If you're an Apple Card Savings user and earn more than $10 in interest, you'll automatically receive your tax return details in Apple Wallet.
Apple Card Savings currently gives users 4.25% interest, which must be reported to the IRS if it exceeds $10 per year. Since this savings account just launched in the US in April 2023, Apple has been explaining to users how they will receive their tax details.
In the monthly statement emails sent to Apple Card Savings users, Apple has added a notification with the heading “Important Tax Information.”
“2023 1099 tax forms will be generated by January 31, 2024, as required by IRS guidelines.” “Your 1099 tax return includes 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 your wallet,” it continues.
As such, the 1099-INT form will appear in Apple's Wallet app and users will receive a separate email notification. Apple says the Wallet app can also be used to “chat with an expert, a Goldman Sachs savings account representative.”
You can also request a paper statement by calling Apple at 1-877-255-5923.
note that like a speck by 9to5 mac, Daily cash income paid into your Apple Card Savings account does not count as income or interest. Instead, it is considered a rebate on your credit card spend and is not taxable.
It's no surprise that Apple is offering details via Wallet, making paper copies the exception rather than the norm. In January 2022, the IRS itself began requiring video selfies as part of its transition to online user IDs when filing taxes.
