I received $300 in bonus for opening a checking account at Union Bank. One of those promo offers where they ask you to open a new account, keep it for 3 months and we'll deposit $300. However, I didn't receive a 1099 (I was expecting 1099-INT). I called them and they told me the following:
"(a) They do not issue 1099 if less than $600, (b) it is not a taxable event and therefore (c) I should not report it either".
I am fairly certain they are incorrect about b & c. We went thru 10 minutes of discussion with their management and I finally gave up! I know I have to report this in my tax return. Given the $600 threshold they mentioned, I am assuming that they would've treated this in the 1099-MISC form (instead of INT). With that said, my question is:
Since they are not going to send me anything, should I report this $300 as Interest or Misc Income? Does it matter? I am asking because: what if months from now they realize the mistake and issue some 1099; I would like to avoid filing an amendment. So which approach is the safest, should I report it as INT or MISC? TIA.
