Any personal banking user who received $10 or more in interest over the calendar year will receive a 1099-INT tax form. You can find this form in Tax Documents under the Documents & Data section of your account. The form for the calendar year should be available by January 31 of the following year.
1099-INT for Joint Accounts
Only one 1099-INT tax form is required and will be issued to the primary account owner. The primary account owner is typically the individual who initiated the joint account application. Although owners on a joint account have the same controls and access, interest is only reported under the primary owner's Social Security number, which is why they will be issued the 1099-INT.
FAQs
I received a 1099-INT form in error, how do I correct this?
Please reach out to personal@mercury.com for assistance.
Who pays taxes on interest from a joint account?
There is a chance that all individuals on a joint account may need to pay taxes on a portion of the interest income. If you're married and file jointly, it won't matter whose name is on the form because you combine your income. When you have a joint account with someone other than your spouse, or you file separate returns, the IRS divides the taxable income based on where you live.
If you receive the Form 1099-INT with the full amount, you may need to figure out the proper split. You can then fill out and send a Form 1099-INT with the other person's portion to the joint owner and the IRS.
How does this affect converted accounts — accounts that started out as an individual account and were changed into a joint account?
Converted accounts are essentially the same account as before with the same account numbers. The primary account holder should be the customer who initially created the individual account and the 1099 should include figures from the accounts interest earned throughout the entire calendar year.
Will I get a 1099-INT form for each of my Mercury Personal accounts?
Yes, if you qualify. For example, if you have an individual account and a joint account where you earned $10 or more in interest over the calendar year in each, you will receive a 1099-INT for both accounts.
Will I receive a 1099-INT tax form if my account was suspended or closed in 2024?
Yes. If you qualify and your account was suspended, you will be able to access your 1099-INT form on the Mercury website. If you qualify and your account was closed, you will receive an email with a link to access your 1099-INT form and be able to access it on the Mercury website.
Why don’t I have a 1099-INT form for my account?
You will not receive a 1099-INT form if you earned less than $10 in interest. If you believe that you should have received one, please reach out to personal@mercury.com for assistance.