Got Apple Card Savings? Your interest tax form is coming very soon

AppleInsider

Apple Card Savings users who have earned over $10 in interest are to automatically receive details for their tax filing in Apple Wallet.

Apple Card Savings

Apple Card Savings currently earns users 4.25% interest, and if that amounts to over $10 annually, it must be reported to the IRS. Since the savings account only launched in April 2023 in the US, Apple has been explaining to users how they will receive their tax details.

In emails sent to Apple Card Savings users concerning their monthly statements, Apple has added a notice headed "Important Tax Information."

"Your 1099 tax forms for 2023 will be generated by January 31, 2024, as required by IRS guidelines," it says. "Your 1099 tax forms include any reportable interest and income paid to you, which is shared with the IRS."

"You will also receive an email from us once the form is available in Wallet," it continues.

So the 1099-INT form will appear in Apple's Wallet app, and separately users will be emailed a notification. Apple says that the Wallet app can also be used to "chat with a specialist," which means a Goldman Sachs Savings Account person.

Paper statements can also be requested by phoning Apple on 1-877-255-5923.

Note that as spotted by 9to5mac, Daily Cash earnings paid into an Apple Card Savings account do not count as earnings or interest. Instead, they are considered rebates on credit card spending, and are not taxable.

It's unsurprising that Apple is presenting the detail via Wallet and making paper copies the exception instead of the norm. In January 2022, the IRS itself began demanding video selfies as part of its move to online user identification at tax time.



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Nunnyobizz

So you would need to have invested at least $316.33 in savings over the past nine months at last year’s interest rate of 4.15% compounded daily to meet the $10 interest threshold by the end of December last year.  

I think most people will have surpassed that amount and that’s a lot of 1099s…

eriamjh

I'd rather pay taxes on income from 4% interest than get 0.04% like i was.

holycow

Really digging how they're putting everything into the Wallet app—makes life simpler. And the fact you can hit up a Goldman Sachs specialist through the app if you need to is pretty slick. Still, nice to see they haven't ditched the option to get a paper copy for those who want it.

When it came to figuring out how this extra interest income was gonna play with my taxes, especially here in NY, I found using a NY tax calculator super helpful. It helped me get a handle on what I'd owe, considering both state and federal taxes. Made prepping for tax season a bit less of a headache.