cancel
Showing results for 
Search instead for 
Did you mean: 
Solved! Go to solution

Taxes on the Money you Receive from Ibotta

vz
Deal Sharer

MY question is if I'm being credited about $100 a month that will $1,200 a year five and take.  That's a good bonus at the end of the year if you ask me, but Do we have to pay TAXES?

Tags (1)

Accepted Solutions
Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

ScottyS
Former Ibotta Employee

Hi @vz

This is a great question!

Earnings made through Ibotta are similar to rebates, therefore they do not need to be claimed.

However, if you earn $600 or more through our friend referral programs, then PayPal will provide you with the necessary paperwork to properly report it for your taxes. Please contact PayPal customer support for further assistance.

I hope this helps clarify! 

View solution in original post

8 Replies
Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

wendy99501
Rewards Hunter

No, Ibotta does not send any tax forms. It is the same as coupons. If you consider it income because you run a blog and have enough generating from that, then perhaps you would want to consider paying tax.

 

Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

Dana
Deal Expert

No ibotta doesn't send a tax for but if you cash out to pay pal they might if it's a certain amount. People ask this question every year and all different answers are given. So they best answer is if you have paypal and get/ don't get a tax form ask your tax guy if you don't have one find one and ask as all states tax rules are different.

Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

Tcat71
Rewards Hunter

That was a good question.  I never thought about that. 

Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

ScottyS
Former Ibotta Employee

Hi @vz

This is a great question!

Earnings made through Ibotta are similar to rebates, therefore they do not need to be claimed.

However, if you earn $600 or more through our friend referral programs, then PayPal will provide you with the necessary paperwork to properly report it for your taxes. Please contact PayPal customer support for further assistance.

I hope this helps clarify! 

View solution in original post

Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

Rickibotta
Deal Master

@ScottyS  buried the lead.

Limit yourself to $599 on the friend referral programs  😀

 

"about me: Suburbs of Indianapolis Indiana. BOILER UP!! Favorite stores: Kroger & Meijer"
Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

mamaX
Saver

I’ve been using Ibotta for almost 8-years. I’ve earned money and I’ve never had to pay taxes on it. However, if you earn over $600 in referrals you’ll have to pay the taxes. 

Staying Kinder
Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

vz
Deal Sharer

THANK YOU.   It's good to know the last thing I need is the IRS in my front door. 🤣  I would have to pay them with coupons.... jijijiji

Solved! Go to solution

Re: Taxes on the Money you Receive from Ibotta

Sorensoj
Core Shopper

What if you cash out (earnings from referral program) using only gift cards and bypass PayPal and your bank account? Does this change the tax requirement?  Just wondering…

0 Likes