Question Regarding Reporting a Bonus from Bank of America for Tax Year 2023

[Pavel M]

Hello everyone,

In 2023, I got a $200 bonus from Bank of America. But I didn't get a Form 1099* for it.

Should I use Form 1099-INT or another Form 1099-MISC to include this bonus in my income?

Using Form 1099-INT seems easy, but with Form 1099-MISC, I have to fill in an EIN, which I don't have because I didn't get anything from Bank of America.

How can I add this amount correctly to TurboTax?

Thank you.

[Bsch4477]

You can report it as interest. 

[Opus 17]

What was the bonus for?

In general, a free bonus to sign up for an account is taxable (it's considered interest).  The bank does not have to issue a 1099 unless the amount is more than $600.  You can report "interest income not on a 1099".  For example, a $200 bonus if you open a checking account with at least $10,000 in deposits.

However, account bonuses that require you to perform in a certain way may not be taxable, instead, they may be treated as a discount or rebate.  For example, if you get a rewards credit card that pays a reward if you sign up, spend more than $1000 per month for 3 months and make your payments on time, that type of reward is not taxable income.  

[Pavel M]

Thank you, My question is about which form to use in TurboTax.

[Pavel M]

Thank you, it was a bonus for using a credit card. https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/

My question is about which form to use in TurboTax (1099-INT or 1099-MISC (I don't know the EIN number).

[Opus 17]

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@Pavel M wrote:

Thank you, it was a bonus for using a credit card. https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/

My question is about which form to use in TurboTax (1099-INT or 1099-MISC (I don't know the EIN number).

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You don't issue a 1099-INT, and you don't need BOA's EIN.   Just go to the section for bank interest, click "I will enter on my own", enter the name of the bank and the amount of interest.  There should be a box to check for "I did not get a 1099."

[Pavel M · Accepted solution]

I found this option in my online version:

Federal -> Wages & Income -> Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) -> Edit/Add -> Add Investments -> Enter a different way -> Interest (Paid from bank or investment accounts 1099-INT) -> Continue -> Type it in myself

Is it correct? Basically, it imitates a 1099-INT form.

[Bsch4477]

That’s fine.