Ally Bank 1099
If you have an account with Ally Bank and earned interest on your deposits, you may receive a Form 1099 to report this income for tax purposes. Understanding how to obtain your 1099 from Ally Bank and what to do with it can help you stay compliant with IRS regulations and avoid penalties. In this article, we’ll cover everything you need to know about the Ally Bank 1099 form, including how to access it, what information it contains, and how to use it when filing your taxes.
What Is Form 1099 and Why Is It Important?
A 1099 form is a tax document used to report various types of income other than wages, salaries, and tips. Ally Bank issues Form 1099-INT to customers who earned interest income on their savings accounts, money market accounts, or certificates of deposit (CDs). If you earned at least $10 in interest from Ally Bank in a given tax year, you should receive this form.
The IRS requires taxpayers to report all earned interest income. Even if you do not receive a 1099-INT from Ally Bank (for example, if your interest earnings were below $10), you are still responsible for reporting that income on your tax return.
How to Access Your Ally Bank 1099 Form
Ally Bank typically issues 1099 forms in January for the previous tax year. Here’s how you can obtain your form:
- Online Access:
- Log in to your Ally Bank account at www.ally.com.
- Navigate to the “Tax Forms” or “Statements” section under your account settings.
- Download your 1099-INT form.
- Mail Delivery:
- Ally Bank also sends 1099 forms via mail to the address on file. If you prefer a paper copy, ensure your mailing address is up to date.
- Customer Support:
- If you have trouble accessing your form, contact Ally Bank’s customer service at 1-877-247-2559 for assistance.
What Information Is on the Ally Bank 1099 Form?
The Form 1099-INT from Ally Bank contains the following details:
- Your name, address, and Social Security Number (SSN) or Taxpayer Identification Number (TIN)
- Ally Bank’s information
- The total amount of interest earned in the tax year
- Federal income tax withheld (if applicable)
- State income tax withheld (if applicable)
How to Use the 1099-INT for Tax Filing
Once you have your 1099-INT form, you’ll need to include the reported interest income when filing your tax return. Here’s what to do:
- If you use tax software, enter the interest income where prompted.
- If filing manually, report the interest on Schedule B (Form 1040) if your total taxable interest exceeds $1,500.
- Ensure your reported interest matches what’s on the 1099-INT to avoid IRS discrepancies.
Final Thoughts
Receiving a 1099-INT from Ally Bank means you earned interest income that must be reported to the IRS. Whether you access it online or receive it by mail, make sure to review the information and include it in your tax return. Staying organized with your tax documents can help ensure a smooth and accurate filing process.