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Chase reports your interest on a 1099-INT. Chase may report a sign up or referral bonus on a 1099-INT or on a 1099-MISC, and Chase picks which one it uses.
You download your tax documents there.
Chase publishes them by the end of January for the previous calendar year, and posts them to your account before it mails anything.
You still report the interest.
Chase pays you a bonus for opening or funding an account. Banks have reported that payment both ways, as interest on your deposit and as other income.
Chase adds a bonus it reports on a 1099-INT to your interest income. Chase reports a bonus on a 1099-MISC as other income. You owe the same tax either way, and what changes is where you enter the figure on your return.
Report what Chase reported about you. If Chase sent a 1099-MISC and you enter the amount as interest, your totals still agree. The IRS matches each form separately, and it writes to you about the one that does not.
Chase issuing no form changes nothing about what you owe.
Chase issues no 1099-INT below it. Report the interest from your statements.
The two forms carry different thresholds, so Chase may report nothing on a payment it would have reported as interest.
An old address or a taxpayer number Chase cannot match will hold the form. Update your account, then ask Chase whether it issued one.
Same account, different money, different treatment.
| Interest. | Chase pays it on the balance you held and reports it on a 1099-INT. |
|---|---|
| Account opening bonus. | Chase reports it, and Chase picks whether it uses a 1099-INT or a 1099-MISC. |
| Referral bonus. | Chase pays you for introducing someone. That is a payment for an act, so Chase reports it as other income. |
| Credit card rewards you earn by spending. | You buy something and Chase gives part of the price back, so the IRS treats the reward as a rebate and you owe no tax on it. |
Rewards you earn by spending reduce the price you paid. Cash Chase pays you for opening or funding an account does not, and Chase reports it.
Say you opened a checking account in March, Chase paid you a 300 dollar bonus, and you earned 120 dollars of interest across the year.
If Chase puts the bonus on the 1099-INT, you receive one form showing 420 dollars of interest. If Chase puts it on a 1099-MISC, you receive two forms, one for 120 and one for 300.
You owe the same tax either way. What changes is where you enter each figure. Report 420 on the interest line while the IRS holds a 300 dollar 1099-MISC, and the IRS will write to you about the difference.
Chase sends your deposit account 1099 by the end of January, ahead of a brokerage consolidated statement, which brokers furnish by February 15.
Chase corrects a form when it reclassifies a bonus after the fact, or when you closed the account mid year. If Chase corrects yours after you filed, send us both versions and we tell you whether the change justifies an amended return.
If you already filed and Chase then corrected your form, send it to us before the IRS writes to you.
For what you owe on interest and bonus income, see individual tax preparation. If the IRS has already written to you about a mismatch, see IRS audit representation.
Credentialed preparers on every return. CPAs and Enrolled Agents, not seasonal staff.
A fixed quote before we start. You get the number up front, not an hourly meter.
Email answered within 24 hours, in filing season as well as outside it.
Send us the forms Chase issued you, plus your account statements if a bonus is in question.
We identify what each figure is, whether interest, bonus, or both, and which form Chase chose for it.
We check the forms against your own records, because Chase issuing no form does not mean you received no income.
We put each figure on the right line, so your return matches what Chase reported about you.
We file, and we give you a summary to work from next year.
Pricing runs per return, not per form. These are the factors that set a quote, and you get the fixed number before the work starts.
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You can work out which form Chase used for your bonus. It costs you an evening, and a second evening when your figures do not agree with your statements.
We explain general rules and we are not advising you on your own situation. Your answer depends on facts we cannot see until we look at your records, so speak to a CPA before you file.
Have a CPA check the year
