Do I adjust for "cash bonuses" on 1099-INT?

I earned $1.03 in interest for 2016 from my savings account but was also given $500.00 as a promotional incentive to start up a new account with Chase Bank. The full amount of 501.03 was reported in box 1 on the 1099-INT. Do I adjust for the "cash bonus" of $500 or report the full amount?

973

Employee Tax Expert

Jun 5, 2019 11:48:31 PM

Report the full amount ($501.03) that is reported in the Box 1 of your 1099-INT.

New Member

Feb 6, 2020 6:55:11 PM

I received a 1099-int from my employer for a moving bonus but all boxes are blank except box 6. foreign tax paid. turbo tax is prompting me to fill in box 1 and asks me to make a selection for box 7. but they are blank?

Expert Alumni

Feb 8, 2020 8:02:36 PM

1099-int reports interest you were paid, it would have nothing to do with your employer. Call payroll and ask what they did.

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Do I adjust for "cash bonuses" on 1099-INT?