I opened a bank account and received $150 as a promotion. Is this taxable income?

[VolvoGirl]

Then redo the math on all the lines.

[aasswwiinn]

Does it apply for credit card bonus as well? It was credited in my statement.

[AlanT222]

No, credit card statement credits are not taxable.  The IRS will treat the statement credit as a discount and not interest earned.  

[phxjoe]

follow up to this question. What if the terms on the bonus are not met and they revoke the bonus but you already had to claim the bonus as interest? Is the financial institution obligated to send a corrected 1040?

[Vanessa A]

Yes, they are correct. They do not need to send you any type of tax documents for the correction. 

If they revoke the bonus that you already claimed on your return, you would take the following steps:

• Federal
• Income
• Show more next to Misc Income
• Start next to Other Income
• Start next to Other Miscellaneous Income 
• Enter your interest that you paid back as a negative amount with a description of interest repaid. 

[phxjoe]

thank you