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
Anyone attempt to start a “business” with all the credit card referrals? Trying to search for options to write off some of the 1099s and it would seem like there would be some merit when you have consistently made money for 5+ years.
1099-MISC/INT aren’t really income in the traditional sense. 1099-NEC are the ones reported on Schedule C along with the deductible expenses. Plus, you could be subject to self employment tax (the part that your employer pays) if profit is over $600.
Other deductible ways are probably when itemizing, but the standard deduction is so high now, most don’t itemize anymore. What type of expenses are you tryin to deduct?
This is not a 1099 issue but it’s about a tax issue. I have a legit business and I did some work for a customer in 2024 and they didn’t pay me. I did a search on the guy online and it looks like he filed bankruptcy. I was hoping somebody might have some advice about this kind of situation dealing with my tax return. Is there a tax form to fill out so I can write off the amount I charged him for the work? Do I have to go to small claims court because I would rather not do that because of the time involved in finding out what county he lives in, etc.
You can try to go after them in small claims court but if he already filed bankruptcy…don’t know anything about that part.
ETA: Out of curiosity, I did run across this: https://ttlc.intuit.com/community/business-taxes/discussion/please-help-unpaid-invoice/00/3554637
I think some of it depends on what type of accounting system you’re using. I’m doing a cash basis (non accrual) so I was s out of luck.
My accountant said what you said and I am also cash basis accounting. Since then I talked to my friend who said he had got to write off most of his by going to small claims(he did work and client didn’t pay). The judge ruled for him and ordered the client to pay which they didn’t, so he wrote it off as uncollectable. This happened to him years ago so maybe not an option anymore, I don’t know. I’ll have to ask my accountant if it’s still an option and if it’s worth it. Lesson learned. Thanks for the reply and the link
Celia 🔗
(not an accountant) If it was consulting work and you didn’t get paid, what is there to write off? If there were expenses incurred, I assume it would just be expensed along with all of your other expenses of the year and thus reduce the profits of the business.
This reminds me of a “Seinfeld” episode about tax write-offs.
I have 4 separate envelopes coming from Pathward today, according to my Informed Delivery. I’m 99% sure that these are 2024 1099s for my “Netspend” products. I guess that it’s better late than never!
One of my brokerages did not report the $4000 bonus I earned for moving my stocks to them on my 1099-INT. I received the 1099 from them, but the $4000 was not included. Now I’m faced with the decision of whether to add an extra $4000 to the amount they sent on their 1099 when I file my taxes, or if I just ignore it since it was their mistake.
Check your 1099 misc not int
Was the $4,000 bonus credited to an IRA? Or a taxable account?
Is there a way to get a report from the IRS that shows any and all 1099 interest reported to them during a year?! Thanks!
I get a transcript from here: https://www.irs.gov/individuals/get-transcript
Though it’s not real time. I think it updates mid to late summer for the year before.
Fulton Bank: My USPS Informed Delivery for today shows what I assume is the Corrected 1099-INT’s for the full bonus amount.
I called US Bank about the biz checking bonus and the CSR found my 1099-INT and emailed it while I was on the phone.
Received final $20 bonus from Laurel Road on 01/02/2024. Did not receive 1099 from Laurel. Emailed them on 02/05/2025 ([email protected]). Received secure message reply via KeyBank on 02/14/2025 that it would be mailed to me within next 7-10 business days. Received paper 1099-INT in USPS mail, today (03/08/2025). Return address on envelope was KeyBank.
By “final $20 bonus” did you mean that it went from $20 or $10 the next month or did you decide to close your Laurel to try for a future churn?
I closed it two weeks later (in late January 2024) and so I didn’t receive any $10 bonuses. I have not churned it; I’m not even sure what the time-out period is.
Anyone know what the threshold is for banks to send for referrals? Specifically Amex and Barclays AA
No 1099’s for the following:
First Florida CU
Municipal CU
USAA