I have opened a Chase checking account on July 2018, and received a joining bonus of $200. No tax has been deducted so far (SSN was provided during account opening) and no interest credit for this amount by the bank. Thus, I have not received any 1099-INT. Do I need to show as an income? If Yes, under which head (federal or state) and category I can do the same while filling my tax returns?
Yes, you have to report this income as Other Reportable income>
In TurboTax, open your return and follow these steps:
- Click on Federal in the left-hand column, then on Wages and Income on top of the screen
- Scroll down to All Income, locate the Less Common Income section
- Click Show more and click Start next to Miscellaneous Income at the bottom and click Show More
- On the next page, click Start next to Other Reportable Income (see attached screenshot).
- Describe the income as Chase bonus and enter the amount
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