@BK2000 wrote:
Thank you @Vanessa A
In the past and exact identical situations, other banks have categorized this bonus by sending a 1099-INT. Out of curiosity, why is there an inconsistency and how do financial institutions determine if this is to be categorized as Interest vs Misc Income? (I also read other similar topics on this community where the suggestion was to report it as interest). Thanks again.
A 1099 is only required if the amount is over $600.
For purposes of the bank's internal accounting, they might consider it as interest, or as a marketing expense. I don't know why one bank would go one way and another bank another way. There's no difference to your income tax if this is interest or "other income."
