Apple Card Apple Card - High-yield Savings Account Tax Question

[Benz63amg]

Tax season is coming up and i have question. I have signed up and am using the Apple Card since the day it launched here in the US. I also opened a high-yield apple savings account as soon as it launched several months ago to which i have all my Apple Card Cashback dollars sent to automatically. Now, Where/How do i see what the total year to date interest profit is on that high yield savings account so that i can provide it to my CPA to report on my taxes as profit? I have about $135 in total on that high-yield apple savings account. Thanks in advance.

 

[GMShadow]

In the Savings page, tap the button at the top right. Statements are there, tax documents will likely be there later this month.

 

[Benz63amg]

In the Savings page, tap the button at the top right. Statements are there, tax documents will likely be there later this month.

Yeah i checked the tax section under there and its empty. So i basically need to wait until a document shows up under there and that's what i'll need to provide to my CPA?

 

[GMShadow]

Yeah i checked the tax section under there and its empty. So i basically need to wait until a document shows up under there and that's what i'll need to provide to my CPA?

I would expect so, yes. If not, the statement for December will have the YTD interest on the first page.

 

[cjake]

My 1099-INT was made available yesterday.

 

[Benz63amg]

My 1099-INT was made available yesterday.

Mine still isn’t there under “Tax Documents”

 

[richard13]

I have some "savings" there the "bank" does not issue a 1099-INT unless the earnings were of some significant amount. For instance, I believe I have an account where they don't unless it is over a few hundred dollars. If you've been using your Apple Card regularly I would expect it to be a good amount. But just thought I'd put that out there.

If people are getting their forms today then I would expect they get to you in the next day or two.

This brings up another interesting question... I would consider Apple Card cash back as just that which (with a credit card) do not typically get taxed. But since the cash back is deposited into the savings account I wonder if it will indeed get taxed. That would be disappointing but not surprising.

 

[DaveCPA]

They’re not due to you until 1/31. The threshold for many institutions is $10, but you are required to report at $1.

 

[cjake]

.

 

[cjake]

I have some "savings" there the "bank" does not issue a 1099-INT unless the earnings were of some significant amount. For instance, I believe I have an account where they don't unless it is over a few hundred dollars. If you've been using your Apple Card regularly I would expect it to be a good amount. But just thought I'd put that out there.

If people are getting their forms today then I would expect they get to you in the next day or two.

This brings up another interesting question... I would consider Apple Card cash back as just that which (with a credit card) do not typically get taxed. But since the cash back is deposited into the savings account I wonder if it will indeed get taxed. That would be disappointing but not surprising.

Credit card cash-back rewards are not taxable. The IRS treats cash-back rewards as a rebate on spending and not as income, so you aren't required to pay income tax on these rewards.

Interest earned on cash-back rewards deposited to Apple Savings is taxed as interest income and will be included in the 1099-INT.

 

[Benz63amg]

I would expect so, yes. If not, the statement for December will have the YTD interest on the first page.

So i still don't have anything showing up under Documents > Tax Documents in my apple wallet under Savings as of today (Feb 10, 2024). Should i simply get the statement for December 2023 and read the YTD interest listed on there and let that be the number that i forward on to my CPA?

 

[CharlesShaw]

So i still don't have anything showing up under Documents > Tax Documents in my apple wallet under Savings as of today (Feb 10, 2024). Should i simply get the statement for December 2023 and read the YTD interest listed on there and let that be the number that i forward on to my CPA?

Yes, all your tax preparer will need is the YTD interest income on your December statement from Goldman Sachs Bank USA.

 

[chrfr]

So i still don't have anything showing up under Documents > Tax Documents in my apple wallet under Savings as of today (Feb 10, 2024). Should i simply get the statement for December 2023 and read the YTD interest listed on there and let that be the number that i forward on to my CPA?

If you earned less than $10 in interest, banks are not required to send a 1099-INT. https://www.irs.gov/forms-pubs/about-form-1099-int

 

[CharlesShaw]

If you earned less than $10 in interest, banks are not required to send a 1099-INT. https://www.irs.gov/forms-pubs/about-form-1099-int

Too funny. I misinterpreted the OP’s post to mean they have $135 in interest, especially since they referred to it as high-yield in the subject, but that’s the account balance, so yep, no 1099-INT will be issued.