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 2019 for opening your account. If you have earned at least $10 or more of interest income, you will receive a 1099-INT form from The Bancorp Bank, our partner bank.
The form will be mailed to the address on file at the end of January 2020 and usually arrives within 10 business days. If you did not meet the minimum requirements outlined by the IRS, you won’t receive a 1099-INT form. To see the IRS requirements or for more information, visit https://www.irs.gov/forms-pubs/about-form-1099-int. Or, visit our YouTube tutorial to learn more!