Fidelity Holiday Offer - $150 for $50 deposit

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nalor511
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by nalor511 »

tj wrote: Sat Jan 21, 2023 1:54 pm I'm surprised ya'll are already getting 1099'd. I guess I should check mine. Weird they are doing separate forms for each account. Looks like the Bloom bonus didn't get 1099'd either.
The bloom bonus (depending on which one you're talking about) could be non-taxable, because much of it ($50) was rewards for spending on the debit card. Debit spend bonuses (like CC spend bonuses) are considered non-taxable rebates. E.g. you purchased $10+ for them to give you $1 "cash back". Cash back (from a purchase) is not taxable.

The savings match bonus and the signup bonus would likely be taxable
Rainmaker41
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by Rainmaker41 »

Update re: 1099 for Fidelity $150 bonus

I contacted Fidelity chat support and was told this regarding the absence of the $150 bonus from my 1099.

"The $150.00 promotional credit that you received from Fidelity is categorized as "Miscellaneous Income" miscellaneous income is only reported on the 1099 if it is over $600.00."

I then asked them to confirm that it was categorized as miscellaneous income for 2022, to which Fidelity's rep said yes.

My take-away from this is that the $150 bonus is in fact taxable income for 2022, and that it will not be reported as 2023 income. So, taxpayers who have received the Fidelity bonus should report the income for 2022 (I suppose technically as miscellaneous income to align with Fidelity's record).
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startwithtruth
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by startwithtruth »

Rainmaker41 wrote: Tue Jan 24, 2023 4:44 pm Update re: 1099 for Fidelity $150 bonus

I contacted Fidelity chat support and was told this regarding the absence of the $150 bonus from my 1099.

"The $150.00 promotional credit that you received from Fidelity is categorized as "Miscellaneous Income" miscellaneous income is only reported on the 1099 if it is over $600.00."
That's consistent with what the Holiday offer FAQ says:
https://www.fidelity.com/go/special-off ... conditions

"Cumulative bonus awards credited to taxable accounts associated with your social security number or tax identification number, as applicable, including those held at an affiliate of Fidelity, totaling $600 or more within a calendar year will appear on your consolidated Form 1099"
Nver2Late
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by Nver2Late »

Its on us to report it.

What I find weird is that in my case Fidelity chose to create a De Minimis Consolidated 1099 statement and included the $0.27 on the 1099-DIV, but left line 3, other income, of the 1099-MISC blank. If they were going through the effort to create a De Minimis consolidated 1099, they should at least fill it out completely.
Johnny Thinwallet
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by Johnny Thinwallet »

Seeing the same thing as I got a De Minimis Consolidated 1099 with $2 in interest for a money market fund, but nothing on the $150. The $150 is listed an account statement under some type of "other" category.

I printed a copy of the December account statement showing the $150 "other" income and will keep with my tax records.

I'll be using free fillable forms for our taxes. Should I report the $150 bonus on Schedule 1, Line 8z and list the payee as a Fidelity brokerage bonus? Or should it go on Schedule B as taxable interest? Or should it go elsewhere altogether?
sycamore
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by sycamore »

Johnny Thinwallet wrote: Tue Jan 24, 2023 5:20 pm Seeing the same thing as I got a De Minimis Consolidated 1099 with $2 in interest for a money market fund, but nothing on the $150. The $150 is listed an account statement under some type of "other" category.

I printed a copy of the December account statement showing the $150 "other" income and will keep with my tax records.

I'll be using free fillable forms for our taxes. Should I report the $150 bonus on Schedule 1, Line 8z and list the payee as a Fidelity brokerage bonus? Or should it go on Schedule B as taxable interest? Or should it go elsewhere altogether?
I think Schedule 1 line 8z is good if that's the only other income to report.

FWIW in 2021, I got the Fidelity $100 bonus plus some other bank bonuses. I reported them using TurboTax but don't remember how I told TT about them. The bonus amounts ended up on Schedule 1 section I, 8z, which said "See Stmt". The "Other Income Statement" listed my various bonuses on line 22 ("Other taxable income") part b.
startwithtruth
Posts: 163
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by startwithtruth »

This Turbo Tax link explaining how to enter the info is old (2019) but the instructions still make sense for Turbo Tax 2022; the $150 (or $300 if both spouses participating) then appears on Schedule 1 line 8Z "Other Income"
https://ttlc.intuit.com/community/taxes ... /00/681711
Colorado14
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Location: Colorado

Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by Colorado14 »

Earlier today I received the 1099 for 2022 for this $150 bonus. There was NO tax related to the bonus, just $.49 cap gains related to my investment. Thank you to this forum for the "free" money that I earned as a result of this deposit.
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anon_investor
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by anon_investor »

