Form 1099-INT is an information return that is prepared by payors of interest income to certain U.S. individuals and entities (i.e., partnerships, etc.) when that interest income paid reaches $10 or more in a calendar year. It reports interest income earned during the calendar year. One copy is filed with the IRS and other copies are provided to the income recipient.
Here is an example of the Form 1099-INT Upstart will send to investors for interest paid during the respective tax year:
• Your name and Social Security Number should appear correctly in the boxes labeled RECIPIENT.
• The total amount of interest income you earned from your Upstart investments during the calendar year is reported in Box 1, Interest Income. This reflects the gross interest you earned from all your Upstart loan investments. This amount should be reported on your federal income tax return.
• The account number in the lower left is your unique identifying number used by Upstart and is not used by the IRS.
• Below the boxes, Upstart will provide a detailed list showing the total interest generated during the calendar year for each Upstart loan in which you are invested.
Our award-winning customer care team is here for you.