Apple Card Savings Account Holders To Receive 1099 Interest Tax Form: What You Need to Know
Portfolio Pulse from Rounak Jain
Apple Inc. (NASDAQ:AAPL) is preparing to send out 1099-INT tax forms to Apple Card Savings account holders who have earned $10 or more in interest during the year. The forms, which are necessary for tax reporting, will be distributed by January 31, 2024. Apple Card Savings, which was launched in the U.S. last year, had its interest rate increased to 4.25% APY in December 2023.
January 03, 2024 | 11:27 am
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Apple is issuing 1099-INT tax forms to Apple Card Savings account holders for interest earned. The service's interest rate was increased to 4.25% APY in December 2023.
The distribution of 1099-INT tax forms is a routine administrative task and is unlikely to have a significant impact on Apple's stock price. However, the increase in the interest rate for the Apple Card Savings account to 4.25% APY could be seen as a positive enhancement to Apple's financial services offerings, potentially attracting more customers and increasing customer loyalty. The impact on the stock is likely to be neutral in the short term as this is a regular financial activity and not a major strategic shift or unexpected financial news.
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