Colorado14 wrote: Tue Jan 24, 2023 10:37 pm Earlier today I received the 1099 for 2022 for this $150 bonus. There was NO tax related to the bonus, just $.49 cap gains related to my investment. Thank you to this forum for the "free" money that I earned as a result of this deposit.
It may show up on your 2023 1099 since Fido may not list it since it is still in the claw back period.
BogleMelon
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by BogleMelon »

Can anyone confirm what happened with similar holiday bonuses in prior years? Was it reported in 1099 the following year? Or since it was less than $600 it remained off Fidelity 1099 records and was solely the tax payer's responsibility to report it in the year it was earned?
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Rainmaker41
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by Rainmaker41 »

anon_investor wrote: Tue Jan 24, 2023 11:52 pm
Colorado14 wrote: Tue Jan 24, 2023 10:37 pm Earlier today I received the 1099 for 2022 for this $150 bonus. There was NO tax related to the bonus, just $.49 cap gains related to my investment. Thank you to this forum for the "free" money that I earned as a result of this deposit.
It may show up on your 2023 1099 since Fido may not list it since it is still in the claw back period.
(Copying my earlier post):

I contacted Fidelity chat support and was told this regarding the absence of the $150 bonus from my 1099.

"The $150.00 promotional credit that you received from Fidelity is categorized as "Miscellaneous Income" miscellaneous income is only reported on the 1099 if it is over $600.00."

I then asked them to confirm that it was categorized as miscellaneous income for 2022, to which Fidelity's rep said yes.

My take-away from this is that the $150 bonus is in fact taxable income for 2022, and that it will not be reported as 2023 income. So, taxpayers who have received the Fidelity bonus should report the income for 2022 (I suppose technically as miscellaneous income to align with Fidelity's record).
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Darth Xanadu
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by Darth Xanadu »

Rainmaker41 wrote: Wed Jan 25, 2023 11:14 am
anon_investor wrote: Tue Jan 24, 2023 11:52 pm
Colorado14 wrote: Tue Jan 24, 2023 10:37 pm Earlier today I received the 1099 for 2022 for this $150 bonus. There was NO tax related to the bonus, just $.49 cap gains related to my investment. Thank you to this forum for the "free" money that I earned as a result of this deposit.
It may show up on your 2023 1099 since Fido may not list it since it is still in the claw back period.
(Copying my earlier post):

I contacted Fidelity chat support and was told this regarding the absence of the $150 bonus from my 1099.

"The $150.00 promotional credit that you received from Fidelity is categorized as "Miscellaneous Income" miscellaneous income is only reported on the 1099 if it is over $600.00."

I then asked them to confirm that it was categorized as miscellaneous income for 2022, to which Fidelity's rep said yes.

My take-away from this is that the $150 bonus is in fact taxable income for 2022, and that it will not be reported as 2023 income. So, taxpayers who have received the Fidelity bonus should report the income for 2022 (I suppose technically as miscellaneous income to align with Fidelity's record).
Thanks for this. I've made a note to myself to ensure I have my bonus properly included when I complete my returns.
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anon_investor
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by anon_investor »

Rainmaker41 wrote: Wed Jan 25, 2023 11:14 am
anon_investor wrote: Tue Jan 24, 2023 11:52 pm
Colorado14 wrote: Tue Jan 24, 2023 10:37 pm Earlier today I received the 1099 for 2022 for this $150 bonus. There was NO tax related to the bonus, just $.49 cap gains related to my investment. Thank you to this forum for the "free" money that I earned as a result of this deposit.
It may show up on your 2023 1099 since Fido may not list it since it is still in the claw back period.
(Copying my earlier post):

I contacted Fidelity chat support and was told this regarding the absence of the $150 bonus from my 1099.

"The $150.00 promotional credit that you received from Fidelity is categorized as "Miscellaneous Income" miscellaneous income is only reported on the 1099 if it is over $600.00."

I then asked them to confirm that it was categorized as miscellaneous income for 2022, to which Fidelity's rep said yes.

My take-away from this is that the $150 bonus is in fact taxable income for 2022, and that it will not be reported as 2023 income. So, taxpayers who have received the Fidelity bonus should report the income for 2022 (I suppose technically as miscellaneous income to align with Fidelity's record).
Thanks for updating, good to know. Curious, did they issue you a de minimis 1099?
Rainmaker41
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by Rainmaker41 »

anon_investor wrote: Wed Jan 25, 2023 1:12 pmThanks for updating, good to know. Curious, did they issue you a de minimis 1099?
Yes; mine had $0.33 on it.
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SimonJester
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Re: Fidelity Holiday Offer - $150 for $50 deposit

Post by SimonJester »

I plan to report mine under 1040 Line Item 8 from Schedule 1 Number 8i Other prized not on Form 1099-MISC. I am afraid if we report this under the Fidelity 1099-MISC it will generate a mismatch as there will be no 1099-MISC filed. I might switch it to interest not reported on 1099 Thoughts?
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