Hello, I have not gotten anywhere with Co-Ops for months. I am very concerned Monzo’s inability to provide legal documents could land me in jail. I need to report this information in 4 days
I am having issues getting the types of tax documents I need in order to file my taxes with the U.S. Internal Revenue Service. I am also subject to FACTA reporting.
I require a few things so far which the chat reps either do not understand, or appear unable to provide.
- Individual monthly tax statements for each savings pot, both open and closed, held by me for the 2019 calendar year.
The US tax year is calendar, therefore I need to be able to reconcile the difference between the US and UK’s tax years. I have also been informed by chat support each savings pot is in my name and is a relationship between myself and the savings bank. Monzo is not holding the funds on my behalf with the savings institution. Therefore, I need to report each savings pot separately to the IRS (1099-INT) and Financial Crimes Enforcement Network (FACTA) for my mandated FBAR
- The highest balance held with Monzo directly for 2019 by myself for all accounts individually
FACTA reporting requires me to report the highest balance held in each of my accounts. I therefore need to know what the highest balance was during the 2019 calendar year for each of my accounts for any one moment. This is not something that is easy to discern from the statements Monzo provides as they lack a running balance.
For my current account this needs to be the largest balance held with Monzo during 2019 including all non interest baring pots.
For my savings pots this needs to be the highest balance held in each pot during the 2019 calendar year.
Monzo is only able to provide me a consolidated “Tax Statement” for all pots combined. If what Monzo tells me is true, that all Savings Pots are held in my name, between myself and the savings institution, not held by Monzo on my behalf, then I do need to report these as separate accounts. I am unable to obtain this information in-app. The same goes for closed savings pots, which were open during the 2019 calendar year.