Very helpful, thank you Wanderer.

As long as you don't get an IRS 1099 I believe let the "sleeping dog lay". There were IRS notices sent out by Chase and I can't remember the other banks for some of the Subs that were earned in 2018 and the notices were not correct and had to be resent to the customers of the rewards. Did not pay a lot of attention since it didn't affect me but, there are times so keep your antenna up.

Are you sure the cash back savings is taxable? I was always under the impression they were not taxable.

It would seem to me that the taking of cash back rewards may depend on what your goal is for them. That is, is it a form of savings, you may get taxed on them so look at the best way to work a taxable event (which may not apply) or you are holding them for something special. The one matter on rewards that a card holder needs to be aware of is the constant changing of the rules by the credit card companies on rewards and what effect it may have on the rewards. While this can try the patience of card holders for travel and hotel rewards the potential is there for cash rewards too. Also, pay attention to when points/dollars expire as the usual is three or five years with some never expiring and generally based on "first in first out" accounting principles. Food for thought.

Probably best to do it at the beginning of the year I would think?

Nice, is there a time in the year you usually cash in?

For myself I try to cash in several cards at least once a year. Usually make sure the cash becomes mine before the close of the calendar year.

For credit cards that offer cash back rewards, when do you usually "cash in" your rewards? I usually do it every quarter, but I know people who wait until the end of the year.