No. The Internal Revenue Service (IRS), which is the organization that enforces US federal tax laws, does not require you to pay tax on credit card bonuses. This includes any cashback you earned while making purchases with the Adro Credit Card.
Do I have to pay tax on referral bonuses?
Yes, referral bonuses in the US are generally taxable. When you refer a friend to open and fund an Adro account and they get approved, you’ll earn a referral bonus. Since you’re helping Adro acquire new customers, the commission you receive for your service is considered taxable income.
Keep in mind that tax laws can be complex, especially for internationals. It can be a good idea to consult a cross-border tax professional for personalized advice.
How do I receive my tax documents from Adro?
If applicable, you will receive an email notifying you once tax documents are available for download as a PDF in your Adro account. This email is typically sent in late January to mid-February each year.