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Do I need to report my chase account sign up bonus as interest for 1099-INT?

I opened new chase saving and checking accounts in Jan 2017 and got a total of $500 for signing up. Do I need to report this amount as income? 

Does Discover credit card have to report any bonus or cash back rewards? I didn't receive a 1099-INT form from Discover.


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2 Replies
Level 1

Do I need to report my chase account sign up bonus as interest for 1099-INT?

According to the below (along with the investopedia link from the other answerer), cashback bonuses from Discover would be considered discounts (not income) because they are contingent upon use of the card. They would therefore not have a reporting requirement.

But keep in mind that a sign on bonus might be considered income if it is not contingent upon use of the card/account...

So along those lines, the Chase account sign on bonuses would be taxable because you don't have to spend anything to earn them:

You might check the offer postcard for mention of the bonus being reported as 1099-INT income (if you don't have the original, you probably receive a new one every month in the mail like I do, lol).

Also, if you opt in for paperless statements, or if you have accounts with other banks which only do paperless, you may need to check your online account for the 1099-INT. The bank may (should?) notify you via email when paperless forms are available.

Do I need to report my chase account sign up bonus as interest for 1099-INT?

Firstly, it would not be reported on a 1099-INT, meaning interest. Secondly, as you did not otherwise receive any formal reporting Discover forms there is no reason to report your $500 as income.

This link may clarify your concerns.


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