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Is the interest I earn in my Green Dot Visa Debit Card High-Yield Savings Account considered reportable income?

The Internal Revenue Code outlines the rules for taxation of interest income. The IRS considers most interest that’s paid to you to be taxable income.

If you have taxable interest from a savings account, this would be reported on Form 1099-INT. All Green Dot account holders that earn at least $10 in interest in their Green Dot Visa Debit Card (acquired at a financial service center location that offers check cashing, payday loans or money transfers) High-Yield Savings Account during the calendar year are issued a 1099-INT.