Contingency Q;

[Noidly1]

I was told that we have to claim the $ on our taxes.

Will I get a tax form from them?

[HAWK]

Actually it would be a 1099. Bridgestone doesn't issue one. The sponsor declares it so it could conceivably get back to you.

[Noidly1]

Fixed it. Thanks.

Crap... I don't remember how much I got from Bridgestone this year.

[Burt Munro]

Not sure if contingency money is handled the same as other 1099's. 

I get small amounts of income from a number of different sources and was always told that a 1099 won't be issued unless the $$$ amount is over $600.00 for the year.  If a 1099 isn't issued then you don't have to claim the income on your taxes.

Then again, I'm not a tax attorney!   Your mileage may vary!   

[funsizeracing]

My bank sent me a 1099 for $26 last year.

[ahastings]

It varies. Some companies do and  some don't. If they pay you in cash and it is over $600, then they are required to generate a 1099 misc., Becka what you got from your bank is a 1099 int. that is a little different. A 1099 misc is used for business or hobby income, the 1099 int. is for claiming interest income.

[funsizeracing]

It varies. Some companies do and  some don't. If they pay you in cash and it is over $600, then they are required to generate a 1099 misc., Becka what you got from your bank is a 1099 int. that is a little different. A 1099 misc is used for business or hobby income, the 1099 int. is for claiming interest income.

Thanks for the clarification    Taxes typically have me as confused as suspension settings.

[roadracer162]

Do you still get a 1099 if you didn't get cash and received contingency certificates? It's more of a discount than anything else. Michelin may be a little different where credit dollars is issued to a card. Anyone have any info?

Mark

[Greeny]

fwiw, i know that pirelli had me fill out a w-9 and they issue tire credits directly onto an amex rewards card. 

[Team Spalding]

I have been thinking about a 1098 to replace my 1125. Just looking for a good deal.

[DEVINC]

 

[ahastings]

Do you still get a 1099 if you didn't get cash and received contingency certificates? It's more of a discount than anything else. Michelin may be a little different where credit dollars is issued to a card. Anyone have any info?

Mark

Unfortunately Pirelli does send them out, at least they have in the past even though you are only getting tire credits and not cash. Other then that the only ones I have recieved 1099s from were ones that actually paid cash.

[Burt Munro]

I have been thinking about a 1098 to replace my 1125. Just looking for a good deal.

Does that require you to fill out a Foreign Investment tax form?

[Noidly1]

Do you still get a 1099 if you didn't get cash and received contingency certificates? It's more of a discount than anything else.
Mark

That's what I thought. More like coupons than anything.