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HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47845070 added 02-20-2012 9:45 AM by Chesskid1 in Archived Deals
huh? you are supposed to be paying it in the first place, so not a big deal, unless you don't pay your taxes correctly, i guess.
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47854922 added 02-20-2012 5:15 PM by gpister in Archived Deals
I had no idea this things would actually be considered to put in the income tax forms everything seems taxable which sucks. I think what he is trying to say is tax us the working class more...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47854304 added 02-20-2012 4:42 PM by m124 in Archived Deals
Which credit card?
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47845358 added 02-20-2012 9:57 AM by carabuser in Archived Deals
Yea lets tax the taxpayer even more, and ignore the real problems, like congress spending too much, entitlements, illegal aliens etc etc ...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47845282 added 02-20-2012 9:53 AM by m124 in Archived Deals
This is old news. Citibank is the only one doing it and only doing it for checking/savings, not credit cards. So far.
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47845996 added 02-20-2012 10:25 AM by dondeal80 in Archived Deals
I am sorry to say that my neighbor (a lawyer) received the form on a credit card! The IRS is no longer ignoring it -
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47846886 added 02-20-2012 11:04 AM by PiratePenguin in Archived Deals
This isnt about government spending. You should be reporting this yourself even if you didn't get a form in the mail. I have a website that pays out approx 300/year in google ad revenue. I haven't...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47848784 added 02-20-2012 12:19 PM by tadc in Archived Deals
Dey terker jerbs! It's not about ignoring or not... IRS clearly defines miles from a checking/savings as "interest" (reportable) and from a CC as a reward/rebate (not reportable). The only concern...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47845262 added 02-20-2012 9:53 AM by bigboy2007 in Archived Deals
The point is that it seems like Citybank did NOT dislose to new customers takinmg this del that they are liable for 2.5 cents per mile to IRS. ...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47870014 added 02-21-2012 8:19 AM by carabuser in Archived Deals
Exactly, there is a point when taxation becomes theft, and we crossed that line a long time ago, there should be a flat tax of 15% that includes corporations (which most pay anyways), and if congress...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47847560 added 02-20-2012 11:33 AM by Scampsters in Archived Deals
I just dont see how the creditcard companies can assign an arbritrary value to airmiles. For one thing not all airline miles are valued the same from one airline to another or even one creditcard to...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47855004 added 02-20-2012 5:20 PM by tadc in Archived Deals
True, all of your income is supposed to be reported to the IRS, even from your lemonade stand/garage sale. In practice, people only report income that gets reported by the IRS to other entities...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47855052 added 02-20-2012 5:24 PM by gpister in Archived Deals
I also had the same thoughts about if I didn't receive a 1099 form I assume no need to even report on the taxes. Ya I do know about garage sales and all that to be reported in tax, but its to much...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47844990 added 02-20-2012 9:42 AM by bigboy2007 in Archived Deals
Heads up to everyone taking advantage of AA miles Citibank checking/savings offers!! (at this time, I am not aware of CC offers being in the same boat): Sources: ...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47844996 added 02-20-2012 9:42 AM by wikipost in Archived Deals
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47875806 added 02-21-2012 11:33 AM by gpister in Archived Deals
Agree with you 100 percent! I feel taxation is becomed theft its to much increase taxes yet congress spends more than what is taxed. I don't have any problems to pay taxes, but its getting...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47845212 added 02-20-2012 9:51 AM by fyu in Archived Deals
it's airline miles. it's one of the few things that the IRS "ignores"
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47918638 added 02-22-2012 9:05 PM by slicked007 in Archived Deals
BUSINESS FEBRUARY 23, 2012 In Lieu of Toasters, Customers Burned By SUZANNE KAPNER Some customers lured into new bank accounts by awards such as department-store gift cards and...
HEADS UP: Citibank reporting "free" airline miles to IRS as income for opening checking / savings accounts!
Expired
Thread created 02-20-2012 by bigboy2007
-2 Score 18 Replies 4,495 Views
Post #47875056 added 02-21-2012 11:13 AM by qwertyaas in Archived Deals
The point is they are reporting the miles at 2.5 cents a mile... Which is insane.

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