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Question
Is the credit and debit card opening bonus taxable from the bank that sent Form 1099INT?
AI accountant’s answer:
Yes, if you received a Form 1099-INT for the credit or debit card opening bonus, it is considered taxable interest income. You will need to report this amount on your tax return. The bank is required to issue a 1099-INT if the interest paid, including bonuses, is $10 or more in a year.
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Jacques Seys, CPA
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