Year-End Interest and Tax Reporting FAQs
Interest from each account with the same Taxpayer Identification Number (TIN) is reported to you on IRS form 1099-INT.
All 1099 INT forms must be mailed by January 31.
The dollar value of any special promotion or premium is considered paid interest if the value of the premium is $10 or more.
Deposit contributions made between January 1 of the previous year and April 17 of the current year for IRA and Roth plans will be reported to you on IRS form 5498 by May 30 of the current year.
The interest earned on your cashed savings bond/coupon is reported on IRS form 1099 INT. TCF, in general, does not report interest of less than $10 for a Taxpayer Identification Number (TIN).
Check with your tax advisor or the IRS. TCF, in general, does not report interest of less than $10 for a Taxpayer Identification Number (TIN).
TCF withholds taxes on interest earned if you have not provided a Taxpayer ID Number (TIN), the TIN has not been certified or the IRS has directed TCF to do so.
Direct deposit items are available immediately. U.S. government checks are available the next business day following the deposit. Non-local checks are available on the 5th business day following the deposit.
According to IRS regulations, interest must be reported whether or not it is actually posted to the account. To simplify year-end reporting, TCF chooses to pay the interest into the account at year-end. All interest bearing Checking and Savings accounts pay interest earned on normal statement cycle dates. Interest is paid through December 30 on all interest bearing checking accounts. Savings accounts will be paid interest through December 31.
Customer Service or your local branch can correct your address and order a duplicate/replacement statement the same day. Find a TCF Bank location near you.
Report the error to your local branch office. The branch personnel will make the corrections and send you a corrected 1099 INT statement. Find a TCF Bank location near you.