Form 1099-INT FAQs
1. What is Form 1099-INT ?
Form 1099-INT is an annual tax statement provided by payers of interest income, such as banks and savings institutions, that summarizes your interest income for the tax year. Interest reported on Form 1099-INT includes interest paid on savings accounts, interest-bearing checking accounts, and US Savings bonds. This Form is also used to report other tax items related to your interest income, such as early withdrawal penalties and federal tax withheld. All Information provided on Form 1099-INT is reported to the Internal Revenue Service.
2. What benefits will I gain by having the ability to view my Form 1099-INT online?
The benefits you will gain include:
- The ability to gain instant on-line access to your Form 1099-INT every year
- The ability to review Form 1099-INT from previous years for up to 5 years (beginning with Tax Year 2009)
- Helping the environment by reducing the amount of paper, stamps and processing resources required to send your Form 1099-INT through the US Postal Service
3. When will my Form 1099-INT be available?
January 1st of each calendar year
4. What if I still want my Form 1099-INT sent to me via US Postal Service?
You can send a BankMail in Personal Internet Banking to request a copy be mailed to you.
5. Will I be able to view my Form 1099-INT from previous years?
You can view up to 5 previous tax years going back as far as 2009.
Example, on January 1, 2011 you can view your Form 1099-INT for tax years 2010, 2009. On January 1, 2015 you can view your Form 1099-INT for tax years 2014, 2013, 2012, 2011, 2010
6. What is required in order to access my Form 1099-INT Tax online?
To access your Form 1099-INT Tax online you must have:
- Signed up for Personal Internet Banking
- Signed up for eStatements
- Earned yearly interest income of at least $10.00
7. What if I also want a paper copy?
You can easily print your Form 1099-INT as it is available in PDF format. If you do not have access to a printer you can send an HSBC BankMail in Personal Internet Banking to request a copy be mailed to you.
8. If I have only one account displayed on Personal Internet Banking will my combined Form 1099-INT Tax still display?
Yes, as long as you utilize eStatements for at least one account you will receive your Form 1099-INT online.
9. What if I have a joint account?
Only the primary account holder will have their 1099-INT displayed based on their Social Security number. No tax information for the secondary account holder will be displayed.
10. Will the Form 1099-INT be a combination of all my Interest Income?
The Interest reported on Form 1099-INT will include interest paid on savings accounts, interest-bearing checking accounts, and US Savings bonds.
11. What if I do not want to view my Form 1099-INT online?
You can send an HSBC BankMail in Personal Internet Banking to request a copy be mailed to you.
12. What if I am having trouble accessing my Form 1099-INT online?
You will need to contact our Customer Relationship Center at 800.975.HSBC(4722).
13. What if the information on the Form 1099-INT is not correct?
You would follow the same steps as you would today when receiving your form via US Postal Service by contacting your nearest HSBC Branch or by sending us an HSBC BankMail in Personal Internet Banking.
14. Will other Tax Forms be available online?
Currently we are only providing Form 1099-INT online.
15. What will I see in Personal Internet Banking if I don't qualify to receive a Form 1099-INT?
You will not see anything different than what exists today under the eStatements menu.
16. How do I know if I qualify to receive a Form 1099-INT?
This is based on IRS Regulations. If you were qualified to receive Form 1099-INT via the US Postal Service then you will be qualified to receive Form 1099-INT online. Qualifications include documented US Persons with interest income of at least $10.00.
Reminder: You must be signed up for Personal Internet Banking and eStatements in order to view your 1099-INT online.
17. What if I don't have the appropriate software to view my Form 1099-INT?
PDF files require the use of Adobe Acrobat Reader. If you do not already have Adobe Acrobat Reader, you can download it on-line. A link has been provided below.*
18. If I have a Personal Internet Banking account but do not use the eStatement service how will I be able to view my Form 1099-INT online?
You will need to sign-up for eStatements by selecting the eStatements menu on the left hand navigation menu.
* Viewing PDF files require the use of Adobe Acrobat Reader. If you do not already have Adobe Acrobat Reader, you can download it online. After downloading the software, follow the instructions for installing the program. If you prefer, you can always download the files now and open them offline later.