Waiting on some 1099’s? Yeah, me too. I think I have a few 1099 forms left from some affiliate programs I was a part of the last year. Advice from the IRS website said that I should wait until February 15th (today) and then give the sender a call if I haven’t received it by then.

But… I don’t actually need the form to complete my taxes because I don’t send them in. All I need need to know how much compensation is listed on the form (the exception is a 1099-R which tells you how much income tax was withheld) and I think I can just look that up.

The IRS website lists a handy guide to what 1099 is what too:

• Form 1099–B, Proceeds From Broker and Barter Exchange Transactions
• Form 1099–DIV, Dividends and Distributions
• Form 1099–INT, Interest Income
• Form 1099–MISC, Miscellaneous Income
• Form 1099–OID, Original Issue Discount
• Form 1099–R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
• Form SSA–1099, Social Security Benefit Statement

More details on the IRS website.

Affinity Bank has been offering this deal for over a year and a half and it’s a doozy of a deal. It’s never been on my radar screens because I don’t have any kids, but they’re willing to pay Kids Only Savings accounts 10% on the first $500 in their account. This deal has made its way to the Fatwallet Forums, where I originally read it, and onto a few blogs, after I did a search, but it looks like it’s probably going to be around a while. If you have any kids, there isn’t any reason why you wouldn’t jump at the chance to both earn an incredible interest rate (though not actually that much money) but, more importantly, teach your children fiscal responsibility at an early age.

If you have a child under the age of 16, they are eligible to open an account. You, as the custodian (and over 18), will need to open an account with Affinity too (Minimum deposit is $100 for Free Checking, $500 for Free Savings) too. As for your child’s account, the first $500 in the account will earn the promotional 10% APY interest rate but any amount above that will earn the standard Gold Savings rate which is small compared to ING Direct or FNBO Direct. The minimum deposit for the Kids Only Savings account is a mere $1.00. Now, with your account, if you opened a checking account and manage to have a recurring direct deposit - there’s a $75 bonus after 90 days.

As for taxes, the 1099-INT will be in your child’s Social Security Number so the tax burden should be nil unless your child earns more than $700 a year. If you’re children are still very young, you probably want to open it up just so you can get the easy $50 a year. But once they do get older and start to understand the concept of money, the account would be a great way to teach them about bank accounts, interest rates, and the basics of personal finance. The beauty of this offer is that your children will get 10% until they turn eighteen, despite the cutoff age for account opening is sixteen. As for how long this offer will be available, that’s up to Affinity.