<p>Last year my son was so proud of himself when he opened his checking account and got a $125 new account bonus. We just got his 1099 and the $125 is listed as interest income. I knew we’d pay taxes on this money, but I forsee problems with financial aid forms. The school will wonder why he only shows assets of $500 and all that interest.l I’m sure it will work out but it will probably require an explanation to the financial aid office. One more headache…</p>