No 1099-INT for new account bonus?

I opened a new checking account last year to earn a several hundred dollar bonus. It was paid to me in May of 2021. The account otherwise does not earn any interest. In my ignorance, I thought that I would receive a 1099-INT because of the bonus paid to me for opening the account. I have not received one, so I contacted the bank today. They told me because it is a bonus/gift there is no 1099-INT and to contact my tax advisor if I have questions. Does this seem correct???

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I’m pretty sure all checking account bonus I got came with tax implications…credit card bonuses didn’t, but that was part of the reason I stopped dealing with checking accounts. Unless things have changed (it’s been ~10 years) you might try back again and see if you get a different response.

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Thanks. I finally got a chance to catch up with my husband, and he agrees that we have definitely gotten tax forms for other account bonuses in the past. Hmm. Maybe the rules have changed…

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If you had to spend money to get the bonus (not just open an account) it isn’t taxable anymore. If there were stipulations around spending then not taxable!

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