Do You Need a 1099-INT for Your American Express Savings Account?

Interest earned on savings accounts is taxable, and financial institutions must report it to the IRS under certain conditions. If you have an American Express High Yield Savings Account, you may receive a 1099-INT form summarizing your interest earnings for tax purposes.

Criteria for Receiving a 1099-INT

American Express follows IRS guidelines to determine whether to issue a 1099-INT. If your total interest earnings for the year reach $10 or more, American Express must report it to the IRS and provide you with the form. This threshold applies per account holder, not per account, meaning interest from multiple savings accounts under the same Social Security number is combined.

Even if your interest earnings are below $10, you are still required to report them on your tax return. The IRS mandates that all taxable interest be included in your income, regardless of whether a 1099-INT is issued.

For joint accounts, the 1099-INT is issued under the primary account holder’s Social Security number. If the account is held under a trust or business entity, reporting requirements may differ based on tax classification.

Retrieval Methods and Timing

American Express provides 1099-INT forms electronically and by mail, depending on your account settings. If you’ve opted for paperless tax documents, you can access your form through the American Express Savings website under the “Documents” or “Tax Forms” section. Electronic forms are typically available before mailed copies. If you prefer a mailed copy, it will be sent to the address on file, so keeping your contact details updated is important.

The IRS requires financial institutions to issue 1099-INT forms by January 31. American Express follows this deadline, making forms available online in late January, with mailed copies arriving shortly after. If you haven’t received your form by mid-February, check your online account first. If it’s not available, contact American Express customer service.

Interpreting the Line Items

Understanding the different sections of your 1099-INT ensures accurate tax reporting. Box 1 reports the total taxable interest earned during the year, which must be included on your tax return. If your total interest income from all sources exceeds $1,500, it must be reported on Schedule B. Otherwise, it is included on Form 1040.

Box 3 is for interest on U.S. Savings Bonds and Treasury obligations, which are federally taxable but exempt from state and local taxes. If American Express only holds standard savings deposits for you, this box will likely be blank.

Box 4 shows any federal income tax withheld under backup withholding rules. If you failed to provide a correct taxpayer identification number or were flagged for underreporting, American Express may have withheld 24% of your interest earnings.

Boxes 13 through 15 detail state tax withheld if applicable. While most savings accounts do not have state-level withholding, if you requested it or are subject to certain state regulations, these figures will be included. Interest earned on a high-yield savings account is generally taxable at the state level unless you live in a state without an income tax, such as Texas or Florida.

Filing Requirements

The amount on your 1099-INT must be reported accurately on your tax return to avoid discrepancies with IRS records. If your total interest from all sources exceeds $1,500, it must be reported on Schedule B. Otherwise, it is included on Form 1040. Failing to report taxable interest can result in IRS correspondence or adjustments to your return.

For higher-income taxpayers, the Net Investment Income Tax (NIIT) may apply. This 3.8% surtax is imposed if modified adjusted gross income (MAGI) exceeds $200,000 for single filers or $250,000 for married couples filing jointly. If subject to NIIT, the additional tax is calculated on Form 8960 and reported on Form 1040. While savings account interest alone may not push a taxpayer above these limits, it contributes to overall investment income, which includes dividends, capital gains, and rental income.

Handling Form Corrections

Errors on a 1099-INT can lead to tax filing discrepancies, so verifying its accuracy before submitting your return is important. If you notice an incorrect interest amount, a missing taxpayer identification number, or any other inconsistency, address it promptly with American Express.

Compare the reported interest with your account statements to confirm whether an error exists. Minor rounding differences may not require correction, but significant misreporting should be resolved.

To request a correction, contact American Express customer service with details about the issue. If an error is confirmed, they will issue a corrected 1099-INT, marked “Corrected” at the top. This revised form is also sent to the IRS. If you have already filed your taxes, you may need to submit an amended return using Form 1040-X. The IRS allows amendments within three years of the original filing date, but addressing discrepancies promptly minimizes risk.

Documentation for Personal Records

Keeping organized records of your interest income and tax documents simplifies future filings and provides a safeguard in case of an IRS inquiry. The IRS generally has three years to audit a return, but maintaining financial records for at least seven years is advisable, especially for complex tax situations.

Your records should include copies of your 1099-INT, annual account statements, and any correspondence with American Express regarding corrections. Digital storage solutions, such as encrypted cloud services or external hard drives, can help ensure these documents remain accessible and secure. If you use tax software, uploading these records allows for easy retrieval in subsequent years.