Author Topic: Citibank 1099 (Read 103240 times)

Bostener · « **Reply #120 on:** January 21, 2013, 04:09:22 AM »

Quote from: Deal Guy on March 07, 2012, 01:33:50 AM

If it doesnt have to be reported as unearned income, than what type of income is it?

Unearned income is income you didn’t work for like interest and dividends and they are reported on schedule B.

Earned income is income you worked for like wages and self-employment income.

sb613 · « **Reply #121 on:** July 16, 2013, 11:27:51 PM »

got today offer to open citigold bank account for 30k aa miles. one of the conditions is $750 in debit card purchase, will this condition avoid the 1099 or they will still send it?

Tax · « **Reply #122 on:** July 16, 2013, 11:39:32 PM »

Quote from: sb613 on July 16, 2013, 11:27:51 PM

got today offer to open citigold bank account for 30k aa miles. one of the conditions is $750 in debit card purchase, will this condition avoid the 1099 or they will still send it?

Welcome to DDF.

First of all, how do you know you will get a 1099?

Second, if Citi does decide to issue a 1099-INT then the spending of $750 in debit card purchases will make no difference on your tax return!

AJK · « **Reply #123 on:** July 16, 2013, 11:45:08 PM »

Quote from: Tax on July 16, 2013, 11:39:32 PM

First of all, how do you know you will get a 1099?

Experience.

Quote from: Tax on July 16, 2013, 11:39:32 PM

Second, if Citi does decide to issue a 1099-INT then the spending of $750 in debit card purchases will make no difference on your tax return!

I believe it's a 1099-MISC that is issued, and yes, it'll make no difference.

Drago · « **Reply #124 on:** July 17, 2013, 02:59:49 AM »

Quote from: AJK on July 16, 2013, 11:45:08 PM

Experience.

I believe it's a 1099-MISC that is issued, and yes, it'll make no difference.

Mr Pickles just posted that he's never gotten a 1099 for the 30k AA Gold accounts in CA, and he's opened them 4 times.

Tax · « **Reply #125 on:** July 17, 2013, 03:41:48 AM »

Quote from: AJK on July 16, 2013, 11:45:08 PM

Experience.

I believe it's a 1099-MISC that is issued, and yes, it'll make no difference.

If you have experience then please check if you got a 1099-INT or a 1099-MISC. Why would they issue a 1099-MISC?

CountValentine · « **Reply #126 on:** July 17, 2013, 07:32:10 AM »

Quote from: Tax on July 17, 2013, 03:41:48 AM

If you have experience then please check if you got a 1099-INT or a 1099-MISC. Why would they issue a 1099-MISC?

Citibank announced that it would issue a form 1099-MISC for those customers who receive frequent flyer miles for opening accounts.

Drago · « **Reply #127 on:** July 17, 2013, 07:34:43 AM »

Quote from: CountValentine on July 17, 2013, 07:32:10 AM

Citibank announced that it would issue a form 1099-MISC for those customers who receive frequent flyer miles for opening accounts.

source?

CountValentine · « **Reply #128 on:** July 17, 2013, 07:45:04 AM »

Quote from: Drago on July 17, 2013, 07:34:43 AM

source?

http://www.forbes.com/sites/kellyphillipserb/2012/03/01/citibank-issues-forms-1099-for-frequent-flyer-miles-surprising-customers-and-irs/

It might also have to do with if you use the miles in the year they were issued. This happened with a TYP promo some time ago.

sb613 · « **Reply #129 on:** July 17, 2013, 08:22:29 AM »

My understanding is that the different between credit card bonuses and bank bounses is that with a credit card the promotion is a rebate for your spending. So this offer that requires debit card spending should be the same. What's the difference?

Drago · « **Reply #130 on:** July 17, 2013, 08:38:46 AM »

Quote from: CountValentine on July 17, 2013, 07:45:04 AM

http://www.forbes.com/sites/kellyphillipserb/2012/03/01/citibank-issues-forms-1099-for-frequent-flyer-miles-surprising-customers-and-irs/

It might also have to do with if you use the miles in the year they were issued. This happened with a TYP promo some time ago.

Surprising that Pickles didn't get any.

AJK · « **Reply #131 on:** July 17, 2013, 09:49:39 AM »

Quote from: Drago on July 17, 2013, 02:59:49 AM

Mr Pickles just posted that he's never gotten a 1099 for the 30k AA Gold accounts in CA, and he's opened them 4 times.

Perhaps he got a blogger exception?

There have been many reports of people receiving them.

Dan · « **Reply #132 on:** July 17, 2013, 10:45:15 AM »

Quote from: Drago on July 17, 2013, 08:38:46 AM

Surprising that Pickles didn't get any.

Did he use the points?

lyla · « **Reply #133 on:** July 17, 2013, 12:10:05 PM »

Do you get a 1099 for opening a new A"A credit card or just for a checking account?

Drago · « **Reply #134 on:** July 17, 2013, 12:56:28 PM »

Quote from: Dan on July 17, 2013, 10:45:15 AM

Did he use the points?

Hard to tell. He has over 2.5m AA miles, so I'm not sure how they'd determine when these points are used, vs other points in his account.

Dan · « **Reply #135 on:** July 17, 2013, 01:30:53 PM »

Quote from: Drago on July 17, 2013, 12:56:28 PM

Hard to tell. He has over 2.5m AA miles, so I'm not sure how they'd determine when these points are used, vs other points in his account.

Bingo.

Drago · « **Reply #136 on:** July 17, 2013, 03:24:41 PM »

Quote from: Dan on July 17, 2013, 01:30:53 PM

Bingo.

You think they'd track it in his account, and if it takes him 15 yrs till he redeems, they'll send him a 1099 then?

Dan · « **Reply #137 on:** July 17, 2013, 03:26:56 PM »

Beats me.

Tax · « **Reply #138 on:** July 18, 2013, 05:04:56 AM »

Quote from: Drago on July 17, 2013, 12:56:28 PM

Hard to tell. He has over 2.5m AA miles, so I'm not sure how they'd determine when these points are used, vs other points in his account.

It depends of they use the FIFO (First In First out) method or LIFO (Last In First Out) method.

CountValentine · « **Reply #139 on:** July 18, 2013, 07:09:16 AM »

Quote from: Tax on July 18, 2013, 05:04:56 AM

It depends of they use the FIFO (First In First out) method or LIFO (Last In First Out) method.

This is Citi we are talking about.