You are required by the IRS to report the amount of interest income earned which also includes any Varo promotional bonus you have received in 2020 for opening your account. If you have earned at least $10 or more of interest income, you will receive a 1099-INT form.
- If you met the minimum income earned ($10.00 in interest or bonuses) for the 1099-INT form between January 1, 2020 and September 30, 2020 (01/01/20–09/30/20), you will receive your 1099-INT tax form from our partner bank, The Bancorp Bank. All 1099-INT forms from The Bancorp Bank will also be mailed by January 31, 2021.
- If you met the minimum income earned requirements ($10.00 in interest or bonuses) for the 1099-INT form between October 1, 2020 and December 31, 2020 (10/01/20–12/31/20), you will receive your 1099-INT tax form directly from Varo Bank.
- If you met the requirements during both time periods, you will receive one form from The Bancorp Bank and one form from Varo Bank.
Learn more about the 1099-INT form here.