Author Topic: Citibank 1099 (Read 104090 times)

noturbizniss · « **Reply #180 on:** January 01, 2017, 10:00:15 PM »

Quote from: David Smith on January 01, 2017, 09:53:24 PM

A signup bonus that requires you to spend $3k for 100kb points valued at $1500 is just a generous rebate.

Fair enough. Good luck arguing with the irs though

A3 · « **Reply #181 on:** January 01, 2017, 10:02:11 PM »

Quote from: noturbizniss on January 01, 2017, 10:00:15 PM

Fair enough. Good luck arguing with the irs though

Don't have the resources in front of me, but I believe there are cases to go with, to show rebates.

Although every case may have other unique aspects to it.

JTZ · « **Reply #182 on:** January 01, 2017, 10:05:47 PM »

Quote from: A3 on January 01, 2017, 10:02:11 PM

Don't have the resources in front of me, but I believe there are cases to go with, to show rebates.

Other than a business situation I don't think you will find anything.

noturbizniss · « **Reply #183 on:** January 01, 2017, 10:07:12 PM »

Quote from: A3 on January 01, 2017, 10:02:11 PM

Don't have the resources in front of me, but I believe there are cases to go with, to show rebates.

Although every case may have other unique aspects to it.

Again, even so, I imagine it's a huge pita to fight it and not worth the few hundred dollars it may save you.

Ephraimh · « **Reply #184 on:** January 01, 2017, 10:21:00 PM »

Quote from: noturbizniss on January 01, 2017, 10:07:12 PM

Again, even so, I imagine it's a huge pita to fight it and not worth the few hundred dollars it may save you.

-1
If it's considered income its considered interest (i.e. investment income), if you make more than $3,400 in investment income a year, you lose your EIC on your tax return... so a stupid couple hundred dollar Citi 1099, potentially can cost you $6k+.

noturbizniss · « **Reply #185 on:** January 01, 2017, 10:53:32 PM »

Quote from: Ephraimh on January 01, 2017, 10:21:00 PM

-1
If it's considered income its considered interest (i.e. investment income), if you make more than $3,400 in investment income a year, you lose your EIC on your tax return... so a stupid couple hundred dollar Citi 1099, potentially can cost you $6k+.

Why is it interest? How does the ups method fit into this?

shulem92 · « **Reply #186 on:** January 01, 2017, 11:07:05 PM »

Just read this whole thread. Can someone sum this up for me, as I don't have the first clue about taxes. Checking account bonuses will get a 1099? (For instance chase $300 savings, and $200 checking). Also it sounds like sign up bonuses that need any sort of spend to get the bonus don't get a 1099? Does rebates include cashback from portals?

JTZ · « **Reply #187 on:** January 01, 2017, 11:45:30 PM »

Checking/Savings - yes
CC - no
Portals - ?

shulem92 · « **Reply #188 on:** January 01, 2017, 11:50:02 PM »

Quote from: JTZ on January 01, 2017, 11:45:30 PM

Checking/Savings - yes
CC - no
******* - ?

FTFY? Or u just don't know? It was a side question once we are on the topic

nobiggy · « **Reply #189 on:** January 02, 2017, 12:00:42 AM »

Usually the only time one gets a 1099 in this game is checking account bonuses.

Ephraimh · « **Reply #190 on:** January 02, 2017, 12:54:40 AM »

Quote from: noturbizniss on January 01, 2017, 10:53:32 PM

Why is it interest?

My point isn't that it's interest per se, what I'm saying is that if you're getting a 1099 from a bank its considered investment income potentially effecting your EIC, even though it's a 1099-misc and not a 1099-int/div CMIIW.

Ephraimh · « **Reply #191 on:** January 02, 2017, 12:59:05 AM »

Quote from: nobiggy on January 02, 2017, 12:00:42 AM

Usually the only time one gets a 1099 in this game is checking account bonuses.

+450
Flushing Bank was offering iPods a few years ago for opening an account and funding it with $5k, they sent me a 1099-INT for $450...

Redbull3 · « **Reply #192 on:** January 02, 2017, 07:51:41 AM »

It has to do with their being spend or not. Checking account bonuses can also be safe if there is a debit spend requirement. The "payment 1%" though on double cash is an interesting question.