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Is it necessary to report Bank incentive?

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When we are opening an account is it necessary to report the bank incentive which we receive?




Hi!
Welcome to the forums!
No, I don't think there is any need to inform the bank about the incentive, which you receive for your work.. Nevertheless, there is no harm in informing them about it.

Sub: #1 posted on Wed, 02/02/2011 - 02:10

Good Nelly Good Nelly
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Yes you need to report as the bank will send you a 1099 meaning the bank is reporting the amount to the IRs as interest

Sub: #2 posted on Thu, 02/03/2011 - 01:46

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