Never did I get told that this money was anything but a gift, nor did I get told that it was going to have to be my taxable income. They also just sent me the 1099-int 3 weeks after the deadline date! I have already filed my tax return and now I have to pay back money to the irs for money that I thought was a gift! Below is info that I found from someone who got this off of the wachovia website. But if you see if says may be reported, though I never saw this. I was also never told this or made known about this by wachovia. IT WAS SUPPOSED TO BE A GIFT FOR OPENING AN ACCOUNT AND HAVING IT IN GOOD STANDING! YOU SHOULDN'T PAY TAXES ON A GIFT!
From the bank's website.
Open a free Checking account by April 1, we'll automatically credit your account with $50.
To qualify for the $50 bonus offer, you must open a Wachovia Free Checking account by clicking on the "Apply Now" button, visit a participating Wachovia Financial Center, or contact Wachovia at (800) 987-2945. When opening the account at a Wachovia Financial Center, you must bring in a copy of this page. When opening the account via telephone, you must provide the following special code: FRNA
Account must be opened in good faith and remain in good standing through 04/30 in order to be eligible for the offer. Account must be funded with a minimum opening deposit of $100. Offer expires on 04/01. Limit one bonus offer per household. Not valid with any other promotion or offer. Accounts subject to approval. Other fees may apply. The $50 bonus will appear in the form of a credit to the account within 60 days of the offer expiration date. The value of this bonus may be reported to the IRS and the recipient is responsible for any related federal, state, or local taxes.
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