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Reports from readers and Flyertalk are about Chase 1099s being sent out, with a few surprises:
- There are multiple reports of additional 1099 amounts which appear to be related to the five-free-night bonus on the Marriot card. The amount of the 1099 varies, and seems to be somewhere in the $450-$500 range. Traditionally, credit card signup bonuses are considered rebates on spend and are not taxed. Unclear if this is an error or if Chase decided that the free night bonus is legally a form of bonus which can not be considered a rebate.
- Readers report getting $10 added to their 1099, apparently due to one of the small $10 mobile app or similar promos.
- Points referral bonuses from the United card are getting 1099ed. The 10,000 points bonus is being valued at 1 cent per point. We’ve long known about 1099s for Ultimate Rewards bonuses since those can be cashed out at 1 cent per point; but even points referrer bonuses are getting 1099ed. (Apparently they did in years past as well.)
Let us know if you see this or other changes in the Chase tax forms. We’ll add a note about this as well in our main post Which Banks Send Out Tax Form 1099? (Discussion Post for 2023 Tax Forms).
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Chuck
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