Annual 1099-INT Tax Forms

ModernFi generates and furnishes 1099-INT tax forms for members who earn dividends on accounts participating in the ModernFi CUSO Deposit Network. While depositors benefit from the added security of having funds placed at multiple financial institutions, their Source Institution – where they opened their Extended Insurance Account - remains the sole payer of dividends on balances placed into the network. As a result, these depositors do not need to deal with the burden of collecting multiple tax forms from these various institutions. Instead, ModernFi calculates dividends 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 depositors 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 credit union partner operating teams. This centralized approach simplifies reporting for depositors, reduces administrative overhead for institutions, and ensures compliance with IRS requirements. A full archive of historical tax forms is maintained within the platform, and all 1099s are formatted to meet regulatory and industry compliance and disclosure standards.