February 4, 2021|AMEX

There are a few interesting quirks to the issuance of 1099’s for credit card referral bonuses and new account opening bonuses this year.

American Express

American Express has indicated that unless your referral bonuses exceed a value of $600 across ALL of your cards, you will not receive a 1099.  So for example, if you received one referral bonus for 15,000 Membership Rewards points (which AMEX values at $150) and no other referral bonuses, you will not receive a 1099.  They did tell me that Goodwill bonuses (such as waiving a late fee if it is not AMEX’s fault for the late fee) ARE taxable and add to the total.

North One Bank

North One has stated they do not issue 1099’s for any promotional bonuses (included those issued by MyPoints or Swagbucks) for sign-up bonuses.

Note:   This is not tax advice.  It is up to you to file your taxes properly.