How to report a $200 “CUSTOMER INCENTIVE PAYMENT” awarded for signing up for a Union Bank checking account?

[js1_]

Looked for tax documents for the account on-line, and get:
“No tax documents have been issued to you.”

Also, no 1099 was sent in the mail.

On the account, the payment shows up as:
“11/19/2019     CUSTOMER INCENTIVE PAYMENT     $200.00”

Meanwhile, a family member signed up for a Chase savings account and received a $225 bonus, which was reported on a 1099-DIV as interest income.

Could the Union Bank payment be interest income like the Chase bonus? If so, aren’t they supposed to create a 1099-DIV for any interest over $10 by law? Or is it considered a different type of income? How should this $200 be reported?

Thank you.

[Opus 17]

You can report it as “other income” not on a 1099.   It should be the last choice on the Income page.  You may need to click on something like “show me more choices” or “let me choose what to work on” if you don’t see it.  

[js1_]

@Opus 17 

Would this basically be treating/characterizing the $200 as if it were on a 1099-MISC in Box 3 “other income”? Would it be acceptable to treat it as such when doing any tax calculations?

Thanks.

link
“Other Types of Box 3 Income

Box 3 isn’t limited to auto salespersons, although they often reap the benefit of having some of their incomes reported there. "Other Income" reported in box 3 also includes any sources that don't fit neatly anywhere else on the form. They might be:

-Prizes and awards
-Payment you received for serving jury duty
-Taxable damages received in a lawsuit

This list is not exhaustive. Basically, box 3 reports any income you receive from an endeavor that you didn’t engage in for profit, and that’s admittedly a gray area. Automotive salespersons certainly work to earn a living, but they work for and are under the control of the dealership, not the manufacturer directly, and therein lies the loophole.”

[Opus 17 · Accepted solution]

It doesn’t have anything to do with automotive sales.  If the amount was more than $600, the bank would have been required to issue a 1099-MISC with the income in box 3.  You are legally required to report all income, even if you don’t receive tax paperwork for it.  Other Income is the correct place for income that is not earned from working and is not a special designated type of income (like investments or retirement, which have their own special forms).