Which is taxable

tx2025 — Tue, 11 Feb 2025 03:34:24 GMT

which of the below is taxable and where to report each:

1) $50 gift card from health insurance company for completing a health questionaire

2) $25 gift card from bank for downloading an app

3) $20 and $25 gift cards from workplace

4) $200 cash gift from workplace

5) a kitchen appliance gift from workplace

6) other small gifts from workplace i.e mug, chocolate

7) $5 promo code from a retail store for completing a review of a purchased product

😎 Points and cash backs from Paypal and credit cards

Thank you

Re: Which is taxable

AmyC — Tue, 11 Feb 2025 03:43:37 GMT

1. Other income on Schedule 1

2. Same as above

3. Should already be in your w2, no need to report again

4. same as #3

5. same as #3

6. Small items from work valued at under $100/year are just a fringe benefit. No need to report. Otherwise, it is already in your w2.

7. same as #1

8. Generally, cash back rewards are not taxable if they are considered a discount or rebate on purchases. However, if you receive points or cash back that can be redeemed for cash or used for other purposes, it may be taxable.

Follow these steps to enter the taxable 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 describe the income
Amount, enter your amount of income
Continue

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Which is taxable

Re: Which is taxable