I received a 1099-MISC from my credit union because they gave me a rebate in 2023 on my checking account and it was over $600. How do I report that on my taxes?

carlphyllis71 · ‎March 10, 2023

How is a Credit Union Rebate reported to IRS on a 1099-MISC form entered on my taxes?

MonikaK1 · ‎March 10, 2023

You can enter the Form 1099-MISC and identify that it was not income from working so that it doesn't get misclassified as self-employment income:

Select Income from Form 1099-MISC under Wages and Income.
Enter the payer information and dollar amount
Enter a description for the payment
When asked about Uncommon Reasons, select that none apply or select one that adequately explains the reason
When asked about the frequency of payment, select received in 2022 (or the correct year)
When asked "Did (description) involve an intent to earn money?" answer No (that is, it is not earned income and therefore not subject to self-employment tax)

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