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Reporting Referral Income

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Question: 
If we give a $60 gift certificate for checking account referrals, do we have to issue a 1099 INT or a 1099-MISC?
Answer: 

Referral rewards would fall under the 1099-MISC rules. You'll need to record name, address and TIN just in case you pay a person $600 or more in a year.

First published on BankersOnline.com 9/20/10

First published on 09/20/2010

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