topic Bank bonus in Get your taxes done using TurboTax

Bank bonus

Anonymous — Fri, 28 Feb 2020 08:21:04 GMT

I received an account signup bonus from a bank. Bank's documentation state that this bonus would be reported on a 1099-misc but I did not receive neither a 1099-misc or any other form for this bonus.

1) How do I properly report this bonus on my tax returns? 1099-misc as nonemployee compensation or somewhere else?

2) if it should be reported as 1099-misc income, what would be the answer to this question:
"Did the bonus involve an intent to earn money?"

Re: Bank bonus

DavidS127 — Fri, 28 Feb 2020 13:59:18 GMT

Your bonus from the bank is not non-employee compensation, the 1099-MISC would report it in box 3 Other Income. The bonus did not involve the intent to earn money.

You report it in the 1099-MISC section. To get back to the place to enter your income:

Click the "magnifying glass Search" icon on the top row,
Enter "prizes" in the search window and hit return or enter,
Click on the "Jump to prizes" link.

You can treat the income as if it were a "prize".

Re: Bank bonus

Ja0226 — Sun, 26 Feb 2023 22:59:08 GMT

I had opened one checking and one saving account with a bank and both accounts were offered bonus after fulfillment. However, I haven't received 1099_INT or 1098 Miscellaneous from the bank. Do I need to report the bonus as part of the prize?

Thank you,

Re: Bank bonus

PattiF — Sun, 26 Feb 2023 23:41:26 GMT

Yes, you need to report the bonus that you received from the bank for opening your savings and checking accounts.

You can report this as @DavidS127 suggested above:

You report it in the 1099-MISC section. To get back to the place to enter your income:

Click the "magnifying glass Search" icon on the top row,
Enter "prizes" in the search window and hit return or enter,
Click on the "Jump to prizes" link.

You can treat the income as if it were a "prize".

@Ja0226