In order to meet our Internal Revenue Service (IRS) tax reporting requirements, SoFi and its affiliates have an obligation to report $10 or more of interest and certain rewards activity that the IRS regulations treat as interest (including the welcome bonus) on 1099-INT and $600 or more of rewards and bonuses (including the referral bonus) on 1099-MISC.
The amounts are reported in the year they are earned and are consolidated across all products a Member holds with SoFi.
The recipient's reporting obligation may be different and they should consult a tax advisor to determine applicable tax consequences.
The recipient is responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer.