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I opened a PNC Virtual Wallet account and earned $200 in promotional credit. When I talked to a CSR over the phone, they are saying that I won't be receiving any 1099-INT for the promotional reward. If I would have earned above $10 in interest income from the account, then only I would be getting 1099-INT. I don't have any income based on the account.
Has anyone faced a similar situation with them before? I'm waiting for the 1099-INT to receive so that I can file my taxes. However, I haven't received a satisfactory response from them. All other banks in the past where I earned promotion/new account bonus have given me 1099-INT.
I have got their Tax-ID number as I will plan on reporting this income if they don't send me any 1099-INT in few days.
It's true that they will not send you a 1099-INT. Went for the bonus last yr. I specifically asked a phone rep if they will notify the IRS and she said no. So I didn't report it.
I didn't get a 1099 from PNC either for a checking account bonus, I still went ahead and reported the bonus on my income taxes though.
general rule of thumb - not a 100% absolute rule, but close to it:
If the bonus is tied you spending money, like a typical credit card signup bonus or promotional offer (spend at least X, get back Y), it is not taxable and you do not report them as income.
if the bonus is tied to you depositing money, like those tied to opening a savings/checking account and depositing a mininum amount within 90 days, it must be reported as it is considered taxable income. Failure of the bank to provide you with a 1099 form is not a defense against your failure to report the bonus as income.
@coldfusion wrote: Failure of the bank to provide you with a 1099 form is not a defense against your failure to report the bonus as income.
Yep absolutely 100% I keep track of all my bank bonuses each year and report them all whether I receive a 1099-INT form or not. I'd much rather be safe then sorry, and i'd much rather avoid any and all complications with the IRS.
And for what it's worth it does say in the fine print on PNC's website right on the bonus page
The value of the reward may be reported on Internal Revenue Service (IRS) Form 1099, and may be considered taxable income to you. Please consult your tax adviser regarding your specific situation.