Bank promotional cash

Forum|Forum|4 years ago
January 29, 2022
2 replies
26 views

Hello, I'm confused. In 2021 I opened two checking accounts with two different banks and they both gave me around $300 in promotional cash.

One bank produced a 1099-INT for that amount but the other one did NOT produce it. When I asked, they told me that since it's a promotion, it would have qualified for a 1099-MISC (not INT) only if it was more than $600, so they do not produce any form.

Who is right and who is wrong and what should I do?

Thank you

Not A Product Question

MaryK4

Level 15

Quite honestly, the regulations on the banking promotions are highly dependent on the details so it is difficult to know without the details. If either or both bank do not report correctly, that is their issue with the IRS, yours is your personal income tax return. You are required to report all income if you receive a form or not, so you should enter the 1099-INT, then add the other promotional amount as Miscellaneous Income. That way, you will be correct.

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