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Disclosing A Bonus Paid Considered Interest?

Is the bank required to disclose that a bonus paid will be considered interest and be reported on a 1099-Misc? Should the information be disclosed in the advertisement of a bonus?

by Randy Carey:

If the bonus is considered interest under IRS rules, then it would be reported on a 1099-INT and not a 1099-MISC


by John Burnett:

It's not a requirement to include information about IRS reporting in your disclosures about a bonus. It is also not prohibited to include it.

First published on 12/08/2019

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