How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 28081
Experience:  Personal Investment, Tax Preparation
Type Your Finance Question Here...
Lev is online now
A new question is answered every 9 seconds

Is my institution (Bank of America) required to facilitate

Customer Question

Is my institution (Bank of America) required to facilitate Form 1099 MISC Reporting if they gave away Apple Watches worth $399 to myself?
Submitted: 4 months ago.
Category: Finance
Expert:  Lev replied 4 months ago.

If that is a prize - yes - it must be reported. But the threshold for reporting requirements is $600.

Expert:  Lev replied 4 months ago.

As the value is below the threshold - reporting is not required.

See instructions

File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:
-- At least $600 in:

3. prizes and awards (see instructions for boxes 3 and 7);
4. other income payments (box 3);

Does that answer your question?

Related Finance Questions