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Required to Provide 1099 for $100.00 Promotion?

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If we have a promotion where you received $100.00 for obtaining an auto loan are we required to provide a 1099?

Because such a promotional giveaway is not interest, it would fall under the IRS's 1099-MISC rules, which have a $600 reporting amount trigger. You should be prepared to complete a 1099-MISC if your customer just happens to reach that $600 threshold.

First published on 03/31/2014

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