I received a bonus for referring people to SoFi—do I need to think about the tax implications of these bonuses?

While bonuses are normally considered income (check with your tax advisor), bonus amounts of $599 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Bonus recipients are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer. SoFi always recommends that you consult your tax advisor to determine applicable tax consequences. If you do meet this requirement, your copy of the form will be mailed to you via post on or around January 31.