MDtR-Chicago

INT is potentially subject to Net Investment Income Tax, so an additional 3.8% tax, plus at least one state taxes interest income differently than other income.

raj_cl

I mean ask Citi again to mail the corresponding form, since it was not (apparently) mailed the first time, and now that the IRS has sent a letter, means a tax form was issued by Citi and reported to IRS. Speaking hypothetically if IRS sends a letter.

Until Citi mails the tax form or IRS issues a letter, I would recommend to not sweat it at all. Other than engaging in a hypothetical exercise on flyertalk (like this thread) to beat boredom :-)

Repooc17

If your overall income is over the threshold, sure.

This should be a straight forward inquiry. Asking for a replacement copy of the 1099.

IRS has not sent OP anything. OP is referring to 2020 income, and the regular tax return filing date is mid-May (in a few weeks)

Whether or not Citi has filed the 1099 has no bearing on the reportability of the income.

Each 1099 form has multiple versions. At a minimum, one copy goes to the recipient, another goes to the IRS, additional can also go to state and local, as applicable. Citi could have filed something with the IRS, with another copy to the OP (but may not have made it to the OP due to mail delivery) - both scenarios could be true. It's not that difficult to inquire with Citi, but that's up to the OP, as well as the reporting part on the tax return.

MDtR-Chicago

I never expected this to prompt such controversy!

I'll be sure to report back after I call Citi.

MDtR-Chicago

Since so many people seemed very concerned I would properly pay my taxes, here is an update...

I ultimately regained access to one of the accounts and found that Citi, indeed, appears to have not sent any tax forms related to this specific offer. I also pulled a tax record transcript from the IRS to see if they received anything and they had not.

So I did, in fact, voluntarily report the bonus as interest. It seemed like this should have been reported as interest on a 1099-INT, regardless of what Citi ultimately did or did not do.

Andy2

For what it is worth, a long time ago, a practitioner did an article in a banking trade magazine giving his belief that if a bank requires a customer to do specified things in order to receive a bonus for opening a bank account, the correct reporting form would be the Form 1099-MISC instead of the Form 1099-INT. While that doesn't change the fact the the income is taxable, the $600 minimum on being required to file a Form 1099-MISC instead of the $10 minimum for a Form 1099-INT means that compliance is less likely to occur by the person opening the account. And more importantly the bank receives fewer complaints. The article was not well footnoted, but there was some rationale as to why logging in twice, using the debit card six times, etc., moved it from a 1099-INT to a 1099-MISC. I linked to it long ago in a thread, but I no longer have the link.