Originally Posted by
beltway
Judging by the 1099s I’ve received this month, I believe the rules are as follows:
1. bank interest of $10+ generates a 1099-INT; this includes bonuses for opening accounts
2. CC bonuses (paperless statement opt-in; dollar-denominated gift cards issued as part of CC SUB; referral bonus) are reported on a 1099-MISC, but only if if a) such bonuses exceed $600 or b) such bonuses plus interest reported on form1099-INT total $600 or more
I say this because P2 and I have been cross-referring for many years with no resulting 1099s. What changed for us in 2023 was that we each earned a sizable Chase bank-account cash SUB. Even though our earnings in category 2 above were individually below $600*–and thus would not have triggered reporting on their own—that combined with category 1 receipts was enough to push us into 1099-Land for the first time.
*For the record, Chase valued UR at 1cpp.
I got the $900 opening checking/saving account bonus and received the 1099-INT. This is no surprise because it is clearly worded in the promo T&Cs. We also know for banking products, $10 is the threshold.
I am surprised the paperless opt in incentive would ever trigger a 1099 reporting... so low.
So in your family's scenario, your banking side SUB caused your CC side referrals go over the $600 threshold? I do not quite understand it because Banking side is reported as Interest, on 1099INT while the CC side is reported as other income, on 1099MISC. Your 1099MISC items are under $600, but due to the 1099INT over $10, you still get the 1099MISC?