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Learned something new today :(

December 26th, 2011 at 05:09 pm

Goodness....I learned today that the $5.00 gift cards that I have received for earning Swag Bucks is taxable! I also read that I must report the $3.00 I receive from PineCone research for the online surveys I have done.

Posted in Uncategorized | 4 Comments »

4 Responses to “Learned something new today :(”

  1. gamecock43 Says:
    December 26th, 2011 at 07:12 pm 1324926758
    1324926758

    What!?? I guess that makes sense for the company to report that they are paying you, but I would expect that low dollar amounts are tax free. Like, any income below $50.00 does not need to be reported. or something.

  2. Mary Ann Says:
    December 26th, 2011 at 07:23 pm 1324927400
    1324927400

    I guess they don't report it until you earn like $600. for the tax year. But I am still expected by the IRS to report it as income. I had no idea when I earned a $5.00 Amazon gift card that I had to report the value as income. I earned (14) $5.00 gift cards from SwagBucks.com this year and (19) $3.00 Paypal deposits from Pinecone Research.

  3. patientsaver Says:
    December 26th, 2011 at 09:03 pm 1324933393
    1324933393

    The IRS says you need to report it, but if it's under $600 earned from any single employer in a given year, they won't issue a 1099 form and so the IRS will have no way of knowing you earned that income. So most people won't bother reporting it.

  4. baselle Says:
    December 27th, 2011 at 12:22 am 1324945324
    1324945324

    If its straightforward to report, I'd report it, but the IRS has much riper fruit than a spare $130. It would probably change your tax (or dock your refund) about $10 or so.

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