American Express Savings 1099
If you have an American Express Savings account and earned interest, you may receive a Form 1099-INT to report this income for tax purposes. Knowing how to access your 1099 from American Express and what to do with it is essential for accurate tax filing and compliance with IRS regulations. This guide covers everything you need to know about the American Express Savings 1099, including how to retrieve it, what information it contains, and how to use it when filing your taxes.
What Is Form 1099-INT and Why Is It Important?
Form 1099-INT is a tax document issued by financial institutions to report interest income earned by customers. If you earned at least $10 in interest from your American Express Savings account in a given tax year, American Express will provide you with a 1099-INT form.
Even if you do not receive a 1099-INT because your interest earnings were below $10, you are still responsible for reporting any interest income when filing your taxes.
How to Access Your American Express Savings 1099 Form
American Express typically issues 1099-INT forms in January for the previous tax year. Here’s how you can retrieve yours:
- Online Access:
- Log in to your American Express Savings account at www.americanexpress.com.
- Navigate to the “Statements & Documents” or “Tax Forms” section.
- Download your 1099-INT form.
- Mail Delivery:
- If you opted for paper delivery, American Express will mail your 1099-INT to the address on file. Ensure your mailing address is up to date.
- Customer Support:
- If you have trouble accessing your form, contact American Express customer support for assistance.
What Information Is on the American Express Savings 1099-INT Form?
The 1099-INT form from American Express will include the following details:
- Your name, address, and Social Security Number (SSN) or Taxpayer Identification Number (TIN)
- American Express’s tax reporting information
- The total amount of interest earned during the tax year
- Federal income tax withheld (if applicable)
- State income tax withheld (if applicable)
How to Use the 1099-INT for Tax Filing
After obtaining your American Express 1099-INT, follow these steps to ensure accurate tax reporting:
- Use Tax Software: Most tax preparation software allows you to import or manually enter 1099-INT details.
- File the Correct Forms: Interest income should be reported on Schedule B (Form 1040) if total taxable interest exceeds $1,500.
- Verify Accuracy: Ensure your reported interest matches the amount on your 1099-INT to prevent IRS discrepancies.
Final Thoughts
Receiving a 1099-INT from American Express Savings means you earned taxable interest that must be reported to the IRS. Whether you access it online or receive it by mail, review the information carefully and include it in your tax return. Staying organized with your tax documents will help ensure a smooth and accurate filing process.