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Chase bank sent me 1099-MISC for $50 signup bonus when I opened a new account in 2019. I forgot to add this form while doing my taxes. This link says 1099-MISC should have at least $600. Since it is just $50, do I need to amend my 2019 federal and state tax returns?

PS: My tax returns (federal+state) were filed and accepted and I got my tax refund amount back. I haven't received any notice from IRS or state tax agency regarding this.

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If the 1099-MISC would be $600 or more they have to send it to you and the IRS. They have to do this so they can claim the expense on their taxes. But if it is less than $600 they are allowed to submit the 1099-MISC.

Even if they don't send a 1099-MISC, you still have to account for the income on your tax form. So even if they didn't send you a 1099, you should have included the $50 in your income for 2019.

You should complete the 1040X to see if you would owe any additional tax. It is possible if your income is low enough that you may owe no additional money.

I just noticed that the 1099-MISC included a withholding of $12. That means they may owe you money, if your tax bracket is low enough.

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    +1. And the fact that they withheld tax explains why they issued the 1099-MISC even though it was less than $600.
    – Ben Miller
    Apr 19, 2021 at 18:49

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