Author Topic: CitiBank 20,000 AA Checking Offer (Read 74129 times)

AsherO · « **Reply #60 on:** January 12, 2011, 03:29:11 AM »

Quote from: aussiebochur on January 12, 2011, 01:17:40 AM

Citi is known for their procrastination when it comes to the miles for checking accounts.

If you can't keep the minimum balance it may cost you with the fees. If you downgrade there is a big chance you wont get the miles, especially if they don't post automatically and you have to call and need to fight.

I opened a citi account, my miles never posted (even though I fulfilled the requirements). I was too lazy to fight it, so I just closed the account and got them to waive the fees for account closure (I seem to remember a fee).

Yisrael · « **Reply #61 on:** January 17, 2011, 02:34:34 AM »

You're still eligible as long as you meet the requirements before you bump down to the free account. The miles take 90's to post so I didn't get them yet. I got the ID number of the gentleman I spoke with confirming I would get the miles and that I met the requirements.

Dan · « **Reply #62 on:** February 03, 2011, 11:58:37 AM »

Anyone still bothering to open Citi accounts now that you'll get a 2.5cpm tax bill?

It's a good thing Chase and Bank Direct don't do this!

Yordai Dooma · « **Reply #63 on:** February 03, 2011, 12:15:16 PM »

Quote from: Dan on February 03, 2011, 11:58:37 AM

Anyone still bothering to open Citi accounts now that you'll get a 2.5cpm tax bill?

It's a good thing Chase and Bank Direct don't do this!

Didnt follow all the other threads about this. Is this only new accounts starting in 2011? Or also in 2010?

Dan · « **Reply #64 on:** February 03, 2011, 12:16:55 PM »

Quote from: David on February 03, 2011, 12:15:16 PM

Didnt follow all the other threads about this. Is this only new accounts starting in 2011? Or also in 2010?

They sent out 1099-INT for 2010 accounts.

Daniel · « **Reply #65 on:** February 03, 2011, 12:42:07 PM »

I opened a couple citi accounts and haven't gotten a 1099 yet

Daniel · « **Reply #66 on:** February 03, 2011, 12:46:41 PM »

Also, how can they do that without prior warning?

gozalim · « **Reply #67 on:** February 03, 2011, 02:36:23 PM »

citi credit cards also getting taxed? or only bank accounts?

Dan · « **Reply #68 on:** February 03, 2011, 03:03:36 PM »

Quote from: gozalim on February 03, 2011, 02:36:23 PM

citi credit cards also getting taxed? or only bank accounts?

Just bank accounts.

elikay · « **Reply #69 on:** February 03, 2011, 06:29:48 PM »

They don't have to warn you!

AsherO · « **Reply #70 on:** February 03, 2011, 06:31:21 PM »

Quote from: elikay on February 03, 2011, 06:29:48 PM

They don't have to warn you!

I'm sure that'll encourage future business.

daganster · « **Reply #71 on:** February 08, 2011, 10:24:18 AM »

What's a 2.5cpm tax bill? They tax your points?

Quote from: Dan on February 03, 2011, 11:58:37 AM

Anyone still bothering to open Citi accounts now that you'll get a 2.5cpm tax bill?

It's a good thing Chase and Bank Direct don't do this!

AsherO · « **Reply #72 on:** February 08, 2011, 01:01:50 PM »

Quote from: daganster on February 08, 2011, 10:24:18 AM

What's a 2.5cpm tax bill? They tax your points?

Yes, they send you an IRS 1099-form saying you earned miles. The 1099 shows a dollar amount, 2.5 cents for each mile, which is much more than they're work.

Daganster, call me if you need this explained.

daganster · « **Reply #73 on:** February 08, 2011, 01:22:47 PM »

Quote from: AsherO on February 08, 2011, 01:01:50 PM

Yes, they send you an IRS 1099-form saying you earned miles. The 1099 shows a dollar amount, 2.5 cents for each mile, which is much more than they're work.

Daganster, call me if you need this explained.

Thanks, we'll be in-touch.

daganster · « **Reply #74 on:** February 09, 2011, 05:08:04 PM »

Quote from: AsherO on February 08, 2011, 01:01:50 PM

Yes, they send you an IRS 1099-form saying you earned miles. The 1099 shows a dollar amount, 2.5 cents for each mile, which is much more than they're work.

Daganster, call me if you need this explained.

I just got off the phone with Citi bank, and I told them that I want my bank accounts closed because I don't want to pay this tax. The banker told me that according to federal law you're required to pay taxes on all of your points, miles and interest earned etc. I told him that even if I'm required to pay this tax they shouldn't be valued at 2.5 cents a mile. I wonder if what this guy is saying has any truth to it.

Dan · « **Reply #75 on:** February 09, 2011, 05:25:08 PM »

"The IRS will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles"

misterstuf · « **Reply #76 on:** February 09, 2011, 05:45:34 PM »

Quote from: Dan on February 09, 2011, 05:25:08 PM

"The IRS will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles"

Dan, could you give us a source for that quotation?

daganster · « **Reply #77 on:** February 09, 2011, 05:48:58 PM »

Quote from: Dan on February 09, 2011, 05:25:08 PM

"The IRS will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles"

You're quoting this from.......

daganster · « **Reply #78 on:** February 09, 2011, 05:49:42 PM »

Quote from: misterstuf on February 09, 2011, 05:45:34 PM

Dan, could you give us a source for that quotation?

We asked that simultaneously hahaha

misterstuf · « **Reply #79 on:** February 09, 2011, 05:50:28 PM »

Quote from: daganster on February 09, 2011, 05:49:42 PM

We asked that simultaneously hahaha

Great minds...