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How to access your Apple Card transactions for tax reasons
With the April 15 tax deadline hot on our heels, it's time for all honest and upright US citizens to prepare and submit their taxes. I'd been busy collecting all my tax forms and documents showing my income, expenses, and other items. In most cases, that's not too difficult since banks, investment firms, and other organizations either send the right documents or provide links to download them.
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But what about an electronic payment system like an Apple Card? I've set up an Apple Card Savings Account that pays me interest, which must be reported. As someone who's self-employed, I use my Apple Card to purchase business-related items for which I need a record to deduct them from my taxes. Apple is supposed to send out a 1099 form for any savings account that earns more than $10 for the year. But gathering deductible expenses is something you have to do yourself.
If you use an Apple Card to earn interest on the savings account or pay for items that are tax deductible, how do you get a record of your transactions? First, let's go through the details of what is taxable and what is deductible.
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With an Apple Card Savings Account, any interest you earned in 2023 greater than $10 has to be reported to the IRS. This situation is different to the Apple Card Daily Cash, which is a cashback reward for using your Apple Card, and is not considered taxable income and doesn't have to be reported.
Items that you pay for with your Apple Card are deductible under the normal guidelines used by the IRS. Business expenses, medical expenses, charitable donations, and educational expenses are some items you can deduct from your taxes, depending on the amount and other factors.
How to check your Apple Pay Savings Account
Apple should have sent you a 1099-INT form if the interest on your Apple Pay Savings Account was higher than $10 last year. But if you didn't receive the form or can't locate it, you have a couple of options. You can call 1-877-255-5923 to get a paper document sent to you. More quickly, you'll find what you need in the Wallet app.
1. Check the tax form in the Wallet app
Open the Wallet app on your iPhone and select your Apple Card. Select Savings Account, tap the More icon (the one with the three dots in a circle) in the upper right, and select Documents. At the next screen, select Tax Documents. Tap the form for the correct tax year to display it.
2. Export or print your form
At the form, tap the iOS Share icon at the bottom. From here, tap Print if you have an AirPrint-compatible printer. Otherwise, tap the Mail icon to send the document to your email account. From the email message, you can print the form as a PDF.
How to check your transactions
You can also use the Wallet app to access your expenses and other transactions for your Apple Card. This process can be time-consuming as you have to work with monthly statements. But it's still quite doable.
3. Work with your transactions in the Wallet app
Open the Wallet app on your iPhone and select your Apple Card. Select Card Balance and swipe down to the Statements section. Tap the entry for January 2023 to start.
4. Export your transactions
At the screen showing the monthly statement, tap the option for Export Transactions. A popup window offers a few choices. Comma Separated Values (CSV) saves the statement as a CSV file that you can open in Excel. Open Financial Exchange (OFX) is a format for exchanging and transferring financial information. Quicken Financial Exchange (QFX) saves the statement in a format that can be imported into Quicken. And QuickBooks (QBO) saves the statement to be imported into QuickBooks.
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If you use Quicken or QuickBooks, you may want to choose either of those formats. Otherwise, opt for a CSV file that you can read in Excel.
5. Print or email a statement
If you want to use the information as a regular statement, tap Download PDF Statement instead of Export Transactions. With the statement displayed, tap the IOS Share icon and either print or email it for viewing.
6. Repeat the process for each month
When you're finished with January, tap Done and then tap the left arrow at the top. Select February and repeat the steps for exporting the information or displaying the statement in PDF form.
Also: How to edit a PDF
Continue the process until you've collected the data for all 12 months. At that point, you can filter or highlight deductible expenses, so you or your accountant can write them off.