Please consult with your tax advisor for tax advice. This article is for informational purposes only.
In our post on banks that issue 1099’s for referral bonuses we noted that Chase does send out a 1099-MISC if you receive over $600 or more in referrals. That was based off this /r/churning thread. That same user has now received a revised correction (sent to us via e-mail):
Today I received a letter from Chase stating that “We’ve made a correction to your 2016 form 1099-MISC.” They go on to issue a revised 1099 and say that my correct amounts is now $0 wiping out the whole $1,000.Needless to say this is really annoying now since I’ve filed ALL of my taxes already (Federal, State & Local) but I guess it will be worth the hassle to file amendments to get around $200 back.
It seems like Chase have had a change of heart or have received updated advice regarding this. It’s obviously very annoying for anybody that has filed their taxes. We will update our original post to reflect this new information.
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