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TAX INFORMATION For U.S. Customers
1. Overview
How Taxes Work on Interest Earned Through Our Platform
Interest earned on your savings may be subject to U.S. federal and state income taxation. Financial institutions provide tax documents and report certain types of income to the IRS when applicable.
This page explains how interest is reported, which forms we issue, and when tax documents become available.
This information is for general educational purposes only and does not constitute tax advice.
2. How Interest Is Reported in the United States
Interest income may be taxable
Interest paid by financial institutions is generally considered taxable income for U.S. persons.
No automatic tax withholding
We do not automatically withhold federal or state taxes from interest paid through our platform.
IRS reporting threshold
If total interest exceeds $10 in a calendar year, a Form 1099-INT is typically issued to the customer and reported to the IRS.
State-level taxation may apply
Depending on the state, interest income may also be subject to state income tax.
3. IRS Reporting Performed by Our Platform
Form 1099-INT reporting
When interest exceeds the IRS reporting threshold, we electronically provide Form 1099-INT and file the corresponding information with the IRS.
Taxpayer identification information
To correctly prepare tax documents and complete IRS filings, we collect and use the taxpayer identification information provided during onboarding (e.g., name, address, SSN/TIN).
Interest amounts below reporting thresholds
If interest does not exceed $10 for the year, a Form 1099-INT may not be generated.
In all cases, we provide an Annual Interest Summary for reference.
4. Your Annual Tax Documents
Depending on activity and interest earned, customers may receive the following:
Form 1099-INT
Provided when interest exceeds $10 during the calendar year. Includes total interest paid along with relevant reporting information filed with the IRS.
Annual Interest Summary
A consolidated overview of interest credited during the year. This document is informational and not submitted to the IRS.
Availability & Delivery
All tax documents will automatically be issued and made available by January 31st of the following year.
Customers receive an email notification when documents are ready.
Documents can be downloaded at any time in the dashboard under “Tax Documents.”
5. Frequently Asked Questions (FAQ)
Why didn't I receive a Form 1099-INT?
A 1099-INT is typically generated only if interest exceeds $10 for the calendar year.
An Annual Interest Summary is available regardless of amount.
Does your platform withhold any taxes from interest?
No. We do not automatically withhold federal or state taxes from interest payments.
Where can tax documents be downloaded?
All available documents can be found in the dashboard under "Tax Documents.". After 31 J
Are state taxes applied to interest?
Interest may be taxable at the state level depending on local regulations.
Can these documents be used with tax preparation software?
Yes. Values from Form 1099-INT or the Annual Interest Summary can be manually entered into major tax preparation tools.
What if personal details on a document need correction?
Updated information in the customer's profile will be reflected in any reissued tax documents.
6. Legal & Compliance Notice
This information is provided for general informational purposes only and should not be interpreted as tax, legal, or financial advice. Customers seeking guidance regarding their individual situation should consult a qualified tax professional.