Square Tax Reporting and Form 1099-INT FAQ
When and how do I get a copy of my Form 1099-INT?
If you are eligible, your 1099-INT tax form will be available to download on your online Square Dashboard by January 31st.
To access the form from your online Square Dashboard:
Click Settings > Account & Settings
Go to Business > Tax Forms
Note: Tax forms, such as the 1099-INT, are only available to the Account Owner.
Why am I receiving a Form 1099-INT?
You are receiving Form 1099-INT generally because you have earned $10 or more in interest income in your Square Savings accounts, including any closed accounts, during the relevant tax year. If your account does not receive at least $10 in interest, you won’t receive a Form 1099-INT unless federal or state tax was withheld from your interest payments during the year.
I’m missing my Form 1099-INT. Where do I go to see if I received one this year?
If your account did not receive at least $10 in interest during the relevant tax year, you won’t receive a Form 1099-INT unless federal or state tax was withheld from your interest payments during the year.
Why do I show an amount in Box 4, Federal income tax withheld?
Box 4 on Form 1099-INT shows any federal backup withholding tax on your interest payments during the year. Generally, Square Financial Services must backup withhold tax from your interest payments if you indicated that you’re subject to withholding or you did not properly furnish your tax information to us.
You can find additional instructions for filing with your Forms 1099-INT here.
Do I need to report Form 1099-INT on my return?
Per IRS instructions, while you don’t need to attach copies of Form(s) 1099-INT you receive when you file your taxes, you do need to enter the information from the forms on your return. As always, please consult your tax advisor for guidance.
I have questions about my taxes. Can You provide tax advice?
No. For tax advice, please consult your personal tax advisor or the IRS at 1-800-829-1040 (1-800-829-4059 TTY/TDD) or visit their website at FAQS | Internal Revenue Service.