Corrected Chase 1099 Forms
I have talked about 1099 forms quite a bit this year. People first started seeing them in their mailboxes in late January, and it caused a firestorm of panic. Many people were not expecting these forms and confusion started spreading like wild fire. Were these for welcome offers? Why am I getting this? Do I need to pay taxes on this form!? It lead to me writing a post imploring everyone to calm down. These forms should only be sent out for refer a friend points and bank bonuses, since everything else is a rebate on spend (including welcome offers). There were some anomalies though, and I covered those three instances in more detail. Well, one of those has led to corrected Chase 1099 forms going out.
**Note: this article is just for informational purposes and is NOT tax advice. Contact your tax professional on any and all 1099 forms.
Error 1099s For Marriott Bonvoy Welcome Offer
The most perplexing case of Chase sending out 1099 forms was the one people received for the Marriott Bonvoy card's welcome offer. I am not sure if the offer being for 5 x 50K a night certificates instead of straight points fried their system a bit or what (which can be a tricky welcome offer anyway). We had multiple reports in the ToP Facebook Group of people receiving a 1099 for this welcome offer, which went against the norm in years past.
I figured it was likely a mistake, and with these corrected Chase 1099 forms going out it appears that Chase thinks it was too. They have been sending out forms with an update $0 amount for this particular offer only.
What If You Haven't Received A Corrected 1099 Form?
If you have not received one of the corrected Chase 1099 forms then you have a few options. You can sit and wait a bit longer to file your taxes and hope one shows up. Or, you could bring it to your tax professionals attention and see how they would like to handle it on your tax filing.
Corrected Chase 1099 Forms: ToP Thoughts
I am glad to see these corrected Chase 1099 forms going out to people. Especially since it was obviously an erroneous reporting on Chase's part. It appears that one of the three perplexing 1099 cases has been solved!
Be sure to get with your tax professional on this subject and see how they would like to handle your tax return going forward. If you have already filed your taxes then hopefully they can amend them for you if needed.
Let us know if you received one of these corrected forms over in the ToP Facebook Group.
HT: DoC
