Annual 1099-INT Tax Forms

ModernFi generates and furnishes 1099-INT tax forms for members who earn interest on accounts participating in the ModernFi Deposit Network. While members benefit from the added security of having funds placed at multiple financial institutions, their Source Institution – where they opened their Extended Insurance Account – sets the dividend rate on the account and posts all interest earned to that single account. As a result, these members do not need to deal with the burden of collecting multiple tax forms from these various institutions. Instead, ModernFi calculates interest earned on deposits allocated into the network and generates a single 1099-INT to reflect the money earned.

These tax forms are securely delivered through their online banking experience. Users receive an email notification when their form is ready and can download it directly from their account dashboard, either in the Member Portal or directly in online banking for partners currently utilizing one of ModernFi's online banking integrations. Participating institutions also have access to 1099s for their members through the platform's Admin Portal, enabling them to view and support their clients' tax reporting needs. ModernFi can also furnish these 1099s directly to the IRS to reduce operational burden for our bank partner operating teams. This centralized approach simplifies reporting for members, reduces administrative overhead for institutions, and supports compliance with IRS requirements. A full archive of historical tax forms is maintained within the platform, and all 1099s are designed to meet applicable regulatory and industry compliance and disclosure standards.