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Is a 1099 Required for Gift Cards?

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Question: 
If the bank gives away a $100 Gift Card to a customer as a prize/award, is a 1099 IRS form required?
Answer: 

It would be reportable under the 1009MISC rules and unless the bank had given this person $600 or more in miscellaneous income over the course of the calendar year, no information reporting would be required by the bank. However, the customer would still technically have to claim it as income on their tax return.

First published on BankersOnline.com 10/16/06

First published on 10/16/2006

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