{ "media_type": "text", "post_content": "If you redeem your credit card rewards as a check. Will that count towards your taxable income at the end of the year?", "post_id": "5a5bc17fa769be0013700be0", "reply_count": 16, "vote_count": 1, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }

If you redeem your credit card rewards as a check. Will that count towards your taxable income at the end of the year?

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Nope

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No, rewards are considered a discount, so a reduction in what you pay, not additional income.

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No

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Promo to open account = taxable. Cc rewards = non taxable.

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So the bank where you have your checking account (will deposit the check) Wong sent you a 1099?

STA beat me to it. Went done this road years ago when I got credit cards so I could get my taxes correct.

Thanks everyone!

How would your checking account know what the money was for?

You are being paranoid... just show them the rewards statement if asked.. also banks usually retain copies of the checks

So you think banks are handing out 1099s for all check deposits? I’m legitimately confused how you think a bank would ever report a check deposit as income.

OP yes. Report it as interest earned in the 1099 int

Since when do banks 1099 you for deposits....? You must live under a rock..?

When I opened my chase checking, it came with a promo of $200 that was deposited into my account just for opening an account. At year end, they sent me a 1099. So I wanted to check if the rewards count the same

OP that’s right. That money is taxable like credit card rewards. Make sure you report it on the tax return or the IRS will send you a nasty letter

That money is interest income but very different from credit card rewards

Nowhere will it say that its cc rewards. Just money deposited into account

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