Reward credits earned and Tax time

I was reading some of the fine print about the Rewards program, such as how we are responsible for paying any taxes. It made me wonder: as an American, when Tax time comes around, will I need to list any credits that I've converted to money? And is Microsoft
required to send a statement of the total credits converted this way from our account for this year, so we can accurately list them on our Tax Form? The latest offer they're advertising gives rewards members more credits back based on their star-tier. It even
has a cap of 375k credits for your account during the offer period. Given that 5k credits= $5.00 US, that would be $375.00 right? And just how much do you earn before you are required to list it? $5? $20? Do credits count as income as they are, or would they
only count if they are converted? And who might be taxed for the credits in a minor's account?

I'm not trying to cause any trouble with these questions. I'm honestly asking so that I may follow the laws of my country faithfully.

:)

 

Retro Rewards Not Showing

Hello!

I purchased almost $50 in backwards compatible games (pre-tax). It's been around 10 days and it's still showing "MY TOTAL REWARDS

CREDITS EARNED:0" For the Retro rewards.

Thanks.

 

Reward Credits and Taxes

If you have enough currency on file to cover taxes, then you can use it all. If you don't then you would need another payment method.

 

I believe that the Rewards program falls under the scope of "Gifts" so are not taxable.

 

If I remember correctly, it has to be over $800 I believe in order to be taxed. So you won't have to worry about listing them. It's most likely just something they legally have to put in their terms and conditions in case they were to have some sort of huge
giveaway.

 

If it has to be $800 or something similar, how do we check to see how much we've accrued this year? And if it is considered a gift, wouldn't you still have to list it for taxes if it is above a certain amount?

 

You can check through your transactions at
http://commerce.microsoft.com or the list of deposits you have on your statement on the rewards site.

I'm not sure exactly what amount it would have to be in order to have to report it. As it's not truly cash, I'm not sure how it would be reported. You would really need to talk to someone at the IRS or someone who deals with this stuff to know for sure.

 

Head over to the rewards page and then click My Rewards and finally Review My Statement. It will show you amounts for 1, 3, 6 months or lifetime earned.

Any other questions about this should be addressed in the Rewards Support Forums where they'll be able to answer you properly.

forums.xbox.com/.../default.aspx

 

Thanks guys! I eally wanted to be sure that I followed the rules!