2019 Citibank Bonus 1099 Dilemma ?

[MJ]

Last year, I applied for the Citibank Checking $400 Bonus Promo for myself and my wife. We both received a 2019 1099-INT. Hers included two entries, interest earned in her savings account and the $400 bonus deposit in her checking account. My 1099-INT, unlike my wife's, had only one entry for the interest earned in my savings account and DID NOT have an entry for the $400 bonus deposit in my checking account. I called Citibank US customer service twice one week apart to ask if there was a 1099 listed for my Checking or if there was an outstanding 1099. Both reps said no, so I'm not sure what to do?

[njhowie]

I would use the numbers from the 1099. If they didn't report it to the IRS, then the IRS doesn't know about it. They may figure it out at a later point in time and then send you a revised 1099.

Alternatively, there's nothing that prevents you from putting the $400 on your tax form, adding to the interest amount - the IRS certainly doesn't mind if you are paying on more than they know about.

In the absolute worst case, if the IRS somehow knows about it, you didn't put it on your tax forms, and they consider it worth collecting, they'll send you a bill for the tax difference.

[jebmke]

Report the income. All interest is reportable whether you receive a 1099-Int or not. Knowingly failing to report income is tax fraud.

[Montecfo]

That way after you have filed and they send you a revised 1099, you will still be good.

I assume you have double checked to make sure you received it in 2019, correct?

In my case, I have received a bunch of those from my brokerage. I find they are not consistently reported.

[audreyh1]

I always report my interest income whether I receive a 1099-INT or not. I have several “de minimus” cases, but my Dec statement shows my interest paid for the year.

If you received $400 in accounts where you are the primary owner, I would report it.

[COcheesehead]

Never under report income.