Question

Do I adjust for "cash bonuses" on 1099-INT?

Forum|Forum|7 years ago
June 6, 2019
2 replies
0 views

I earned $1.03 in interest for 2016 from my savings account but was also given $500.00 as a promotional incentive to start up a new account with Chase Bank. The full amount of 501.03 was reported in box 1 on the 1099-INT. Do I adjust for the "cash bonus" of $500 or report the full amount?

TurboTax Free Edition Online

P

PaulaM

Employee

Report the full amount ($501.03) that is reported in the Box 1 of your 1099-INT.

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C

cbower

I received a 1099-int from my employer for a moving bonus but all boxes are blank except box 6. foreign tax paid. turbo tax is prompting me to fill in box 1 and asks me to make a selection for box 7. but they are blank?