January and the ensuing months are Form 1099 season! Each year there are interesting developments that happen with regards to banks issuing form 1099s for interest, bank bonuses, referral bonuses, etc. Remember that time when Chase considered 500 Ultimate Rewards points as $500 on the Form 1099? And they followed up in 2024 by considering certain credit card signup bonuses as 1099 income. I digress…
Most of the standard tax forms we’ll receive by the end of January, per federal bank rules. There are a few tax forms which are sent out in later months.
The comments here are a dedicated discussion post where we can discuss all things related to tax form 1099 for year 2024: when forms become available, which banks don’t send out 1099s, which earnings are supposed to be reported on the form 1099, referral bonus discussion, and any other weirdnesses that happen.
I’ll add in below any specific tidbits that catch my eye, and we’ll likely republish this post as things develop. If there is a significant story we’ll publish that separately as well.
Note, receiving a tax form or not receiving one has no bearing on your actual tax liability. This discussion is just to inform people on what to expect, when to look out for a form, check for any mistakes, remember to report something from a bonus that isn’t getting a tax form, etc. Consult a tax advisor about actual tax liability.
- IRS Announces Delay On New $600 Form 1099-K Rule (2023, 2024, 2025, 2026 Details); for 2024, amounts below $5,000 are not required to be reported.
- How To Find Form 1099-INT From Treasury Direct (I Bond Taxes)
- Claiming Your State Tax Deduction From Treasury Money Market Funds
- First Tech FCU included the $13 Financial Fitness Association payment they gave as Interest.
- Northwest Federal Credit Union includes the $8 Kasasa rewards (a cashback bonus) each month on the 1099-INT.
- Fidelity Bloom $30 match bonus was not included on the 1099
- Reports are that Nasa FCU $300 promo will not be getting a 1099.
- Report that Numerica CU $200 promo does not get a 1099
- American Express sends out 1099s for referral bonuses and the Pay Over Time (and possibly other stuff) on a single 1099 form.
- Chase 1099s Marriott points (for referrals) at 1 cent per point (1, 2)
- Bank of America 1099s Alaska points (for referrals) at 1 cent per point (1)
- Error on the 1099-MISC from WeBull; they are sending out corrected 1099s
