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Post by anitya on Feb 27, 2024 22:08:18 GMT
Posts below moved from the "OLD REVEALS AND NEW FINDS Thread" The first post was responding to this comment: I have talked before about using the Fidelity credit card and linking our cash back directly to our Fidelity money market fund. We recently took it a step further and now have our Social Security checks deposited right into the money market fund.
Also don't give up just yet on brokered CD's. Three and four month CD's are creeping back to the 5.3%/5.35% area.
Catdog
catdog , Does Fido issue a Form 1099 for the cash back they deposit into your money market account? I ask CC companies to credit my CC statement as I was not sure if they would otherwise issue a Form 1099 MISC if I ask for cash deposit into MM or checking account. |
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Post by catdog on Feb 27, 2024 23:32:09 GMT
Anitya,
It is considered a rebate. I looked into it. Of course interest on SPAXX does generate one.
catdog
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Post by yogibearbull on Feb 28, 2024 0:29:00 GMT
I have several LARGE rebates from 3 of my cashback cards, and they never issued 1099s.
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Post by keppelbay on Feb 28, 2024 0:51:17 GMT
I have several LARGE rebates from 3 of my cashback cards, and they never issued 1099s. Aren't they just giving you back your own money? It seems more like ROC than taxable income ... |
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Post by yogibearbull on Feb 28, 2024 1:44:02 GMT
I have several LARGE rebates from 3 of my cashback cards, and they never issued 1099s. Aren't they just giving you back your own money? It seems more like ROC than taxable income ...
If you get cashback or points for spending money, that isn’t taxable. But if you get rewards without strings attached (account opening bonus; for referrals, etc), those can be taxable if over $600 (i.e, 1099 may be issued). If you get cashback or points from a business card, but use those for personal expenses, then that would be taxable, but again, nobody bothers for small amounts. www.cnet.com/personal-finance/credit-cards/advice/are-credit-card-rewards-taxable/ |
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Post by anitya on Feb 28, 2024 8:19:16 GMT
I have several LARGE rebates from 3 of my cashback cards, and they never issued 1099s. Aren't they just giving you back your own money? It seems more like ROC than taxable income ... That would be common sense but tax laws do not always follow common sense. E.g., When you buy certain items subject to sales tax, I have seen sales tax applied to original price and not to the discounted price of electronics. |
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Post by anitya on Feb 28, 2024 8:27:31 GMT
I have several LARGE rebates from 3 of my cashback cards, and they never issued 1099s. I accepted a new credit card with sign on bonus of $300 which vested only when I spent $1,000 over a couple of months. When the CC company said I earned my bonus, I asked them to credit my CC account. I guess I should have asked them to put that $300 into my checking account because I do not have to pay off the credit card balance for 15 months (zero penalty and interest) as long as I pay the minimum due in each statement. |
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Post by fishingrod on Feb 28, 2024 10:16:03 GMT
It seems that only personal physical injury or sickness settlements aren't taxable.
However:
"Property settlements for loss in value of property that are less than the adjusted basis of your
property are not taxable and generally do not need to be reported on your tax return. However, you
must reduce your basis in the property by the amount of the settlement."
"If the property settlement exceeds your adjusted basis in the property, the excess is income. For
more information, see the Instructions for Form 1040, Schedule D, Capital Gains and Losses and the
Instructions for Form 4797, Sales of Business Property."
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Post by yogibearbull on Feb 28, 2024 11:50:24 GMT
Email about Schwab Private Client Services.
Asset Transferred Bonus
$50,000–$99,999 $200
$100,000–$249,999 $300
$250,000–$499,999 $600
$500,000–$999,999 $1,200
$1,000,000 or more $2,500
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Post by steelpony10 on Feb 28, 2024 15:17:47 GMT
Don’t you guys just get one consolidated brokers statement covering everything that may have to be reported on a tax form? Misc is on mine.
We get a 1099-R for TIRA distributions, a IRS pin #, a SS statement and I send copies of my additional tax payment vouchers for cap gains during the year. Really I could do taxes on my own but not my wife.
Try looking at Publication 4012 on line for answers. CC rebates are not taxable, section D4? They are considered a reduction in the purchase prices.
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Post by anitya on Feb 28, 2024 19:37:10 GMT
Email about Schwab Private Client Services. Asset Transferred Bonus $50,000–$99,999 $200 $100,000–$249,999 $300 $250,000–$499,999 $600 $500,000–$999,999 $1,200 $1,000,000 or more $2,500 Is there anyway to get zero transaction fees (commission) on mutual fund trades at Schwab? It would be nice if they drop their 90 day STR restriction on NTF funds to 60 days. Just an FYI - Schwab charges a fees for transfers out of Schwab to other brokerages. |
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