help Quick! I recieved a 50 dollar bonus when i opened my bank account?

Question

I recieved a irs paper thingy from them for 50 dollars do I have to file that in my taxes im about to do that.If I dont what will happen? Its from bank of america.

i had it but now i misplaced what should i do >,

Answer 1

If it's on a 1099-Int then it's interest income to you, and it's been reported to the IRS and your state dept of revenue (if you live in a state with an income tax). They'll be expecting it on your tax return. The other possibility is a 1099-Misc for the $50, but either way, they'll be expecting you to report it on your tax return. If you don't what they'll do is adjust your tax return for the unreported income, and either reduce your refund if you're owed one, or send you a letter saying how much more in tax, interest and penalties you owe them.

Answer 2

It is no problem that you lost the 1099. You are not required to submit the 1099 with your return.

Add $50 to any other interest you earned last year and include it on the line for interest on your tax return. If you don't, you may get a letter from the IRS, and be charged interest, and maybe a penalty.

It's not worth ignoring, just include it and pay the $8 or so taxes on the interest.

Answer 3

That's considered interest income earned by you. It must be listed on your tax return along with any other bank interest.

You don't need the form to file your taxes, as long as you know the correct amount. If you call the bank, they can verify how much interest was paid for 2006 or just look at your last bank statement for 2006. Also your January statement will often also list the total interest paid for the prior year.

Answer 4

If it's a Form 1099 then it shows the interest or dividends your earned from the bank and that is considered taxable income. If it's some other form you'll need to provide more information before anyone can answer your question.