Is the credit and debit card opening bonus taxable from the bank that sent Form 1099INT?

Question

AI accountant’s answer:

Yes, the opening bonus you received from your bank is considered taxable income. Banks often report these bonuses on Form 1099-INT. So, you'll need to include this amount on your tax return. It's treated as interest income, which is typically taxed at your regular income tax rate.

Not Correct.

Looks good

Keeper’s AI Accountant V2

V2 is still a fine-tuned instance of GPT-4. Improvements over V1 include more comprehensive tax code embeddings, and better chain-of-reasoning retrieval system.

Track and claim every eligible deduction with Keeper

Keeper is the top-rated all-in-one business expense tracker, tax filing service, and personal accountant.

Try it free

Ask an AI Accountant

Keeper’s AI Accountant V2