- Report: #1491571
Complaint Review: Aspiration Bank -
Reported By:
Felicia -
West Allis, WI, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Aspiration Bank
United States
Web:
Aspirationbank.com
Categories:
Business Rating:
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Aspiration Bank Coastal Aspiration Bank Would not give me their TIN for tax purposes.
*Consumer Comment: WRONG
*Author of original report: Just because it’s not required to send a 1099 doesn’t mean I can’t create one
*Author of original report: Please let the professionals handle this, consumer
*Consumer Comment: I Am A Professional - That's Why You're an Idiot
*Author of original report: Good riddance
They refused to give me their tax identification number so that I could report my $25 promotional credit to the IRS. They kept regurgitating the fact that they won't send a 1099 for anything less than $10 but obviously my credit is more than that.
No matter who I chatted or spoke with, the answer was still the same. I had to resign to getting the IRS involved instead.
5 Updates & Rebuttals
Felicia
West Allis,Wisconsin,
United States
Good riddance
#2Author of original report
Wed, February 12, 2020
Next time keep your unsolicited "advice” to yourself or at least gather more info before foolishly responding. Ciao!
Jim
Anaheim,California,
United States
I Am A Professional - That's Why You're an Idiot
#3Consumer Comment
Wed, February 12, 2020
I think nothing more needs to be said than that. Any bank that says they'll give you an INT for a promo credit that isn't interest, should be avoided. It's now time to say Bye Felicia and go away.
Felicia
West Allis,Wisconsin,
United States
Please let the professionals handle this, consumer
#4Author of original report
Wed, February 12, 2020
Several of my other banks have reported their promo credits on a 1099-INT form and some on a 1099-MISC. Either way, it’s reportable and I’m not taking any chances no matter how seemingly minuscule. Please, consumer, talk about that which you know. And the IRS helped resolve this just fine but thanks for the concern.
Report Attachments
Felicia
West Allis,Wisconsin,
United States
Just because it’s not required to send a 1099 doesn’t mean I can’t create one
#5Author of original report
Wed, February 12, 2020
As I’ve stated to other customer service representatives, I understand it’s not required to send a 1099 for the promo credit but that doesn’t mean I can’t make my own to cover my self. Other banks have given me their TIN to report promo credits but yours is the only one being unnecessarily difficult. Plus I have an email from your support rep saying otherwise yet the info they told me to look into is not there.
Report Attachments
Jim
Anaheim,California,
United States
WRONG
#6Consumer Comment
Wed, February 12, 2020
No one is liable to send a 1099 for a promotional credit of $25. There are a couple of reasons.
1. A promotional credit would be reported on a 1099-MISC, not an INT or a DIV simply because a promotional credit is neither interest nor a dividend. In the case of a MISC, the IRS requires a 1099-MISC be filed when the payment amount exceeds $600.
2. Most promotional credits are not considered taxable income to an individual... however some banks are providing them depending on the value of the reward. However, still not required.
There is nothing preventing you from reporting the credit as income. The IRS only requires taxpayers to pay the least amount required under the law. This means if you wish to pay more taxes and declare more income, you are most welcomed to....
Accordingly, the IRS will not do anything and you resigned for no reason.
