Bank account sign on bonus but received 1099-INT. "Investments and Savings" or "Other Income"?

e94904

I signed up for some banks and got a 1099-INT form even though it is a sign on bonus. I looked online and see conflicting information on where it should go. Should consider it as "other income" and put it in the "Miscellaneous Income" section? Or should it go in the "Investments and Savings" section. Online, I see that most people put it in the "other income" section but they didn't get a 1099-INT form but I did. Since I got the 1099-INT form in both cases, should it go under the "Investments and Savings" section?

CoryF

Hello,

I can understand the confusion and financial institutions seem to be providing all kinds of different forms. Since it was reported to you on a 1099-INT, that is how you should report it in the Investments and Savings section of your inputs.

The ending result between the options is that the amount increases your total income whether it is reported as Other Income or as Interest. However, since you got this form, and the 1099-INT would be reported to the IRS, you need to report it as such on your tax return.