The IRS has several variations of Form 1099. A common version you should know is Form 1099-INT, which is usually given by banks and other financial institutions.
So, do all banks send 1099-INTs? Yes, they do, usually by January 31. So long as their clients have accounts there and own investments that earn interest, banks are obligated to send the form to them.
Even when you have an online account with a bank, you will still receive the form if your investments earn interest. For example, if you prefer HSBC online banking, you can probably access the form online. Below are the tips you should implement to obtain your form 1099 from HSBC if you have an account there.
Determine Your Eligibility for the Form
First, you need to determine if you are eligible for Form 1099-INT. It is usually given to people who:
- Earned at least $10 in interest income
- Had their foreign tax on interest withheld and paid
- Had their federal income tax withheld (and not refunded) under backup withholding rules regardless of the payment amount.
Find Out If Your Bank Issues Form 1099-INT
HSBC usually provides Form 1099-INT, but that tends to happen for customers of U.S. banks. If you are an American expatriate who banks with institutions such as HSBC HK, Form 1099-INT may be unavailable, which means you have to account for your interest income in a different way.
Claim HSBC Paper Statement by Post
If you prefer the physical Form 1099-INT, you can obtain the HSBC interest statement for tax returns by mail. There is no doubt that it will take longer for you to get the form, but you will have authentic documentation you can keep in your physical records for future references.
If you have an HSBC account that does not qualify for the online form 1099, you will continue receiving the paper versions of the form. They will be sent to the mailing address you provided. However, you must specifically request the HSBC Form 1099-INT through a secure BankMail within Personal Internet Banking if you are an eStatement customer.
Read More: How to Get a 1099-INT From a Bank
Claim HSBC Paperless Statements
It is much more convenient to get an HSBC annual tax statement online than by mail. For starters, you won’t have to wait very long to get it. Secondly, you can access up to seven years of electronic statements, which makes it easier if you want to file taxes for the previous years. Also, you will get an added layer of protection against identity theft since your tax information is unlikely to be stolen when you access it via a secure platform.
Anyone with an eligible HSBC savings, checking, Select Credit and Credit Card accounts can access eStatements. And then, you can view, download and print the information for use when filing your interest income.
Below are the steps you should take to obtain an online 1099-INT from HSBC.
- You need to enroll in the HSBC online banking platform by reading the terms and conditions, creating an account, choosing your password and security question and confirming your account details. But ensure you have a savings, checking or investment account with the bank first.
- Log in to the account you have created by giving your personal details.
- Register for the eStatements program by selecting the option from the main menu.
- Access the eStatements menu after the New Year and look for your Form 1099-INT.
- View the statement using a PDF reader, download and print it for your use.
Where Do I Put Bank Interest in My Tax Return?
The HSBC Form 1099-INT is not your individual tax return. Rather, it is the form you will use to file your own tax return to account for your interest income.
So, when filing taxes, you must account for your interest income using Form 1040 and may have to include Schedule B of Form 1040 if the taxable bank interest exceeds $1,500.
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