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Will I receive form 1099-int from banks?

Regular Contributor

Will I receive form 1099-int from banks?

I don't know whether the signup bonus should be subject to taxation or not, so I'd like to know what you think of this.

 

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Will I receive form 1099-int from banks?


GTT wrote:

I don't know whether the signup bonus should be subject to taxation or not, so I'd like to know what you think of this.

 


No, your won't get a 1099-int for sign up bonus

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 2 of 8
Valued Contributor

Re: Will I receive form 1099-int from banks?


Wade64 wrote:

GTT wrote:

I don't know whether the signup bonus should be subject to taxation or not, so I'd like to know what you think of this.

 


No, your won't get a 1099-int for sign up bonus


Also the dead line was Jan 31st

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 3 of 8
Valued Contributor

Re: Will I receive form 1099-int from banks?

I never got one for a credit card bonus but did get one last year for a chase checking account $150 bonus. Maybe because it was paid out in cash and not points or statement credits?

   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

Message 4 of 8
Valued Contributor

Re: Will I receive form 1099-int from banks?


wHiTeSoL wrote:
I never got one for a credit card bonus but did get one last year for a chase checking account $150 bonus. Maybe because it was paid out in cash and not points or statement credits?

That was because it was a checking account

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 5 of 8
Regular Contributor

Re: Will I receive form 1099-int from banks?

OK, thanks everybody. Then I will just go ahead and file my returns without waiting for 1099.

Message 6 of 8
Frequent Contributor

Re: Will I receive form 1099-int from banks?

The bonuses are considered a rebate as purchases must be made. Checking account bonuses are income as no purchase is made.
Message 7 of 8
Frequent Contributor

Re: Will I receive form 1099-int from banks?

 

cottoncrown wrote:
The bonuses are considered a rebate as purchases must be made. Checking account bonuses are income as no purchase is made.

+1  yea they always fail to tell you that when you open the accounts, i was a bitter w/ TD over this and that was the last straw for me  i ended up closing my accounts w/ them and stuck w/ my local CU. 

Amx BCE-15k,Amx Zync-NSPL
Barclay's Mastercard-10.5k
Credit Union Visa-1k
Discover-19k, Khols-2k
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