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Got a bank bonus of about $300 from Keypoint Credit Union. Also under $10 in dividends.
Apparently this is Keypoint CU standard operating procedure.
What is the best why to proceed? Should add in the total of the bonus to my taxes without the 1099?
Not just that.
As of today, I *still* have not received anything for our HELOC, neither estatements nor paper mail. Can't file taxes without that 1098…
1099s are often not required for under $600.
I would not count a bank bonus as income.
I would put $11 or $12 for dividends just to be safe.
JMO
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@SeaProbe wrote:Not just that.
As of today, I *still* have not received anything for our HELOC, neither estatements nor paper mail. Can't file taxes without that 1098…
I assume your interest is higher than standard deduction?
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:1099s are often not required for under $600.
I would not count a bank bonus as income.
I would put $11 or $12 for dividends just to be safe.
JMO
I think the near universal consensus is that these ARE income, hence why banks will send out 1099s for this if above their threshold.
Credit card rewards are considered rebates on purchases, bank bonuses are not as there is no purchase.
@longtimelurker wrote:
@Shooting-For-800 wrote:1099s are often not required for under $600.
I would not count a bank bonus as income.
I would put $11 or $12 for dividends just to be safe.
JMO
I think the near universal consensus is that these ARE income, hence why banks will send out 1099s for this if above their threshold.
Credit card rewards are considered rebates on purchases, bank bonuses are not as there is no purchase.
Ok,then report it. You know the amount, you don't need a 1099.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:
@longtimelurker wrote:
@Shooting-For-800 wrote:1099s are often not required for under $600.
I would not count a bank bonus as income.
I would put $11 or $12 for dividends just to be safe.
JMO
I think the near universal consensus is that these ARE income, hence why banks will send out 1099s for this if above their threshold.
Credit card rewards are considered rebates on purchases, bank bonuses are not as there is no purchase.
Ok,then report it. You know the amount, you don't need a 1099.
That is what I am going to do. Not even the Joker will mess with the IRS and neither will I.