Missing a 1099, Can I just report the income?

[kpd905]

I never received a 1099 form for a $300 checking account bonus from PNC.  Can I just report the $300 income somewhere in TaxACT?  I tried calling them and they couldn't access my records because I closed the account after receiving the bonus.

[MrDelane]

If I'm not mistaken, 1099's are only required for amounts of $600 and above - which is why you probably haven't received one.

[Spork]

If I'm not mistaken, 1099's are only required for amounts of $600 and above - which is why you probably haven't received one.

I believe the minimum is $10, not $600.

Is it possible that the $300 is not "interest".  I.e., that it is categorized some other way?  For example, we get a few hundred dollars a year bonus dollars from credit cards.  It is never reported to us on a 1099-X form.  I've actually never even considered it might be "income" in the eyes of the IRS until this moment.

[johnny847]

If I'm not mistaken, 1099's are only required for amounts of $600 and above - which is why you probably haven't received one.

I believe the minimum is $10, not $600.

Is it possible that the $300 is not "interest".  I.e., that it is categorized some other way?  For example, we get a few hundred dollars a year bonus dollars from credit cards.  It is never reported to us on a 1099-X form.  I've actually never even considered it might be "income" in the eyes of the IRS until this moment.

Credit card rewards and bonuses are considered a rebate on items purchased to obtain said rewards and bonuses. This is not directly taxable. However because it is a reduction in cost basis, if you got cc rewards for something you bought and later sold for profit, the cc rewards effectively become subject to tax.

[johnny847]

If I'm not mistaken, 1099's are only required for amounts of $600 and above - which is why you probably haven't received one.

You're thinking about a 1099 Misc, commonly used for contractor income. The OP is referencing a 1099 INT for bank interest.

[johnny847]

I never received a 1099 form for a $300 checking account bonus from PNC.  Can I just report the $300 income somewhere in TaxACT?  I tried calling them and they couldn't access my records because I closed the account after receiving the bonus.

I'm fairly certain the IRS won't complain about any "over reported" income. And of you're ever audited you could easily prove you received such a bonus via bank statements (you did save those right).

[NoStacheOhio]

I would just report it as bank interest if you're worried about it. Typically that's how account bonus offers are reported, though not always. Sometimes they spell it out in the fine print.

[MrDelane]

If I'm not mistaken, 1099's are only required for amounts of $600 and above - which is why you probably haven't received one.

You're thinking about a 1099 Misc, commonly used for contractor income. The OP is referencing a 1099 INT for bank interest.

My apologies for giving wrong info. 
Having worked as a contractor for years I immediately saw what I thought I was familiar with
(everyone just refers to 1099-MISC as '1099'). 

Thanks for correcting me.

[johnny847]

If I'm not mistaken, 1099's are only required for amounts of $600 and above - which is why you probably haven't received one.

You're thinking about a 1099 Misc, commonly used for contractor income. The OP is referencing a 1099 INT for bank interest.

My apologies for giving wrong info. 
Having worked as a contractor for years I immediately saw what I thought I was familiar with
(everyone just refers to 1099-MISC as '1099'). 

Thanks for correcting me.

Haha yeah there's a few 1099 variants that people are famliar with (Misc, INT,  DIV, and B), but according to Wikipedia, there are 20 (I just looked this up).