January and the following months are Type 1099 season! Every year there are fascinating developments that occur as regards to banks issuing type 1099s for curiosity, financial institution bonuses, referral bonuses, and so forth. Keep in mind that time when Chase considered 500 Ultimate Rewards points as $500 on the Form 1099? And so they followed up in 2024 by considering certain credit card signup bonuses as 1099 income. I digress…
Many of the normal tax types we’ll obtain by the tip of January, per federal financial institution guidelines. There are just a few tax types that are despatched out in later months.
The feedback listed below are a devoted dialogue publish the place we will talk about all issues associated to tax type 1099 for 12 months 2024: when types change into out there, which banks don’t ship out 1099s, which earnings are purported to be reported on the shape 1099, referral bonus dialogue, and some other weirdnesses that occur.
I’ll add in beneath any particular tidbits that catch my eye, and we’ll doubtless republish this publish as issues develop. If there’s a vital story we’ll publish that individually as nicely.
Be aware, receiving a tax type or not receiving one has no bearing in your precise tax legal responsibility. This dialogue is simply to tell folks on what to anticipate, when to look out for a type, test for any errors, bear in mind to report one thing from a bonus that isn’t getting a tax type, and so forth. Seek the advice of a tax advisor about precise tax legal responsibility.
