rewards enquiry

Forum|Forum|2 years ago
November 17, 2023
1 reply
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I assume all of the rewards do not need to be reported. Here are the examples.

1. lyft earn 5 dollar reward if riding 3 time per month

2. CVS filling prescription or getting flu shot to earn a few dollars

3. target, get some cash back when buying things

4. coupou to get 5 dollar off the entire purchase.

I assume all of these stuffs do not need to be reported, right?

Thanks,

Helen

TurboTax Deluxe Online

Bsch4477

Level 15

From the Lyft site:

Points and Rewards GenerallyAll federal, state, and local taxes on Program Points or Rewards are your sole responsibility. Lyft may issue an IRS Form 1099 indicating the approximate retail value of certain Rewards to the IRS for tax reporting purposes.

The other items you mentioned are not taxed.

Helen123Author

Level 5

many thanks, Champs. For the lyft, I think you mean for the lyft diver, they need to report the tax, right?

1. What I mean is as the customer, if I use their app to take the ride three times per month (spend money three times per month), they may give me 5 dollar rewards. I think this is similar with the other general rewards program (like credit card rewards/cash back).

2, Based on my knowledge, credit card rewards/cash back are not the income. I do not need to report them. Therefore, for the lyft reward for the customers (not for the drivers), I do not need to report them as well.

3. By the way, when I use uber eats/uber, they will give me offer, such as 40% off, buy one get one free, 0 delivery fees, get one free rice, uber one membership benefit if I can spend more than some money in this order or save 8 dollars when add any coca-cola beverage to order of 20+. I think I do no need to report them as well, right? They can be treated as discount not the income and therefore no need to report.

Are all my understandings correct for uber eat, uber, lyft and credit card?

Thanks,