What 1099-misc category do I select for credit card referral bonuses? Prizes? Manufacturer’s incentive? Something else?

A credit card referral bonus looks a lot like a "manufacturers incentive", where the "manufacturer" is a credit card company and you are getting an incentive to "push" (promote) their product.

 

Credit card referral bonuses are offered by card issuers as a way to encourage customers to share products they love with their friends. With a referral bonus, the initial customer is awarded with cash back or points when they get another person to sign up for a credit card using their unique link.

 

Here are the steps to enter a manufacturer's incentive in TurboTax:

(Manufacturer's Incentives are sometimes referred to as SPIFFS)

• While signed into your account (Take me to my return),
• In the Search box (upper right of program) search "1099 misc" then click the "Jump to" link from results
• Enter your 1099-MISC with amount from Box 3 and on next page, you will be asked to "Describe the reason for this 1099-MISC?" enter SPIFF
• On next screen, check the box for "This was a manufacturer's incentive payment"

Hi,

 

I got a cash bonus for opening a new credit card.  The credit card company did not send me a 1099.  Am I suppose to report this income and where?

 

Thanks 

You should report all of your income, whether or not you receive a form. Here are the steps to enter the income.

 

1. Open TurboTax.
2. "Pick up where I left off."
3. Federal > Wages & Income.
4. Scroll to Miscellaneous Income, 1099-A, 1099-C > Edit or Add.

 

 

 

         

  5.  "Other income not already reported on W-2 or Form 1099" > Start or Revisit.

 

 

 

   6.   On the screen "Other Wages Received" select "Yes" > Continue.

 

   7.  On the screen, "Any Other Earned Income" select "Yes" > Continue.

 

 

   8.  On the next screen, select "Other" > Continue

 

 

 

    9.  On the screen below, enter the description and the amount.

 

 

    10.  Done.