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Banks and 1099 list?


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#1 vivyip

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Posted 03 February 2005 - 03:12 PM

After opening so many bank accounts for bonuses (Thank you mr markber and everyone who contributed to finding the information!) I made a list for myself to check which ones would send me a 1099. Granted, the bank must send you a 1099-INT if you earned more than $10 of interest (whether it was a bonus or a gift) However, some banks still report even if the interest is under $10. (I guess they have to...) Anyway, this post will have banks that send out 1099 even if you earned less than $10 (sigh...)

Ascencia Bank
Sandy Spring National (?) Bank -- They didn't send out a 1099, but they wrote "This amount will be reported to the IRS."

Fortunately (?) this bank reported "only" the singup bonus:

Bank of America

This bank followed the normal reporting rules (if it's less than $10, then we won't report it in a 1099 to you)

Citibank

Hope no one minds this thread too much. Thank you for reading this.

#2 mir322

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Posted 05 February 2005 - 12:35 AM

Thanks!

#3 jrr7

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Posted 07 March 2005 - 05:02 PM

QUOTE(vivyip @ Feb 3 2005, 10:12 AM)
Granted, the bank must send you a 1099-INT if you earned more than $10 of interest (whether it was a bonus or a gift)  However, some banks still report even if the interest is under $10.
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Even if the bank does not report the interest, you still owe taxes on the interest to the IRS. You are still responsible for declaring the interst as income and paying taxes on it, even if the bank doesn't send you a 1099, regardless of whether or not the bank was supposed to.





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