There’s an interesting report from a reader that Chase might issue a 1099 for credit card signup bonuses which don’t have a spend requirement. We’ve seen those kinds of signup bonus offers from Chase on the Amazon credit card and Instacart credit card.
While typically a signup bonus is considered a ‘discount’ on the spend and is thus not 1099-able, signup bonuses with no spend requirement might get a Form-1099. These tax forms are typically only sent out when a total of $600 or more is received in a calendar year. We haven’t seen Chase offer high signup bonuses with no spend requirement.
And yet, this is relevant for someone who receives referral bonuses or other similar bonuses from Chase which are 1099-able. The signup bonus will combine with the referral bonus and get reported together on the 1099.
Interesting. I’ve never heard about this before and thought it worth a head-up.
Source: doctorofcredit.com