What is a tax Form 1099-INT?

A tax Form 1099-INT is a type of Form 1099 issued by US payors to a customer who is a US person that received at least $10 USD in interest during the calendar year. The Form 1099-INT is reported to the US Internal Revenue Service (IRS) and should be used by the individual customer when filing his or her annual income tax return.

With PayPal partnering with Synchrony Bank (“Synchrony”), an FDIC-insured bank, to offer PayPal Savings; Synchrony serves as the account issuer and holder of customer funds. PayPal is not a bank and is not FDIC-insured.

Synchrony is the payor of record for the earned interest and, therefore, will issue Forms 1099-INT for any PayPal Savings customers who meet the reporting threshold.

PayPal will provide all customers with electronic access to issued Forms 1099-INT, which can be located by following this path from a web browser:

1. Click Settings next to “Log out.”
2. Click Statements and Taxes near the top of the page.
3. Under the “Tax Documents” section, select the year you need from the dropdown.
4. The available ‘Tax documents’ will be displayed.
5. Scroll down to the ‘Savings’ section for ‘Interest Income (1099-INT)’.

Additional Considerations:

• Customers will receive an email notification when an electronic copy of their Form(s) 1099-INT is available in their PayPal account.
• Customers who aren't enrolled in electronic delivery only will receive their Form 1099-INT in the mail to the primary address on their PayPal account. Forms 1099-INT will be mailed no later than January 31. Once mailed, delivery is expected within 10 business days but is dependent upon the United States Postal Service (USPS).
  
• A customer can receive a Form 1099-INT in relation to their PayPal Savings account that shows less than $10 USD in earned interest. This can occur where a PayPal Savings customer also has other (non-PayPal Savings) deposit account(s) with Synchrony that earned interest during the calendar year. The $10 USD reporting threshold is based on the aggregate amount of interest earned during the calendar year across all Synchrony deposit accounts.
• Customers may receive multiple Forms 1099-INT if:
• They had multiple PayPal Savings accounts during the calendar year that earned at least $10 USD in interest cumulatively; or
• They have been issued a corrected Form 1099-INT to address an issue identified on the original Form 1099-INT.
• If you have questions regarding your Form 1099-INT, you may contact us. Please keep in mind that we’re not allowed to provide you with tax advice and may ask you to consult a qualified tax preparer for additional information.