Free $150 from Fidelity

[ModestNestEgg]

The $150 offer expired, but Fidelity still offers a free $100 when you deposit $50 at https://www.fidelity.com/go/special-offer

Okay- thanks!

 

[xlf11]

I received $150 bonus on Dec. 22, but it looks like Fido consolidated 1099 did not include this for 2022. Does anyone know or experience how to report this for 2022 tax or Fido will include this for 2023 income, as the bonus needs to stay in the account for 90 days anyway?
Thanks in advance for any input...

 

[jollystomper]

I received $150 bonus on Dec. 22, but it looks like Fido consolidated 1099 did not include this for 2022. Does anyone know or experience how to report this for 2022 tax or Fido will include this for 2023 income, as the bonus needs to stay in the account for 90 days anyway?
Thanks in advance for any input...

From the FAQs about the offer (https://www.fidelity.com/go/special-offer/holiday-terms-conditions):

Cumulative bonus awards credited to taxable accounts associated with your social security number or tax identification number, as applicable, including those held at an affiliate of Fidelity, totaling $600 or more within a calendar year will appear on your consolidated Form 1099. You are encouraged to consult with your tax professional about appropriate tax reporting and treatment relating to this bonus award and the deposit of the bonus award in your account. Any taxes resulting from the bonus award are your responsibility.

I am no tax genius, but this seems to indicate that if this is your only bonus award from them in 2022, it will not appear on a 1099.

 

[rodi]

This raises the question, I assume we still have to report it. Does anyone know what form we put it on and how we characterize it?

 

[jollystomper]

This raises the question, I assume we still have to report it. Does anyone know what form we put it on and how we characterize it?

My guess would be the "other income" line (8z) on Schedule 1.

 

[xlf11]

Just chatted with Fido rep on $150 bonus received in Dec.22. It confirmed that Fido won't put it on 1099 as it is less than $600 for 2022 and it will not be on 2023 either. Fido normally reports bonus over $600 as 1099 misc. So it seems to make sense to report it on 1099 misc for 2022 even without it on Fido 1099.