Senator Asks Citi To Stop Reporting Frequent Flier Miles As Taxable Income

Senator Asks Citi To Stop Reporting Frequent Flier Miles As Taxable Income

As we mentioned last week, a number of Citi customers around the country have been scratching their heads wondering why they received 1099 tax forms from the bank over frequent flier miles, even though IRS policy explicitly states that the agency as no interest in going after freebie miles as taxable income. Now the chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection has fired off a missive to Citi asking the CEO to not be such a pain in the rear-end to its customers. [More]