customer promotion

floriatax — Sat, 15 Mar 2025 03:50:49 GMT

I got 1099-MISC from Morgan Stanley because I received a $120 as customer promotion that I remember was an incentive for deposit certain amount in my own account. My questions are:

1) Does this count a "manufacturer's incentive payment"?

2) Does the $120 customer promotion involve an intent to earn money? Should I answer Yes or No to this question on TurboTax?

Re: customer promotion

KeshaH — Sat, 15 Mar 2025 12:29:41 GMT

No, this wouldn't count as a "manufacuturer's incentive payment". Bank promotions like this (where you receive money for depositing funds) are treated as regular taxable ordinary income.

You would answer "No" to the question about whether there was an intent to earn money. This question is determining whether the income you received should be reported on a Schedule C as business income. Since this isn't business income, you should answer No.

topic customer promotion in Get your taxes done using TurboTax

customer promotion

Re: customer promotion