We're required to report taxable income to the Internal Revenue Service (IRS)* on your behalf if you earned $10.00 or more in taxable interest on a deposit account or promotional bonuses received when opening a deposit account (1099-INT form), or $600.00+ in taxable promotional incentives from Varo during the calendar year (1099-MISC form). The forms will be available in your Varo app by the end of January each year. Choose My Varo > Statements and documents > under Tax Statements.
If you received a W-9 TIN Solicitation form by email, we received notice that the TIN / SSN and Name combination reported when you opened your Varo Bank account does not match the information on file with the IRS or SSA.**
To ensure the information we provide to the IRS is accurate, we request that you;
- Fill out the W-9 TIN form (which you can find at https://www.irs.gov/pub/irs-pdf/fw9.pdf) with your correct information, including your signature
- Return it to Varo Bank via Secure Document Upload at https://www.varomoney.com/documents
*It’s required by the IRS that you report the amount of income earned when filing your taxes. If your earned income is less than the amounts listed above, you don’t need to file a 1099 form from Varo with your taxes and a form won’t be generated for your Varo account.
**To update your name with the IRS and/or SSA, go to https://www.irs.gov/newsroom/a-name-change-affects-a-tax-return. Report any change to the Social Security Administration by visiting their website (www.ssa.gov) or calling them at 1-800-772-1213 (TTY 1-800-325-0778).