A 1099-INT is a tax form that reports interest income you earned during a calendar year. If you earn $10 or more in interest from High Yield Savings during a calendar year, you receive a 1099-INT and that interest is reported to the IRS. This article explains when your 1099-INT is available, how to access it in the Branch App, and how to keep the tax information on it accurate. It applies to workers who have earned interest through High Yield Savings.
What is a 1099-INT?
A 1099-INT is an IRS tax form that reports interest income paid to you during a calendar year. For High Yield Savings, the 1099-INT reports the interest credited to your High Yield Savings balance over the year. The $10 threshold is set by the IRS, which requires interest payers to report interest income of $10 or more per recipient per year.
When will I receive my 1099-INT?
Your 1099-INT for the previous tax year is available by January 31. You receive a notification in the Branch App when your 1099-INT is ready.
If you earn less than $10 in interest from High Yield Savings during a calendar year, you don't receive a 1099-INT. Interest income is taxable whether or not a 1099-INT is issued for it.
Example: If you earn $8.50 in interest from High Yield Savings during a calendar year, no 1099-INT is issued, and that $8.50 is still interest income. If you earn $12.00, your 1099-INT is available by January 31 of the following year.
Branch Support can't provide tax advice. Contact a tax professional with questions about reporting interest income on your tax return.
How do I access my 1099-INT?
To view and download your 1099-INT, open the Branch App and navigate to your tax document. Go to the Account tab, then tap Taxes.
Electronic and paper delivery
Your 1099-INT is delivered electronically by default. You can switch to paper delivery from the app.
How do I use my 1099-INT?
Use your 1099-INT to report the interest income you earned from High Yield Savings when you file your taxes. The interest income appears in Box 1 of the form. If you use tax software or work with a tax preparer, enter the interest income from your 1099-INT the same way you'd enter interest income from any other financial account.
How do I update the tax information on my 1099-INT?
Your 1099-INT uses the tax information you provided when you opened High Yield Savings, including your name, address, and taxpayer identification number. To update that information, open the Branch App and navigate to your account settings under Taxes.
If your Branch Wallet is closed, you can't reach your account settings and can't update your tax information there. To correct a 1099-INT after your Branch Wallet has closed, contact Branch Support.