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$$ Offers when opening checking accounts all Taxable?
Hi, guys, I am a new SlickDeals member, I was looking at the ING Electronic Orange Offer of 50$ deposit when opening a checking to them as a new member, will this be taxable?
I ask because I saw a CBS news clip this morning saying Cash and Credit Rewards are TAXABLE if they go beyond 600$...
which brings me to my second question, are they all cumulative, meaning if I get 50$ from ING, then 150$ from opening a Chase checking, and 25$ cash back when buying an AMEX prepaid card, etc, and they amount to more than 600$ total, am I going to be taxed?
Did CitiBank not charge frequent flyer mile rewards as taxable rewards?
I checked IRS.gov but couldn't find this particular issue.
Thank you so much for helping middle class families like ours. Please keep us in your thoughts or prayers as my son is having a muscle wasting condition. Thank you
I ask because I saw a CBS news clip this morning saying Cash and Credit Rewards are TAXABLE if they go beyond 600$...
which brings me to my second question, are they all cumulative, meaning if I get 50$ from ING, then 150$ from opening a Chase checking, and 25$ cash back when buying an AMEX prepaid card, etc, and they amount to more than 600$ total, am I going to be taxed?
Did CitiBank not charge frequent flyer mile rewards as taxable rewards?
I checked IRS.gov but couldn't find this particular issue.
Thank you so much for helping middle class families like ours. Please keep us in your thoughts or prayers as my son is having a muscle wasting condition. Thank you
