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Does BofA issue a 1099 for rewards?

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thelethargicage
Valued Contributor

Does BofA issue a 1099 for rewards?

It's on the T&C, but do they actually do it?


Message 1 of 3
2 REPLIES 2
trumpet-205
Valued Contributor

Re: Does BofA issue a 1099 for rewards?

Credit card rewards are NOT subjected to taxiation/1099 because they are considered purchase rebate.

 

On the other hand checking account rewards/bonus are taxable if they don't require spending to earn it.

Message 2 of 3
compassion101
Established Contributor

Re: Does BofA issue a 1099 for rewards?


@trumpet-205 wrote:

Credit card rewards are NOT subjected to taxiation/1099 because they are considered purchase rebate.

 

On the other hand checking account rewards/bonus are taxable if they don't require spending to earn it.


+1

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