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FWF Tax Time: Tax effects of various FWF deals and forms to expect

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lsufanatic
1/4/06 1:01 PM
Although this information may be covered in some of the threads on these deals, I thought it would be helpful to have a thread to compile information on the tax reporting effects of the various FWF deals we have had during the last year. <br><br>This is not intended to be a debate on what should or should not be reported as income on your return, but a listing of for what deals the bank/brokerage/other will be reporting information to IRS and what forms you should expect to receive to prepare your return for 2005. <br><br>A couple of general notes regarding tax reporting of FWF deals:<br><UL>Credit card rewards and signup bonuses are generally not reported as income.</UL><br><UL>Bank account signup cash bonuses are generally ARE reported as interest income and you should receive a Form 1099-INT. Non-cash bonuses are YMMV, but are often reported as interest income on Form 1099-INT as well.</UL><br><UL>Mail-in rebates from items in HD are generally not reported as income.</UL><br><br>I will research the effects of a few of the deals I did and will update the posting below with information that I might find. I will also update for any other information that is posted. For clarity, please link the specific FWF deal thread when posting so we know what you are talking about. Initial posting will be based on offer terms listed by bank/brokerage. However, it is likely we will not be certain how or whether this income is reported until people begin receiving forms, so be sure to post if you receive a tax form from one of these deals as well. When forms are reported as being received, I will designate such in the listing as well.<br><br>Thanks!
WikiPost
1/4/06 1:02 PM
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lsufanatic
1/4/06 1:02 PM
Master listing, alphabetical by bank/brokerage<br><br><b>Format = Bank/brokerage, deal description (linked where appropriate), tax form, amount</b><br><br>Chase, <a target="_new" href="/redirect/bounce.php?afsrc=1&url=http://www.fatwallet.com/t/52/485861/">iPod shuffle for Chase checking account</a>, 1099-INT, $99<br>
lsufanatic
2/6/06 11:38 AM
No one had any interest in this a month ago, but I wanted to bump the thread to ask:<br><br>1. Did anyone receive a 1099 from Sharebuilder for the account opening bonuses?<br>2. Did anyone receive a 1099 from ex24 for the iPod Shuffle deal?<br><br>Although I haven't received anything from these two, I sure did get a 1099 from Scholarshare for the $1.06 in earnings on my account before I closed it!<br><br>Thanks!
dani24
2/6/06 11:47 AM
FYI, even if you don't receive a 1099 for these deals, you are still legally required to report them to the IRS. Just because a company doesn't have to issue certain forms because the amount is below a certain dollar amount, it doesn't mean you're free to omit it. <img src="i/expressions/face-icon-small-happy.gif" border=0>
lsufanatic
2/6/06 11:50 AM
dani24 said: <blockquote><hr>FYI, even if you don't receive a 1099 for these deals, you are still legally required to report them to the IRS. Just because a company doesn't have to issue certain forms because the amount is below a certain dollar amount, it doesn't mean you're free to omit it. <img src="i/expressions/face-icon-small-happy.gif" border=0><br><hr></blockquote><br><br>Yes, as an accountant I am fully aware of that fact. You should report all income you have earned (unless it is exempted by law), regardless of whether you receive a tax form. <br><br>This is meant more as a "heads-up" for anyone else who did these deals and is currently preparing their taxes.
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