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Bank fraud dept.

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MorganKane

MorganKane

VIP Member
Nov 12, 2012
1,755
1,056
have you ever received a 1099 for the rewards point received with credit cards?

technically if you redeem over $600/year, they’re supposed to report this income to the irs.

I always switch up cards throughout the year and stay below 600 redemption for each.
just curious if anyone has (in recent years) used In excess of 600 and got the tax bill.

No. never got one.
Redeemed a lot more than $600 a year.
 
M

Massive G

VIP Member
Apr 10, 2020
1,221
1,426
No. never got one.
Redeemed a lot more than $600 a year.
I checked on this when they changed the law since I get a lot of rewards like a lot of people. I also got 1500 paypal from fitbit for defective devices already paid for. Called PayPal and they said no on taxes required for refunds from vendors for items already purchased.
 

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fasttwitch

fasttwitch

VIP Member
Mar 17, 2011
496
616
I got hit by a card reader at a gas station not long ago. The bank told me afterwards that these card readers are incredible tech sometimes. They are made to fit perfectly and look natural on the machine. Hint: the bank told me to always grab the machine where the card goes in and give it is wiggle and a tug. Haha.. I am very good at using my hand to wiggle and tug things.

Man, the things people will do to avoid making an actual honest living. Fucking thieves should have their hands broken.
 
M

Massive G

VIP Member
Apr 10, 2020
1,221
1,426
I got hit by a card reader at a gas station not long ago. The bank told me afterwards that these card readers are incredible tech sometimes. They are made to fit perfectly and look natural on the machine. Hint: the bank told me to always grab the machine where the card goes in and give it is wiggle and a tug. Haha.. I am very good at using my hand to wiggle and tug things.

Man, the things people will do to avoid making an actual honest living. Fucking thieves should have their hands broken.
Thank for the tip on the reader. I had this happen in May at a gas station in SC on the way to FL. I inserted my card and attempted to remove it and it locked my card in for like 5 seconds. I immediately got a hit in my email for charges in California on my wife's card which made no sense. Went inside and they acted very evasive called the police which said they would come out and investigate...never heard anything back but AMEX took care of everything.
 
Tiny

Tiny

Senior Member
Dec 12, 2011
202
98
I checked on this when they changed the law since I get a lot of rewards like a lot of people. I also got 1500 paypal from fitbit for defective devices already paid for. Called PayPal and they said no on taxes required for refunds from vendors for items already purchased.
A refund definitely shouldn’t be an issues. Thats your money coming back to you.

Years ago, I recall seeing the $600 rewards tax liability in the paperwork from one of my credit cards. I have just stayed below $600 in rewards redemption since then. I would accumulate much more, but not withdraw within the same calendar year.
 
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