Apple will be sending tax filing details to Apple Card Savings users who have earned $10 and above in interest.
Emails have been sent regarding Apple Card Savings users for their monthly statements, as well as notifications regarding ‘Important Tax Information’, with it saying that 1099 tax forms from last year would be sent by January 31 this year. Apple further says that the 1099 form will include paid income and reportable interest for IRS filings. The form will be sent to Apple Wallet along with an email notification.
Apple Card Savings has a 4.25% interest for users, and if this exceeds $10 in a year it must be reported to the IRS. The service is relatively new and launched in April last year, so users will be getting details on how they can get their tax forms. Apple can also send paper statements by requesting through official channels.