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.
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.
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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