ING 1099 question

[jltwdw]

In all the ING sign-up hype in early 2005 I signed myself, DH and 2-DS's up to get the free $25-$50 initial sign-up bonus. Now my 1099 interest form from ING says I received $90.87 in interest for the year...only $0.87 is true interest. Do I really have to claim this???

 

[BethR]

In all the ING sign-up hype in early 2005 I signed myself, DH and 2-DS's up to get the free $25-$50 initial sign-up bonus. Now my 1099 interest form from ING says I received $90.87 in interest for the year...only $0.87 is true interest. Do I really have to claim this???

Yes you do. It all is considered income.

 

[jenr812]

The money they gave you for opening the accounts is considered income to the government, as is that 87 cents So you need to claim it all

 

[jltwdw]

Well poo. So much for free money!

 

[ohiominnie]

Well poo. So much for free money!

Well, it is free money. It's not like the IRS is going to make you give all of it back. Just the percentage that is due them based on your tax bracket.