A lot of us did the $250 Wells Fargo personal checking bonus during 2017 since it was easy and a nice bonus. Oddly, some people are getting a Form 1099-INT from Wells for the bonus while others have not. Repeated customer service and supervisor requests all yield the same reply: your account is a non-interest bearing account and is not subject to a 1099, even on the signup bonus.
While most banks report bonuses on Form 1099-INT, some banks consider interest to be miscellaneous income and subject to the minimum $600 reporting threshold of 1099-Misc.
I can not wrap my head around the fact that they sent it to some people and not others. Maybe someone else will figure it out.
If you were issued a 1099 it probably came in the mail. You can also find it in your online login: Accounts > View Statements & Documents.
On a related note, a commenter on the TD Bank bonus notes not getting a 1099, again because they consider bank bonuses to be Misc income subject to the $600 reporting threshold.
I’m not a tax expert, but presumably the bank’s decision to count it as Misc doesn’t exempt it from tax liability. These bonuses could probably be self-reported as interest income or some sort miscellaneous income.
There’s also an interesting comment regarding interest earnings which one bank claimed is not subject to 1099-INT since it has qualifications to earn. That’s an interesting theory, but seems like an outlier.
Some of you may have opened a Schwab brokerage recently and gotten the $100 bonus. My understanding is that brokerages don’t typically send out 1099s, probably since it’s not considered interest income, rather Misc. income which is subject to a $600 threshold.
A brokerage bonus of $600+ would probably get a 1099-Misc. Or perhaps brokerage bonuses are meant to offset fees of switching over (I was once told such a thing by a brokerage advisor), and then there’s no tax liability on that? Have to ask a tax advisor really.
View Comments (197)
i just got a 1099-int in the mail the other day for $5000. So i called the number on the form which was from wells fargo. funny thing they said it was from a check they sent me back in aug of 2022. i told the guy that i never recieved any such check. after some discussion, i said well ill tell you what...you send me the check for $18,000. and ill pay this 5000. out of it. he said ok...the bank guy is going to send me the check...lmao...yeah whatever! i think these 1099 ints are a scam.
I did the 10 debit card transactions w/a new Regions Lifegreen Checking Account for the $400 bonus. Everything I read promised that no 1099 would be issued. Just received a 1099 INT from Regions for $400.
I also did the 10 debit transactions for Wells Fargo and didn't receive a 1099-INT. Also missing 1099-INT for PNC.
Is the general consensus to still report the income even if WF considers it a rebate?
Didn’t receive a 1099 from Wells after receiving the $250 bonus in early 2017. Tried logging into my account (which was closed last summer) and got an error message, which means it looks like the entire history is unavailable or deleted. I consider the matter finalized. Did get 1099s from CHASE for checking and savings bonuses and will report those.
spoke with multiple wells fargo associates who assured i did not have one for this account.
I didn't get one and I'm filing my taxes. Federal EIN is required and I don't even have that. I made $1500 deposit not debit transactions.
EIN is required to enter a 1099-MISC/INT, but it is NOT required to enter those income amounts without a 1099-MISC/INT. There is always a way to do that. I do it every year for my B&M bank account that earns an amount of interest too small for the bank to provide a 1099-INT. If you or your less-flexible tax software insist on making up a 1099 that doesn't exist and isn't needed anyway (the EINs you received income from are not part of what actually gets filed as your return, only the amounts of money), check https://www.reddit.com/r/churning/comments/7z2xyg/bank_1099_eintin_numbers/ for the EIN, or enter 00000000 as a placeholder.
Has anyone received 1099-Int from associated bank? I did $150 checking bonus last year and still did not received 1099. Plus I also did not received WF 1099, but as other have stated that WF does not send 1099 if bonus is received after 10 debit transactions.
Interesting take that considers the the bonus a rebate because you had to make debit card transactions to receive. Of the 8 bank bonuses I did last year, I am missing 3 1099s - wells fargo, PNC, and First National Bank. Wells Fargo & PNC had the debit card transaction requirement in order to earn.
I'll try calling First National Bank to see where theirs is.
Fifth Third Bank, Popular Community Bank, and TD Bank have not sent me any 1099s for the $300 bonuses they each awarded last year, and it's already March 2018. If all 3 of these banks are coding their bonuses as 1099-MISC instead of 1099-INT but will not send out the 1099-MISC for anything under $600, does that mean they aren't going to report the $300 bonus to the IRS? If that's the case, why should I report it then? I would save around $225 in taxes. I understand that obviously if the banks report it and I don't, that will cause an instant matching error on the new system the IRS uses which is great way to land myself in an audit. But if they don't, I'd love to keep the extra $225...
Is it necessary to amend taxes if the amount is $56. .I received a 1099b for the tmo stock that I sold. But, I'm sure that amount is covered for over reporting income since some banks didn't send 1099 for bonuses which I reported anyways.
Chase did not sent me 1099 INT for 300 checking and 200 savings. I sent them secure message they replied not on my account and let us know if you were expecting one. I told them about sign up bonus , no reply yet.
I would rather receive and add them to taxes than making decision to report (or not report ) if they do not send the 1099int / misc.
Has anyone else had issue with chase bank.
The same as me. I didn't got 1099 either for the 500 bonus.
Got their reply, looks like they won't send a 1099 in anyway. I'm going to report it.
I wongly filed a w8-ben at start, then mailed a w-9 two weeks later. That may be the reason. just be strange that even the bonus is posted after w-9 is mailed.
Strange...I received no 1099 from Schwab for a $50 customer service gesture and the couch change in actual account interest (more than $0.50 though)