The US Internal Revenue Service (IRS) introduced new reporting requirements in 2013 for all US financial institutions. We must now report if you earn $10.00 or more in annual interest, also called dividends.
This reporting applies to:
- US taxpayers
- Non-US taxpayers who are residents of a country with which the US has a reciprocal tax information sharing agreement
For non-US taxpayers, we report this information annually to the IRS using Form 1042-S. We also send you a copy of the form. The IRS does not require any action with this form.
Learn more about the interest reporting rules (PDF) and when we are required to issue a Form 1042-S.
If you are a US taxpayer and earned at least $10.00 in interest, we report this information to the IRS using Form 1099-INT. If you pay US taxes, include this form in your tax filing. We also use this form for members without a valid tax certification.
You may receive both the 1099-INT and 1042-S in the same year. This may be because your tax status changed or your certification expired during the year.