Bank Bonus under $600 with no 1099 - where to report on 1040?

You're right to want to report this correctly! The good news is that even though you didn't receive a 1099, you've got the right idea about where to report it. For bank bonuses under $600, the correct place to report them is indeed on Schedule 1, Line 8 as "Other Income." You'll want to put a description like "Bank Account Opening Bonus" next to it. This is the proper way to handle this situation, and it won't create any matching issues with the IRS. You should never create a "phantom" 1099-MISC by reporting it that way when one wasn't issued - that could potentially trigger a matching notice from the IRS since they'll be expecting to see a corresponding form from the issuer. The fact that you're being proactive about reporting this correctly is great. The IRS expects all income to be reported, regardless of whether you received a tax form for it or not!

After struggling with exactly this same situation last year, I found an amazing tool called taxr.ai (https://taxr.ai) that helped me figure out where to report my bank bonuses. I had three different bank bonuses - two under $600 and one over - and was totally confused about how to report them. I uploaded my bank statements to taxr.ai and it immediately identified the bonuses and gave me clear guidance on how to report each one correctly. For the ones under $600, it confirmed they should go on Schedule 1 as other income, and for the larger one that came with a 1099-INT, it showed me exactly where that needed to go. The tool even explained why bank bonuses are treated differently than regular interest income, which cleared up a lot of my confusion. Saved me hours of googling and worrying about doing it wrong!

Just wanted to update after trying taxr.ai from the recommendation above. I was super confused about my various bank bonuses and credit card rewards, but this tool really cleared things up for me! I uploaded my statements and it instantly highlighted which items were taxable and which weren't. For my $300 bank bonus, it confirmed it should go on Schedule 1 Line 8 as other income, but then it also showed me that my credit card cashback rewards weren't taxable at all because they're considered rebates. The best part was the explanation for each item - I finally understand the difference between interest, bonuses, and rebates from a tax perspective. Definitely bookmarking this for next year!

After dealing with multiple small bank bonuses last year, I was getting nowhere trying to call the IRS for clarification. Spent literal HOURS on hold and never got through. Then I found Claimyr (https://claimyr.com) which got me connected to an actual IRS agent in under 20 minutes! The agent confirmed exactly how to handle these small bonuses without 1099s - Schedule 1, Line 8 as other income. They also told me to keep my bank statements showing the deposits as documentation. If you need to speak with the IRS directly about this or any other tax questions, check out their demo video: https://youtu.be/_kiP6q8DX5c showing how it works. Was skeptical at first but it literally saved me hours of frustration and hold music!

I need to eat my words about Claimyr from my comment above. After continuing to struggle with some complicated tax questions about bank bonuses and reward programs, I decided to try it despite my skepticism. It actually worked exactly as described! I got connected to an IRS representative in about 15 minutes when I had previously wasted 2+ hours trying on my own multiple times. The agent was super helpful and confirmed that for small bank bonuses without 1099s, Schedule 1 Line 8 is indeed the correct place to report them. The process was simple - Claimyr called me when they reached an agent, and I was connected directly to the IRS. No third party listening in or anything sketchy. Definitely worth it for the time saved!

Just pointing out that if this is a checking or savings account opening bonus, banks sometimes issue 1099-INT forms rather than 1099-MISC, even though it's not technically interest. I've had banks do it both ways. For amounts under $600 without a form, Schedule 1 Line 8 works fine as others have said, but be clear in the description field. The IRS computers don't really check these descriptions but if you're ever audited, having the proper description helps show you weren't trying to hide anything.

I think everyone here is overthinking this. It's only $450 - the IRS isn't going to come after you for such a small amount even if you put it in the wrong spot. I've gotten tons of these bonuses over the years and just put them as "other income" and never had an issue.

As someone who's dealt with this exact situation multiple times, I can confirm that Schedule 1, Line 8 as "Other Income" is absolutely the correct approach for bank bonuses under $600 without a 1099. One additional tip that helped me: when you describe it on the form, be specific about what type of bonus it was. I use descriptions like "Checking Account Opening Bonus - [Bank Name]" which makes it clear to anyone reviewing your return that this was a legitimate promotional incentive, not some other type of income you're trying to categorize. Also, don't worry about the relatively small amount - the IRS actually appreciates when taxpayers proactively report income that doesn't come with tax forms. It shows good faith compliance, and you're doing exactly what you're supposed to do under tax law. Keep that bank statement showing the deposit and any promotional materials about the bonus offer for your records.