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June 4, 2019
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I opened a bank account and received $150 as a promotion. Is this taxable income?

  • June 4, 2019
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Best answer by MichaelMc

Yes. If you received a cash bonus for opening a checking account, savings account, or similar deposit account, that bonus is interest. The bank should issue a Form 1099-INT at year end and you should include it as taxable income on your income tax return.

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MichaelMcAnswer
Employee
June 4, 2019

Yes. If you received a cash bonus for opening a checking account, savings account, or similar deposit account, that bonus is interest. The bank should issue a Form 1099-INT at year end and you should include it as taxable income on your income tax return.

June 4, 2019
Does the same still apply if a new checking account is opened at a bank, but the bank provides you an account credit instead of cash?