No 1099-INT for Bank Bonus?

[difringe]

So I opened a bunch of bank accounts last year for bonuses, one of which was with TD Bank. Every bank sent me a 1099-INT except for TD Bank...I sent them a secure message asking when I can expect one, and they stated they didn't have to send me one for a bonus like the one I received. Considering their bonus wasn't the smallest I received, I found that pretty surprising.

Has anyone else here experienced receiving a bank sign-up bonus but no 1099-INT? I was going to report it on my taxes anyway just in case it came up in the future, but if anyone here has decided not to report it and didn't get asked about it later, I might go that option.

[Revelate]

Most of 2018, this was a fairly recent change for a lot of banks vis a vis Chase.

Technically if less than $600 they don't have to report it though some will anyway.

Then again Chase should've sent me my brokerage tax documents already and they're claiming 2 more days so blah.

[DaveInAZ]

Did that TD bank bonus require any debit card transactions? Those are being considered s discount on purchases same as new CC bonuses and not taxable income.

[Anonymous]

Should still get them despite it being under the requirement, it only takes 3 $200 SUBs to meet that. Not to mention the interst earned on other accounts.

The only holdout for me was NFCU, wasn't ready until 2/2 and i still cannot find it. lol

I followed their steps to retrieve in my statements, but nothing there.

[difringe]

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@DaveInAZ wrote:

Did that TD bank bonus require any debit card transactions? Those are being considered s discount on purchases same as new CC bonuses and not taxable income.

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For me, it didn't, but I don't know what the current promo is (since I wouldn't qualify anyway lol).  For me it was just a single direct deposit of $500 or more in the first 60 days of having a checking account.

[difringe]

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@Revelate wrote:

Most of 2018, this was a fairly recent change for a lot of banks vis a vis Chase.

Technically if less than $600 they don't have to report it though some will anyway.

Then again Chase should've sent me my brokerage tax documents already and they're claiming 2 more days so blah.

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kind of annoying bc i don't want to have any dealings with the irs lol

[Revelate]

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@difringe wrote:

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@Revelate wrote:

Most of 2018, this was a fairly recent change for a lot of banks vis a vis Chase.

Technically if less than $600 they don't have to report it though some will anyway.

Then again Chase should've sent me my brokerage tax documents already and they're claiming 2 more days so blah.

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kind of annoying bc i don't want to have any dealings with the irs lol

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Yeah, while I don't mind dealing with the IRS I'm more than irritated with Chase right now.

That consolidated 1099 form I was waiting on for my brokerage account?  Got published yesterday, and guess what the date was: 12-31-19.

I'm seriously considering kicking them to the curb for that crap, while I was literally spot on for my withholding this year I forgot 2x jobs = double what I should've paid for SSA since I managed to cap on both of them and this Chase bit delayed my taxes by more than a month.

At some level I shouldn't be worrying about it, there are some advantages to having a smaller income and last year blew the doors off the year before and maybe I should wait till the last date anyway after all dealings with mortgage and state of california things close, but bleh.  I would've been happier with another liquid 8K in my possession today TBH, mortgage was a bit of a surprise and of course there's just a bunch of random things all coming at once (Murphy's Law).

[iced]

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@Revelate wrote:

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@difringe wrote:

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@Revelate wrote:

Most of 2018, this was a fairly recent change for a lot of banks vis a vis Chase.

Technically if less than $600 they don't have to report it though some will anyway.

Then again Chase should've sent me my brokerage tax documents already and they're claiming 2 more days so blah.

---

kind of annoying bc i don't want to have any dealings with the irs lol

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Yeah, while I don't mind dealing with the IRS I'm more than irritated with Chase right now.

That consolidated 1099 form I was waiting on for my brokerage account?  Got published yesterday, and guess what the date was: 12-31-19.

I'm seriously considering kicking them to the curb for that crap, while I was literally spot on for my withholding this year I forgot 2x jobs = double what I should've paid for SSA since I managed to cap on both of them and this Chase bit delayed my taxes by more than a month.

At some level I shouldn't be worrying about it, there are some advantages to having a smaller income and last year blew the doors off the year before and maybe I should wait till the last date anyway after all dealings with mortgage and state of california things close, but bleh.  I would've been happier with another liquid 8K in my possession today TBH, mortgage was a bit of a surprise and of course there's just a bunch of random things all coming at once (Murphy's Law).

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If 1099s and W2s are the worst someone has to work with the IRS on, they should consider themselves fortunate.

I'm still waiting on various forms to arrive. Despite typically expectig a 5-figure refund, we're often in the camp of not filing until late March or even early April because there's ... just ... so ... much ... paperwork. K1s are a blast to deal with, and my E-Trade and Fidelity 1099s just became electronically available less than 48 hours ago (they're having complications getting some dividend-related filings from certain companies I hold stock in). It's quite possible you had a similar situation with Chase if you hold stock through them, and if so it's not really their fault.

Despite all this bellyaching, you and I are suffering from first-world problems to be sure. I walk past the payday loan shop less than a block away on my way to lunch many days and see lines of people who are forfeiting their future for a couple hundred dollars today while we're fine not seeing thousands or tens of thousands of dollars for a few more months because there's many more tens of thousands of dollars already at our disposals.

I'm also a little surprised at some banks not issuing 1099s - they're really phoning it in. Even DCU cuts me a 1099-INT for something like $60 in interest from their 6% offer for saving enough cash with them to cover 3 venti lattes and a croissant at Starbucks.

[Anonymous]

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@difringe wrote:

So I opened a bunch of bank accounts last year for bonuses, one of which was with TD Bank. Every bank sent me a 1099-INT except for TD Bank...I sent them a secure message asking when I can expect one, and they stated they didn't have to send me one for a bonus like the one I received. Considering their bonus wasn't the smallest I received, I found that pretty surprising.

Has anyone else here experienced receiving a bank sign-up bonus but no 1099-INT? I was going to report it on my taxes anyway just in case it came up in the future, but if anyone here has decided not to report it and didn't get asked about it later, I might go that option.

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I'm in the same situation with TD bank for tax year 2020.  I'm thinking about logging into the IRS website in April to see if it was reported to the IRS.  The net result of this bonus is about $100 on my taxes so not an insignificant amount.

[OmarR]

I did $500 with Citibank, and no 1099. Their TOS said I would get one.

But on a similiar note, my Paypal MC expired this month and no new card still. My neighbors are still getting Xmas cards that were mailed last November. I guess I could call Citibank to see if my 1099 is floating around out there somewhere. My logins don't work since I cancelled my account.

I should call them, but I am stupidly lazy sometimes. I haven't filed yet, but I have the 1099 currently entered as part of the equation.