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Should I have received 1099-MISC for bonus on new account opening?

Personal Finance & Money Asked on October 5, 2021

I received a $100 signup bonus for opening a new account with CapitalOne Checking account in USA. I kept a low balance and received very little (less than $1) interest. They didn’t send 1099-INT because of low interest. But, they didn’t send 1099-MISC for the bonus amount too.

Question: Should I have received 1099-MISC? Customer care said: 1099-MISC forms should have at least $600.

PS:

  1. Chase bank sent me 1099-MISC for a just $50 signup bonus in 2019.
  2. This link says bonus income may be reported on 1099-MISC.

One Answer

It's up to the bank's policy whether they send it out if you're under the $600 threshold, but either way, you still have to report it on your taxes. Doctor of Credit has a list of which banks report and which don't.

Correct answer by Cody on October 5, 2021

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