Which Chase Sapphire Banking Customers Will Get a 1099-INT?

Nov 26, 2018

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If you sign up for the Chase Sapphire Banking checking account, you might also get something that doesn’t come with your other points-and-miles-earning activities: taxable interest income.

The Chase Sapphire Banking account requires you to have $75,000 in qualifying deposits. Whether it’s in savings accounts, money markets, CDs or other investment products — or a combination — that money you deposited will pay you interest, and you’re going to have to pay taxes on it.

Who gets a 1099-INT?

You can expect a 1099-INT from the government only if your interest adds up to $10 or more before the end of the year. Interest on savings accounts starts at just 0.01% effective as of 12/24/19. Interest rates are variable and subject to change.

If you get the 1099-INT, you’ll enter the interest income on that form onto line 8a of a 1040 or 1040A, or on line 2 of Form 1040EZ.

Who doesn’t get a 1099-INT?

If you don’t get a 1099-INT from the government, it’s because you earned less than $10 before year’s end. But that doesn’t mean you’re off the hook. You still have to report those earnings.

That’s because the laws that say banks must report your income over $10 don’t have a corresponding $10 figure attached to the income you must report. Even if your interest earnings total just 50 cents, you’re supposed to document it as income on your tax return. Less than 50 cents, you don’t have to worry about because the government lets you round to the nearest dollar. The nearest dollar to 49 cents is zero.

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