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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.
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  • 2
    What date did they put the bonus in your account? If there was a requirement to keep the account open for x days, it could have been in a different year. Apr 19 at 18:24
  • @mhoran_psprep both (account opening + bonus) occurred in the same year (2020)
    – sam
    Apr 19 at 18:30
6

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.

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  • Should I report it as miscellaneous income? Tips, bonus? What kind of income/earnings?
    – sam
    Apr 19 at 18:09
  • I would report it as interest income. Could be misc income too and shouldn't make a difference.
    – Cody
    Apr 19 at 18:15

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