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12-27-2016, 03:20 PM
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#1
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Fidelity Incentives
I have some new money for Fido and before I send it in I researched any incentives and ran across this interesting page.
https://investorjunkie.com/11001/fid...500-cash-bonus
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12-27-2016, 03:49 PM
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#2
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Mar 2005
Location: Chicago
Posts: 13,186
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I wonder if the "incentive" would be taxable? Do they send you a 1099?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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12-27-2016, 03:51 PM
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#3
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Give me a museum and I'll fill it. (Picasso)
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Join Date: May 2005
Posts: 17,242
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 Quote:
Originally Posted by youbet
I wonder if the "incentive" would be taxable? Do they send you a 1099?
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Not sure about this, but a LONG time ago I opened a brokerage account and got $500... I did get a 1099...
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12-27-2016, 04:08 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by youbet
I wonder if the "incentive" would be taxable? Do they send you a 1099?
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If it is taxable Fidelity, nor anyone else in the industry, is paying the tax!
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12-27-2016, 04:14 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: W Wash
Posts: 1,644
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Quote:
Originally Posted by youbet
I wonder if the "incentive" would be taxable? Do they send you a 1099?
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Both my cash incentive and the reimbursement for TurboTax showed up on my 1099 from Fido
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12-27-2016, 05:09 PM
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#6
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gone traveling
Join Date: Oct 2016
Posts: 14
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Quote:
Originally Posted by nwsteve
Both my cash incentive and the reimbursement for TurboTax showed up on my 1099 from Fido
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I have received many bonuses from Fidelity. Never a 1099.
Must have been $600 or more.
https://rewards.fidelity.com/offers/...ndfamilyoffer1
"Cash bonus awards made into taxable accounts of $600 or more within a calendar year will appear on your consolidated 1099."
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12-27-2016, 05:39 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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I got a $500 Apple gift card at one point and don't remember getting 1099'd.
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12-27-2016, 07:08 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2007
Posts: 7,746
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Right now I'm about to transfer $200k+ into fidelity to get his and hers 50,000 airline miles. I transferred it out of fidelity a month ago and need to wait 3 months before I can transfer it back in to have it considered "new money". Every 12 months, rinse repeat to pick up an easy 100k miles per year. This is my first time doing it and so far no effort beyond filling out some forms (30 minutes maybe??).
100k airline miles are worth at least $1000, probably closer to $1500.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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12-27-2016, 09:53 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2009
Posts: 6,696
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My (snake-bit) friend I have written about a few times over the years did an asset transfer of his inheritance into Fidelity back in 2012. It included an IRA and a brokerage account, and each got a bonus. The brokerage one was $600 and was taxable (1099 form) while the smaller IRA one was not taxable (yet).
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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12-28-2016, 08:02 AM
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#10
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 400
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Fuego - How do you get the miles? I know Chase had sent me an email about this but it was a couple of years ago and I didn't have excess cash. Do you have to wait for an offer or is this ongoing offer.
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12-28-2016, 08:11 AM
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#11
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Nov 2007
Posts: 7,746
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Quote:
Originally Posted by whatnot
Fuego - How do you get the miles? I know Chase had sent me an email about this but it was a couple of years ago and I didn't have excess cash. Do you have to wait for an offer or is this ongoing offer.
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Here's a good thread on the current bonus offer deals at Flyertalk.
Seems the deals are ongoing.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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12-28-2016, 08:20 AM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Quote:
Originally Posted by whatnot
Fuego - How do you get the miles? I know Chase had sent me an email about this but it was a couple of years ago and I didn't have excess cash. Do you have to wait for an offer or is this ongoing offer.
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Yes, these are current offers. Just talk to your rep.
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12-28-2016, 08:26 AM
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#13
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 400
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Great Thank you.
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12-28-2016, 11:45 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 4,172
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Be Wary of Brokers' Giveaway - WSJ
For taxable accounts, if you earn $600 or more in promotions in a year, your brokerage firm sends you a 1099-Misc tax form letting you know the income that was produced. This is the amount it reports to the IRS and on which you owe tax. ( Typically, firms don't have to report promotions totaling less than $600, but investors still owe tax on them.) For example, TD Ameritrade is treating its cash awards as taxable but not the free trades, which it considers rebates, which are neither reportable nor taxable.
The reporting requirement for gift cards is murkier, says Ms. Riedlinger. Fidelity, for one, will report the face value of its Apple gift cards on the 1099-Misc if an investor's total miscellaneous income from Fidelity hits $600 or more during the year.
************************************************** ******
Sounds like the broker's $600 threshold is the equivalent of the banker's
$10 threshold ...........even if not reported on 1099, you still owe taxes on it.
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12-28-2016, 08:55 PM
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#15
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 406
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This is all very timely for me - was planning to open a fidelity brokerage in January. Now I just have to figure out which reward makes the most sense for me.
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12-28-2016, 09:05 PM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Reports on the internet indicate the Fidelity airline miles don't result in a 1099 even for those receiving 50k+ miles.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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