Will i get a 1099 from my bonus chase visa reward?

[AmberHeartsDisney]

I got a 100$ bonus from my Disney visa card for signing up. Does any know if ill get a 1099??

 

[dzorn]

Nope no 1099

Denise in MI

 

[Tisha_PA]

You will get an interest statement - the same as you would from a savings account that paid you interest.

 

[AmberHeartsDisney]

You will get an interest statement - the same as you would from a savings account that paid you interest.

That doesnt really make sense? I have a credit card with them its not interest. right?

 

[AmberHeartsDisney]

http://www.mymoneyblog.com/quick-tip-differences-between-bank-and-credit-card-sign-up-bonuses.html

Quick Tip: Differences Between Bank and Credit Card Sign-up Bonuses

Just a quick tip that a reader brought up… when you receive a “bonus” from a bank, it is usually going to be reported as taxable interest income to the IRS via a 1099-INT form. Since such interest is taxed as ordinary income, you should remember that you will probably owe income tax on the bonus amount multiplied by your marginal tax rate (2010). After personal exemptions and standard deductions, students or other people with lower incomes might find that they don’t owe tax anyway, but it’s still worth noting.

Another way that this can get messy is if the bank offers an item like an mp3 player, and reports the full retail value while the actual market price is much lower. Let’s say they give you an iPod that you can find for $200 but mark it as worth $300. If you’re in the 28% tax bracket, you’ll be paying $84 in taxes for that “free” iPod. Still a good deal, but only if you would really pay that much for it! (Example: iPod Touch from KeyBank.)

However, incentives from a credit card sign-up are usually non-taxable. They don’t report any income on 1099-INTs, and due to a IRS private-letter ruling, tax experts tend to view the bonuses as a rebate on the purchases you make on the cards. (Example: $250 cash bonus from Chase credit card.)

 

[lakohls]

I signed up for the Chase card in late 2009 with a $200 incentive. I did not get any type of tax documents last year when I filed. Now I have only just now had the earned points sent to me in Jan 2011 (using to pay my DVC dues), but still don't expect to receive any type of 1099.

 

[scrapquitler]

Usually you only get a 1099 for 'payments' over $600 in a calendar year, this is like if you win a prize, which is the case that the OP is talking about

1099INT is different...thats for interest paid to you, and that is for amounts of interest paid to you over $10 in the year.