It has with people on FT IIRC.

Redbull3 · « **Reply #48 on:** December 08, 2011, 10:04:22 PM »

You won't get a 1099 on the TY points. Thank You points are not taxable upon receipt but rather upon redemption. AA miles are a completely different ballgame.

joeb1 · « **Reply #49 on:** December 08, 2011, 10:05:57 PM »

care to explain?

Redbull3 · « **Reply #50 on:** December 08, 2011, 10:10:10 PM »

Quote from: Dan on December 06, 2011, 12:49:49 AM

It's very simple.
A bonus on a credit card is a purchase rebate, hence the need to use the card before getting a bonus. Same goes for miles or cash earned on a credit card, they are just a purchase rebate, thus are not taxable.

A bonus for opening a checking account is the same as interest income as far as the IRS is concerned, and is therefore taxable.

A bonus for opening a checking account is only interest income if you are a) required to open an interest bearing account (Citi's disclosures emphasize a "regular" checking account in a Citigold/Citibank package) and b) required to fund AND maintain some kind of balance (not currently required in Citi offers). Otherwise, it would only be eligible for MISC-income, and that is a non-issue with TY points.

Redbull3 · « **Reply #51 on:** December 08, 2011, 10:11:54 PM »

Quote from: joeb1 on December 08, 2011, 10:05:57 PM

care to explain?

You can get 1 million thank you points for opening a checking account and not have to pay taxes on it.
You can order $600 + of merchandise through TY redemption and get taxed on the value of those items, in the year redeemed.

good sam · « **Reply #52 on:** December 08, 2011, 10:13:03 PM »

Quote from: Redbull3 on December 08, 2011, 10:10:10 PM

A bonus for opening a checking account is only interest income if you are a) required to open an interest bearing account (Citi's disclosures emphasize a "regular" checking account in a Citigold/Citibank package) and b) required to fund AND maintain some kind of balance (not currently required in Citi offers). Otherwise, it would only be eligible for MISC-income, and that is a non-issue with TY points.

hmm . . . the noob speaks with confidence . . .

joeb1 · « **Reply #53 on:** December 08, 2011, 10:17:38 PM »

he is right about the redemtion cncept. in the t&c as quoted above somewhere it mentioned a 1099-misc will be sent aftr redemtion of points however i never received one

good sam · « **Reply #54 on:** December 08, 2011, 10:19:53 PM »

so what say go for it?

good sam · « **Reply #55 on:** December 08, 2011, 10:21:14 PM »

Quote from: joeb1 on December 08, 2011, 10:17:38 PM

he is right about the redemtion cncept. in the t&c as quoted above somewhere it mentioned a 1099-misc will be sent aftr redemtion of points however i never received one

If they go into my citi ty account, how does the IRS know if I'm using the points from my cc bonus or my checking bonus?

Redbull3 · « **Reply #56 on:** December 08, 2011, 10:21:55 PM »

Quote from: joeb1 on December 08, 2011, 09:16:39 AM

sorry for the repost. Does anyone have the answer to this question. Thankx

Any automated credit will count as a "direct deposit" if you have money in another bank you can transfer it in electronically.

joeb1 · « **Reply #57 on:** December 08, 2011, 11:21:00 PM »

Quote from: Redbull3 on December 08, 2011, 10:21:55 PM

Any automated credit will count as a "direct deposit" if you have money in another bank you can transfer it in electronically.

u sure thatll be considered a direct deposit?

Bp · « **Reply #58 on:** December 11, 2011, 08:39:17 AM »

Don't want to start a new thread, this link is for 50k/25k TYP for Citi gold/Citi checking account,
https://online.citibank.com/US/JRSAO/ao_online/AOEntryPoint.do?Promo_ID=CYCD&product_list=regular_checking&package=citibank_account&direct=true&resetApp=true

lyla · « **Reply #59 on:** December 11, 2011, 10:12:31 AM »

Quote from: Nitantnel on December 05, 2011, 09:17:07 PM

Do amex/Chase also also report points etc. as income?

Chase Definitely reports when they give you cash to open checking account.