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No 1099-INT for Bank Bonus?

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Regular Contributor

No 1099-INT for Bank Bonus?

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.

Scores as of 2/3/2020



Planning to garden until April 2020 (started Jul 25 2019)


Message 1 of 7
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Moderator Emeritus

Re: No 1099-INT for Bank Bonus?

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.




        
Message 2 of 7
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Senior Contributor

Re: No 1099-INT for Bank Bonus?

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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Message 3 of 7
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Valued Contributor

Re: No 1099-INT for Bank Bonus?

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.






Message 4 of 7
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Regular Contributor

Re: No 1099-INT for Bank Bonus?


@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.


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.

Scores as of 2/3/2020



Planning to garden until April 2020 (started Jul 25 2019)


Message 5 of 7
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Regular Contributor

Re: No 1099-INT for Bank Bonus?


@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

Scores as of 2/3/2020



Planning to garden until April 2020 (started Jul 25 2019)


Message 6 of 7
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Moderator Emeritus

Re: No 1099-INT for Bank Bonus?


@difringe wrote:

@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


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).




        
Message 7 of 7
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