Apple Card Savings Account Holders To Receive 1099 Interest Tax Form: What You Need to Know

With 2023 now over, Apple Inc. AAPL is gearing up to dispatch 1099-INT tax forms to holders of its Apple Card Savings accounts.

What Happened: Apple has started sending out emails to its customers informing them that their 1099-INT tax forms are on the way, reported 9to5Mac.

Form 1099-INT is issued by entities that have paid out interest during a year, including banks, investment firms, and other financial institutions.

This form is sent to taxpayers who have received interest of $10 or more during a year. These documents are crucial for reporting interest when submitting tax returns.

Apple says that eligible customers should receive their 1099-INT forms by Jan. 31, 2024.

"Your 1099 tax forms include any reportable interest and income paid to you, which is shared with the IRS," Apple said in the email. "You will also receive an email from us once the form is available in Wallet."

Apple Card Savings was introduced in the U.S. last year. The account initially offered an annual rate of 4.15%, which was later boosted to 4.25% by December 2023.

See Also: Apple’s $85B Services Business In Crosshairs Of Legal And Regulatory Rulings

Why It Matters: Apple announced a significant increase in the interest rate for its Apple Card Savings account customers in December 2023, taking it to 4.25% APY.

The account, exclusive to Apple Card users, allows customers to deposit their Daily Cash rewards automatically and accepts additional funds from a linked bank account or Apple Cash balance. Interest on the accounts is compounded and paid out monthly.

Photo by Eui Jong Kim on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.