1099 form for Schwab bonus

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Topic Author
erictiger
Posts: 38
Joined: Fri Apr 07, 2017 7:02 pm

1099 form for Schwab bonus

Post by erictiger » Wed Jan 30, 2019 7:19 pm

My son opened a Schwab checking account and got $100 bonus. However, the 1099 form we just received does not include the $100. Is this correct? He also opened a checking account with Chase and its 1099 form has the $100 as interest income.

livesoft
Posts: 72061
Joined: Thu Mar 01, 2007 8:00 pm

Re: 1099 form for Schwab bonus

Post by livesoft » Wed Jan 30, 2019 7:22 pm

Taxpayers have to report these things, but 1099s don't have to be sent below some minimum which I think is around $600. Just because one doesn't get a 1099 does not mean it is non-reportable.

Please read IRS Publication 550 for more info.
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Topic Author
erictiger
Posts: 38
Joined: Fri Apr 07, 2017 7:02 pm

Re: 1099 form for Schwab bonus

Post by erictiger » Wed Jan 30, 2019 7:28 pm

OP here. He received the 1099 form which only shows the $7 interest but not the $100 bonus.

student
Posts: 4887
Joined: Fri Apr 03, 2015 6:58 am

Re: 1099 form for Schwab bonus

Post by student » Wed Jan 30, 2019 7:44 pm

Some banks do not consider this as reportable income. I even called them. Since I did not believe them, I reported it myself.

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