Do Banks Issue 1099-INT Forms for Account Opening Cash Bonuses? TD Bank Confusion

You're absolutely right to question this. Bank account bonuses are almost always reported on Form 1099-INT and are definitely taxable income regardless of whether you receive the form. The TD Bank representative is confusing two different reporting requirements. Banks don't have to issue a 1099-INT for regular interest under $10, but bonuses like the one you received ($175) are considered interest income and should generate a 1099-INT regardless of the amount. Even without the form, you are legally required to report all taxable income on your tax return. When you file, you should include the $175 bonus as interest income on Schedule B (if you itemize interest) or directly on your 1040 if you don't have other interest income to report. I'd recommend calling TD Bank again and speaking with a different representative who might be more familiar with tax reporting requirements. Ask specifically to speak with someone in their tax department if possible.

I went through this exact situation with TD Bank last year! After going back and forth with them for weeks, I finally discovered they actually categorize their bonuses as "miscellaneous income" rather than interest income, so you might receive a 1099-MISC instead (though they're inconsistent with this too). I ended up using https://taxr.ai to help sort out my missing forms situation. Their document analyzer helped me figure out how to properly report the missing income and even found some additional deductions I was eligible for based on my banking patterns. The service basically confirmed what the first commenter said - you definitely need to report the income regardless of whether you get the form. I'd recommend checking your online TD account under tax documents one more time before filing, but don't wait forever for a form that might not come.

Just wanted to update everyone - I ended up trying taxr.ai like the previous commenter suggested, and it was super helpful for my bank bonus situation! I uploaded the 3 1099-INTs I did receive, and it identified that my missing forms should have been issued but weren't. The document analyzer confirmed I needed to report all bank bonuses as interest income on line 2b of my 1040 and Schedule B. It even provided a template letter I could send to the banks that didn't issue forms (which I sent to TD and Wells Fargo). Most surprisingly, it flagged that one of my bonuses was incorrectly classified by the bank as interest when it should have been reported as a rebate (not taxable). Ended up saving me about $75 in taxes I would have unnecessarily paid. Definitely worth checking out if you're dealing with multiple bank bonuses or missing forms!

I've dealt with this exact issue with multiple banks! The TD rep is definitely wrong. After going in circles with customer service for weeks last year about missing 1099s, I finally found a way to get through to the right department using Claimyr (https://claimyr.com). They connected me directly to TD's tax department after I'd spent HOURS on hold trying to get through myself. You can see how it works here: https://youtu.be/_kiP6q8DX5c The TD tax specialist confirmed that ALL promotional bonuses over $10 should generate a 1099-INT or 1099-MISC, and they reissued my missing form. The bank rep you spoke with just doesn't understand their own reporting requirements. But like others said, you still need to report the income regardless of whether you get the form!

I have to admit I was completely wrong about Claimyr. After my skeptical comment yesterday, I decided to try it for myself since I was getting nowhere with TD Bank about my missing 1099. The service connected me to a TD tax specialist in about 15 minutes when I had been unable to get through for weeks. The specialist confirmed they should have issued a 1099-INT for my $200 bonus and found that it had been coded incorrectly in their system. They're sending a corrected form now. What surprised me most was how much time it saved - I had literally spent hours on hold before this. For anyone dealing with missing tax forms from banks, this is definitely worth trying. Sorry for doubting it before!

Just want to add that I've done bank bonuses for years, and the reporting is frustratingly inconsistent between banks: - Chase always sends 1099-INTs for bonuses - Bank of America usually sends 1099-MISCs - Wells Fargo is hit or miss (more miss than hit) - TD Bank rarely sends them correctly the first time - Credit unions are all over the place But the key thing is you MUST report ALL bonuses as income regardless. The IRS doesn't care whether you got a form or not - they care that you report all taxable income. Pro tip: Keep a spreadsheet tracking all bank bonuses you receive during the year along with the requirements you completed. This makes tax time much easier!

Random question - does anyone know if the requirements to EARN the bonus matter for tax purposes? Like if I had to set up direct deposit and make 10 debit transactions to get my bonus, does that change how it's taxed compared to just getting free money?

I'm dealing with a similar situation right now! I received a $300 bonus from Citibank last year but never got any tax forms from them. When I called, they told me the same thing about it being "under the reporting threshold" which doesn't make sense for a bonus that large. Based on what everyone's saying here, it sounds like I need to report it as interest income on my return regardless. Has anyone had experience with Citi specifically? Do they typically send 1099-INTs for account bonuses, or are they another bank that's inconsistent with reporting? I'm keeping detailed records of all my bank bonuses going forward since it seems like the banks themselves don't always understand their own reporting requirements!