We are required by the IRS to send you a 1099-INT form each year if the amount of your earned income on your bank accounts is $10.00 or more. You are required by the IRS to report the amount of interest income earned when you file your taxes. Interest income earned includes interest on your Varo Savings Account as well as any promotional bonuses, sweepstakes, or customer service gestures you may have received from Varo during the calendar year 2020.
The form will be mailed to the address on file by January 31, 2021, and should arrive within 10 business days. If your earned income was less than $10.00 for your account(s), you won’t receive a 1099-INT form. To see the IRS requirements or for more information, visit https://www.irs.gov/forms-pubs/about-form-1099-int. Or, visit our FAQs to learn more!