How to report credit card signup bonus?

Forum|Forum|1 year ago
March 5, 2025
1 reply
12 views

The bank didn't send any form, I asked the bank to send me a 1099 and they replied:

Allow me to clarify on the 1099 for the Chase credit
cards.

Please be advised that there is a threshold and
it's a minimum of $600. Since your sign up bonus was less
than $600 earned, the government will not consider it
taxable.

Any cash, credits, or points with cash value earned
through the tax year without having to spend money are
considered taxable if the total is $600 or more on your
Chase accounts. For questions on how to file please reach
out to your Tax Advisor.

Now I don't know if I need to create a 1099 myself. And what kind of 1099 (INT, MISC, etc?) and how to fill it, since I don't have any info from the bank

Ask the Experts - MetLife VII - Mar 2025

AmyC

Level 15

Follow thee steps:

Follow these steps to enter the income:

go to the federal income section
scroll to the bottom
Miscellaneous Income, 1099-A, 1099-C, Start
Scroll to the bottom
Other reportable income, Start
Other taxable income?
Select YES
Description - whatever you want to say
Amount, enter your amount
Continue

You are smart to know that all income is taxable. The filing threshold is a different matter.

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pe1818Author

Level 2

“all income is taxable”

I agree for this case. But in general all income is taxable? Even when I receive rewards that requires me to first spend on credit card?

DianeW777

Level 15

Yes, it is all taxable starting at $1. Even though you spend taxed money on your credit card to obtain a reward, any reward is money back to you and ultimately must be included in your taxable income.

@pe1818

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