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Lev, Tax Preparer
Category: Finance
Satisfied Customers: 29580
Experience:  Personal Investment, Tax Preparation
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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: 1 year ago.
Category: Finance
Expert:  Lev replied 1 year ago.

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

Expert:  Lev replied 1 year 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);

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