Why did chase bank send me a 1099-INT interest income ?
I don’t know why I got this letter in the mail?
I don’t work and I don’t file taxes.
This is why I’m confused...
Honest answers please
What am I supposed to do... it says I have a $200 interest and I need to report it when I file taxes.. this $200 I received as a reward when I opened my bank account
- Coffee DrinkerLv 71 month agoFavorite Answer
Why did they send you the form? - Because federal tax law required them to send you the form. They don't know whether or not you work, or have other sources of income, or whether or not you file a tax return, but even if Chase did have that information they still have a legal obligation to send you this form.
If this is your only income you do not need to file a tax return just for this income. The amount is below the filing requirement even for unearned interest income (which is what the IRS would call this type of income).
If you have other income and file a tax return, then you must include this income and it might result in a few dollars of additional tax owed but its unlikely to have any significant impact on your taxes.
- LLv 51 month ago
Reward or what ever you want to call it..........it is still taxable income.
- AmyLv 71 month ago
They reported your income because it is income. Chase has no way of knowing that you don't work.
If you don't have much other income, you still aren't required to file a tax return.
- Christin KLv 71 month ago
You got that bonus from Chase when you opened your checking account there. That's something most people aren't aware of--those 'bonuses' seem like free money, but you will owe tax on them at filing time. They are considered income.
If you don't file taxes, and you have no reportable income, you can simply ignore this. The amount of tax you would owe on this is zero.
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- StephenWeinsteinLv 71 month ago
They sent it because the reward counts as interest for tax purposes,and they are required to send a Form 1099-INT to anyone who receives $10 or more in interest (including rewards) from them.
If this is your only income for the year, then you don't have to do anything.
If your other income plus this $200 is more than a person can receive without being required to file taxes, then you must file taxes.
- mercedesLv 71 month ago
Those kinds of payments are treated as interest. If you don't have to file a tax return what are you stressing out about?
- STEVEN FLv 71 month ago
They don't know, nor can they legally CARE if you file an income tax return or owe taxes. If they pay you more than $10.00 in interest, they are legally REQUIRED to issue a 1099-INT.
The bonus for opening an account is legally interest.
- SlickterpLv 71 month ago
Because you had reportable interest earned.
- UserLv 71 month ago
They are counting that as interest, apparently
you are required to report all interest income on your taxes (no minimum).
you don't have to file taxes if your total income for the year is below some specific amount
(several thousands of dollars).
SO: if you have no other income
you can safely ignore it.
- thinkingtimeLv 71 month ago
Call your bank and ask them.