794
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
fearthez
fearthez

Received 1099-INT forms from Discover (for interest and their $200 savings account bonus) & Genisys Credit Union (for interest of ~$60)

EDUARDO BAEZ
EDUARDO BAEZ

Got e-mail message from Redstone Federal Credit Union stating 1099-INT form was ready.
Only the $15.34 interest from the Brighter Day Savings account was reported.
The $100 referral bonus I got for opening the checking account was not included in the 1099-INT form.
I think it was because the $100 referral bonus promotion required 5 point of sale (POS) purchase transactions with the debit card associated with the new checking account.

H.P.
H.P.

Is there a way to see ALL the 1099s in your IRS account? I downloaded my tax transcript for 2018 through 2020. Each is 6-7 pages long, but I don’t see all the 1099s for each year that I received from the banks and reported.

Ken
Ken

For those of us who did BBVA’s 2021 checking bonus(es), should we expect to receive one under the BBVA name, from its now-acquirer PNC, or more likely not receive one at all?

H.P.
H.P.

We did 2 x $127.50 Betterment deals in Feb 2021 which was paid out through Rakuten. Does anyone know if Rakuten will send out a 1099 for those?

Ray
Ray

Which is why I stopped chasing bank bonuses. It isn’t worth it as you have to record yet another 1099 piece of paper. What is worth it is point bonuses because these (at least to me) are not taxable and basically redeeming you for what you have already purchased.

Jack
Jack

A $250 bank bonus (Maybe $200 after taxes) isn’t worth the few extra minutes of recording a 1099?

Novacat05
Novacat05

Suit yourself, I’ll take my $4000 I earned in bank account bonuses last year and go through the work of putting 14 1099-INTs on my return. They are super easy to report, it’s not like figuring out capital gains or international business ventures or anything… bank account bonuses are totally worth it if you are organized(a must).

H.P.
H.P.

I chase both bank bonuses AND credit card bonuses. On average, I get over $4000 in bank bonuses each year. Even after paying 20% taxes (15% Fed, 5% State), I still net over $3000 each year. It takes about 15 minutes to enter the 1099 info into my tax software.

Shawn
Shawn

It’s not rocket science. Just write down the name of the bank when you apply and the date you received the bonus when you get it. You can make a nice spreadsheet for easier tracking but it’s not a must.

The real annoyance is dealing with banks that don’t pay.

Konrad
Konrad

Sure, that is some kind of work. You decide if it is worth it. I am happy to do that, for $3000 – Tax.

I consider that spread sheet a necessity anyway, some bank bonuses can be churned, and you’d better know if you have opened/closed an account or got a bonus during the exclusion period. But that is the same for credit card bonuses.

Himanshu
Himanshu

You stopped wanting to get free money which just requires you to move some funds around and take 1 min of your time to input it on your tax returns?

Stop being lazy and just do it. You must not really care about having an extra 3500 to 5 grand extra in your pocket every year.

More money for the rest of us Champ. Keep staying in the sidelines and doing nothing. The rest of us will also be doing nothing, but our wallets will get a few inches fatter at least 😅

Mg
Mg

I lump all these as Misc 1099 in one so less than one minute. Never a problem, at least so far.

Aidan
Aidan

Gadget do you still put 1 line for each bank or just put a lump sum amount for bank account interests/bonuses?

Gadget - Bank Bonus Geek

One line for each bank or issuer.

So, if I have 5 Netspends… all Metabank… and I got 5 1099’s, I add them up and put it on one line.

But if one Netspend (ie Brinks) has a different backing bank, then it would get its own line.

It helps you to keep track of what you entered and keep it simple.

John
John

Laurel Road did post for the 2021 bank bonus.

Uuu
Uuu

No 1099, no report. IRS can’t match it then

Celia
Celia

Do you check the IRS site to make sure? I’ve had a couple 1099s over the years that are on my IRS transcript that I never received.

wilsonhammer
wilsonhammer

What do you mean, your transcript?

Never mind. Just looked it up on the IRS site. Wow, there’s a lot there

Isabella
Isabella

Did you get audited because of that?

Celia
Celia

No. I check before I turn everything over to my accountant. I usually include all bank earnings anyway, last year most of it wasn’t even on the transcript when I initially filed.

HarryTheFirstHarry
HarryTheFirstHarry

A few unreported 1009s will likely lead to an account update by the IRS and state tax department and they will send you a bill. It will not be huge and you will likely still get to keep most of the bonus just that if they do their calculations late say after 1 year from when you file (which is possible given the under staffing) then you have to pay interest and small penalty on the unreported income up to the point at which they send you the bill. I have had this happen a couple times due to inadvertent errors than non reporting. Just went online and paid off the small balance immediately and all is good.

Jd
Jd

Can you look up what the IRS received before you file?

Jun
Jun

I got one from Alliant already.

AllenW
AllenW

Me to for under $25 lol

Prad
Prad

They are legally required to report if it’s over $10 in interest.

EDUARDO BAEZ
EDUARDO BAEZ

You are correct.
The Alliant web site answer to the question “When will tax forms be ready?” is as follows.

1099-INT
Interest Income

If you have earned less than $10 in interest income, you will not receive a 1099: INT Tax Form. Any earned dividends less than $10 are not reported to the IRS. Your year-end reporting information can be found on your December account statement.

If any, your 1099-INT form will be mailed no later than January 31.

mark
mark

Anyone have a data point of a human who self reports?

Jack
Jack

I do on all the bank ones. I’m self employed. Last thing I want is an audit so I’d rather report more than is reported than vice versa, just in case. The only reason I use an accountant as well, for the signature.