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From the FAQ > While technically not "interest," you receive a savings bonus every month that functions very similarly to "interest." Savings bonuses are paid
by oplav 6y ago
From the FAQ
> While technically not "interest," you receive a savings bonus every month that functions very similarly to "interest." Savings bonuses are paid on the first of every month and are based on your average balance in Yotta from the previous month.
How do taxes work with these "savings bonuses". Do you issue a 1099-INT for this money earned or does this show up on a W-2G?
- adammoelis 6y agoIt's considered miscellaneous income. We issue you a 1099 if you win more than $600 in the calendar year
- XOPJ 6y agoDoes the monthly interest also count towards the $600 for the 1099, or do you also issue a 1099-INT for the monthly interest?
- adammoelis 6y agoThe monthly savings bonus also counts towards the $600