How should "Cash Incentive Offers" from a bank be reported?

Forum|Forum|3 years ago
February 7, 2023
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For as long as I can remember when filing taxes, this was not considered taxable. I received a $300 deposit from the bank for opening a bank account with my bank. To my surprise they reported this on my 1099-INT. I have never seen this before. Is this the correct way to report this, did something change recently that is now gets reported? Please advise.

TurboTax Online

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MAK70

Yes, banks must include amounts of $10 or more, whether or not designated as interest, that are paid or credited to the person's account on the 1099-INT.