how do i get a 100-int statement
In addition to cash rewards on my apple card i also earn a small amount of interest on the savings account. How do I get a 1099-INT statement for reporting on my federal taxes?
Mac mini, macOS 15.3
In addition to cash rewards on my apple card i also earn a small amount of interest on the savings account. How do I get a 1099-INT statement for reporting on my federal taxes?
Mac mini, macOS 15.3
If you did not receive a form 1099-INT or 1099-ORD you earned less than $10 and do not need to declare it.
How much interest did you earn? If more than $10 contract Goldman Sachs.
If you did not receive a form 1099-INT or 1099-ORD you earned less than $10 and do not need to declare it.
How much interest did you earn? If more than $10 contract Goldman Sachs.
You can download your Goldman Sachs issued 1099-Int by first selecting your Savings Account in Wallet -> AppleCard -> Savings Account, then …
… More (3-dots) -> Documents -> Tax Documents
Interest on a credit card statement is what the cardholder pays. Daily Cash from Apple Card is considered a rebate of the purchase. If Daily Cash is transferred to Apple Savings account it earns interest that would be reflected in your monthly savings account statement. Interest compounds daily and is paid monthly.
Rewards from credit cards and debit cards are considered rebates by the IRS and therefore non-taxable.
Under Latest Transactions on the first of every month there's an item labeled Interest Paid. This is different than the Daily Cash rewards. Are you saying that the interest is treated as a rebate? That doesn't sound right.
Yes. And when I look at my account on the web page it says there are no tax statements available. Seems there should be a 1099-INT statement. To be sure, it's not a lot of interest, but if it's reported to the IRS then they get ***** if I don't report it as income on my return.
So have you actually looked at the Tax Documents report as instructed by @Chattanoogan? The website does not include data for your Apple Savings account, only the Apple Card Mastercard. Apple Savings can only be viewed from the Wallet app on your iPhone, nowhere else. If there was no 1099-INT form there for you to download and the interest paid in 2024 was less than $10 then it was not reported to the IRS.
Jeff: I believe $10 “cutoff” only pertains to the requirement placed on financial institutions to generate the 1099s.
It’s my understanding that taxpayer is still obligated to report all interest income:
“… You must report all taxable and tax-exempt interest on your federal income tax return, even if you don't receive a Form 1099-INT or Form 1099-OID …”
Ref: https://www.irs.gov/taxtopics/tc403
Granted … a most trivial, hair-splitting, almost-insignificant detail … but I’m pretty OCD when it comes to taxes.
Hilariously one of my useless bank savings accounts posted $0.73 interest for 2024. No 1099-INT but I gave it to my tax preparer in jest and he listed it as $1 interest on my 1040. Proves to the IRS that I’m an honest man I suppose. 🤡
Thank you.
how do i get a 100-int statement