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#2208990 - 03/19/19 02:43 PM 1099 INT
burkemi Offline
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Joined: Nov 2013
Posts: 549
As an incentive to open a specific DDA product, we are offering $10 toward opening a new savings account. The $10 comes from us and can be used only to open the savings account. In other words, it's not a check that can be cashed or used to deposit elsewhere. Customers are also not required to open the savings account in order to get the DDA account.

My question is, since we are providing the $10, do we need to report this and send our customers a 1099 at year end?
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#2208991 - 03/19/19 02:54 PM Re: 1099 INT burkemi
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
If you actually give it to them - yes.
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#2209000 - 03/19/19 03:29 PM Re: 1099 INT burkemi
burkemi Offline
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Joined: Nov 2013
Posts: 549
It is given in the form of a deposit to the new savings account. - So, yes?
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#2215675 - 06/13/19 04:57 PM Re: 1099 INT burkemi
CSB98 Offline
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Joined: Dec 2003
Posts: 1,337
Wisconsin
On a similar note, we are offering a gift (not cash) for opening a new account (e.g. duffle bag, water bottle, etc.). The cost to the bank for the gift is $10. Will this require a 1099-INT? I've been doing some research and it's not clear to me whether it's required.

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#2215680 - 06/13/19 05:38 PM Re: 1099 INT burkemi
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
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