If you have earned at least $10 or more of interest income including any Varo promotional bonus when you opened your account, you will receive a 1099-INT form. Who you receive the 1099-INT form from will depend on your situation:
- If you met the minimum income earned ($10.00 in interest or bonuses) for the 1099-INT form between January 1, 2020 and September 30, 2020 (01/01/20–09/30/20), you will receive your 1099-INT tax form from our partner bank, The Bancorp Bank. All 1099-INT forms from The Bancorp Bank will also be mailed by January 31, 2021.
- If you met the minimum income earned requirements ($10.00 in interest or bonuses) for the 1099-INT form between October 1, 2020 and December 31, 2020 (10/01/20–12/31/20), you will receive your 1099-INT tax form directly from Varo Bank.
- If you met the requirements during both time periods, you will receive one form from The Bancorp Bank and one form from Varo Bank.
The form will be mailed to the address on file by January 31, 2021. The form should arrive at the address on file within 10 business days. If you did not receive your tax form, after that timeframe please contact us at 1-800-827-6526 and we’ll be happy to assist you. Learn more about the 1099-INT form here.