PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc)
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Yes, if you receive a Form 1099-K reporting non-taxable payments (e.g. coupon redemption, cash rebates, casual sales of personal property at less than your cost), you can report it in the Other Reportable income interview.
https://www.reddit.com/r/ibotta/comments/q39y6y/ibotta_and_the_new_paypal_irs_requirements/
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With this reality, it may be best to have IBOTTA deposited directly into your bank account via ACH vs Paypal
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Plus redeem for GCs instead of PayPal… sucks since most GCs can be purchased at discount.
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Another good reason to always cash out Ibotta by buying a gift card. I usually get a Walmart or Amazon gift card when I cash out.
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@mrvietnam said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
Another good reason to always cash out Ibotta by buying a gift card. I usually get a Walmart or Amazon gift card when I cash out.
I take the cash, why? there’s often 5% CB offers for online shopping on my credit cards, whether it be Amex, Visa, Discover, etc. So I’d rather charge at AMZ or WMT online and earn the 5% back, plus I have the dispute protection if anything goes wrong from the CC. I did change my option to a bank account this AM. Had it set up to Paypal for years.
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I need ink for recycling so I bought ink at Staples for 50% back in Rewards. TCB excludes ink purchases from cash back.
I bought a Staples egc from iBotta where you can use money in your account to pay and get 5% back.
I ordered the ink through iBotta where ink isn’t excluded from cash back. Paid with the egc.
The 5% for the eGC and 2.5% for the ink are pending in my account.
Same % if I’d paid with my Chase ink 5% back but this cashes out some of my iBotta account and doesn’t use part of my Chase ink 5% back. I max out the Chase 5% on utilities and buying prepaid Visa cards. Prepaid Visa cards aren’t an option on iBotta.I get >$1K a year from iBotta. Thanks for the HU.
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@my4mainecoons said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
I need ink for recycling so I bought ink at Staples for 50% back in Rewards. TCB excludes ink purchases from cash back.
I bought a Staples egc from iBotta where you can use money in your account to pay and get 5% back.
I ordered the ink through iBotta where ink isn’t excluded from cash back. Paid with the egc.
The 5% for the eGC and 2.5% for the ink are pending in my account.
Same % if I’d paid with my Chase ink 5% back but this cashes out some of my iBotta account and doesn’t use part of my Chase ink 5% back. I max out the Chase 5% on utilities and buying prepaid Visa cards. Prepaid Visa cards aren’t an option on iBotta.I get >$1K a year from iBotta. Thanks for the HU.
FYI, not sure about TCB, but most cb sites limit the ink exclusion to HP ink. other brands like Epson, Brother, etc seem to qualify for the CB. Not sure what brand you are ordering.
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@mistercheap said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
@my4mainecoons said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
I need ink for recycling so I bought ink at Staples for 50% back in Rewards. TCB excludes ink purchases from cash back.
I bought a Staples egc from iBotta where you can use money in your account to pay and get 5% back.
I ordered the ink through iBotta where ink isn’t excluded from cash back. Paid with the egc.
The 5% for the eGC and 2.5% for the ink are pending in my account.
Same % if I’d paid with my Chase ink 5% back but this cashes out some of my iBotta account and doesn’t use part of my Chase ink 5% back. I max out the Chase 5% on utilities and buying prepaid Visa cards. Prepaid Visa cards aren’t an option on iBotta.I get >$1K a year from iBotta. Thanks for the HU.
FYI, not sure about TCB, but most cb sites limit the ink exclusion to HP ink. other brands like Epson, Brother, etc seem to qualify for the CB. Not sure what brand you are ordering.
HP
Per TCB: The purchase of Gift Cards, Laptops & Desktop computers, Tablets & E-Readers, Printers & Scanners, Ink, Toner, Phones, Cameras & Electronics, Fitness, Wearable Technology, Hard Drives & Data Storage are not eligible for cash back.In addition: HP products are not eligible for cash back.
I found out the hard way. Years ago I placed orders through TCB and got no CB.
I already knew that RMN excludes HP. " Cash back excludes gift cards, HP Printers and HP Ink and Toner."
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Just had to Chat with RMN.
“PayPal and Venmo are our only options to redeem your rewards and we use the phone number on the account to send the rewards to Venmo. RetailMeNot’s cash back rebates business does not fall under the new tax reporting requirement related to payments made through third-party payment networks.”
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@my4mainecoons said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
@mistercheap said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
@my4mainecoons said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
I need ink for recycling so I bought ink at Staples for 50% back in Rewards. TCB excludes ink purchases from cash back.
I bought a Staples egc from iBotta where you can use money in your account to pay and get 5% back.
I ordered the ink through iBotta where ink isn’t excluded from cash back. Paid with the egc.
The 5% for the eGC and 2.5% for the ink are pending in my account.
Same % if I’d paid with my Chase ink 5% back but this cashes out some of my iBotta account and doesn’t use part of my Chase ink 5% back. I max out the Chase 5% on utilities and buying prepaid Visa cards. Prepaid Visa cards aren’t an option on iBotta.I get >$1K a year from iBotta. Thanks for the HU.
FYI, not sure about TCB, but most cb sites limit the ink exclusion to HP ink. other brands like Epson, Brother, etc seem to qualify for the CB. Not sure what brand you are ordering.
HP
Per TCB: The purchase of Gift Cards, Laptops & Desktop computers, Tablets & E-Readers, Printers & Scanners, Ink, Toner, Phones, Cameras & Electronics, Fitness, Wearable Technology, Hard Drives & Data Storage are not eligible for cash back.In addition: HP products are not eligible for cash back.
I found out the hard way. Years ago I placed orders through TCB and got no CB.
I already knew that RMN excludes HP. " Cash back excludes gift cards, HP Printers and HP Ink and Toner."
FYI, my Brother ink purchase tracked just fine on RMN, $1.52. Not big bucks, but covers some of the sales tax at least and more than TCB would pay out.
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@my4mainecoons said in PAYPAL may be issuing 1099-K's for 2023 Tax Year for Rebates sent to paypal in excess of $600 (Ibotta, beer, Shopmium, etc):
Just had to Chat with RMN.
“PayPal and Venmo are our only options to redeem your rewards and we use the phone number on the account to send the rewards to Venmo. RetailMeNot’s cash back rebates business does not fall under the new tax reporting requirement related to payments made through third-party payment networks.”Yes, but not sure who issues the tax document, if Paypal issues it, then it’s still something you have to address on your return. If you read the reddit thread I posted about Ibotta, it seems to indicate it comes from Paypal and RMN is in the same boat as IB as a cash back rebate set up.
