Taxes on My Points/Swagbucks redemptions if redemption would put you over $600 in the year
-
In MyPoints I tried to redeem for a VIsa gift card and I got a screen from MyPoints asking that I fill out a W-9 form for the IRS presumably so they could report my earnings to the IRS so so it could be taxed.
Instead of filling out the W-9 and being taxed there was also the option to wait until next year and a final option to redeem via PayPal in which case no W-9 form was necessary. Usually in MyPoints PayPal redemptions cost more that VIsa gift card redemptions…
-
@MrVietnam just put in for my January Visa redemption at SB and didn’t get any prompt about a w-9.
Curious, did you earn more than $600 in points in 2020 or 21? Typically there’s a threshold amount where tax reporting becomes required.
Happy New Year!
-
@mistercheap said in Taxes on My Points/Swagbucks redemptions:
@MrVietnam just put in for my January Visa redemption at SB and didn’t get any prompt about a w-9.
Curious, did you earn more than $600 in points in 2020 or 21? Typically there’s a threshold amount where tax reporting becomes required.
Happy New Year!
Yes, this notice was only for people who were over $600 in 2021 or their current redemption would put them over $600 for that year…
-
is the $600 reporting for Swagbucks and Mypoints combined, or is it $600 each?
-
@frugalpete said in Taxes on My Points/Swagbucks redemptions if redemption would put you over $600 in the year:
is the $600 reporting for Swagbucks and Mypoints combined, or is it $600 each?
Excellent question. I am wondering about that too as I am signed up for both Swagbucks and Inbox Dollars.
-
@mrvietnam said in Taxes on My Points/Swagbucks redemptions if redemption would put you over $600 in the year:
@frugalpete said in Taxes on My Points/Swagbucks redemptions if redemption would put you over $600 in the year:
is the $600 reporting for Swagbucks and Mypoints combined, or is it $600 each?
Excellent question. I am wondering about that too as I am signed up for both Swagbucks and Inbox Dollars.
It’s separate. Each company, though all three are under the Prodege umbrella of ownership, is distinct from one another. I got the $600 warning from SB but not from MP when I tried to do my final redemption of the year on each.
