If you’re a Robinhood user, you may be wondering if you’ll receive tax forms from the company. The answer is yes. Robinhood will provide you with tax documents that report your investment activity on the platform for the previous tax year. In this article, we’ll go over what tax documents you can expect from Robinhood and how to access them.
What Tax Documents Does Robinhood Provide?
Robinhood provides tax documents that report your investment activity on the platform for the previous tax year. The main tax document you’ll receive is a Consolidated 1099, which combines all of the necessary tax forms for Robinhood Securities, Robinhood Crypto, and Robinhood Money, if applicable. This means that you’ll receive one document that summarizes all of your investment activity on the platform.
In addition to the Consolidated 1099, you may also receive other tax forms, such as Form 1099-R for Robinhood Retirement and Form 1042-S, if applicable.
Does Robinhood Send Tax Forms?
Yes, Robinhood does send tax forms to its users. Tax forms are important documents that report income, capital gains, and losses to the Internal Revenue Service (IRS). These documents are necessary for filing taxes and reporting investment income to the government.
For the 2022 tax year, Robinhood will combine Consolidated 1099s for Robinhood Securities, Robinhood Crypto, and Robinhood Money into a single PDF from Robinhood Markets, Inc. This combined PDF will include all the forms users need, where applicable if they had a reportable event. If there was no reportable event, users will not receive a Form 1099.
It’s important to note that certain tax forms are not included in this PDF, such as Form 1099-R (Robinhood Retirement) and Form 1042-S, which will be provided separately if applicable. If users have closed their Robinhood account, they can still access their Form 1099 in the Tax Center.
In the event that users experience errors when accessing their tax documents, they can try logging out and back into the app, uninstalling and reinstalling the app, turning their mobile device off and on to confirm no other apps are running in the background, or double-checking that they’re using the latest version of the app.
It’s important to remember that Robinhood does not provide tax advice. For specific questions, users should consult a tax professional.
When Will You Receive Your Tax Documents?
The due dates for tax documents vary depending on the type of form. For the 2022 tax year, you can expect to receive your tax documents by the following due dates:
- Form 1099-R: January 31, 2023
- Consolidated 1099 from Robinhood Markets, Inc.: February 15, 2023
- Form 480.6 series: March 1, 2023
- Form 1042-S: March 15, 2023
- Form 5498: May 31, 2023
How to Access Your Tax Documents
To access your tax documents, follow these steps:
- Log in to your Robinhood account on the mobile app or web platform.
- Select Account → Menu (3 bars) or Settings (gear).
- Go to Tax Center.
- Select a form to review its details.
For large documents, it’s best to download them from the web platform.
What to Do If You Don’t Receive a Tax Document
If you didn’t have any reportable events on Robinhood for the previous tax year, you won’t receive a tax document. Reportable events include selling stocks, crypto, ETFs, or options, receiving interest or dividend payments, or other miscellaneous income.
If you had reportable events but didn’t receive a tax document, you can contact Robinhood support for assistance.
How to Correct Errors on Your Tax Document
If you notice any errors on your tax document, you can contact Robinhood support to request a correction. Some common reasons for needing a correction include:
- Stock or ETFs that went through income reclassification where the company changes the tax classification of previously reported dividends or interest.
- Cost basis updates received after year-end.
- Personal information was updated after your initial 1099 was issued.
In conclusion, Robinhood does send tax forms to users who had reportable events for the previous tax year. The main tax document you’ll receive is a Consolidated 1099, which summarizes all of your investment activity on the platform. To access your tax documents, log in to your account
FAQs | Does Robinhood Send Tax Forms?
Q1: What’s 1099?
1099 is a tax form used to report various types of income that you may have received during the year. This could include income from freelance work, dividends, interest, or other sources of income. There are different types of 1099 forms depending on the type of income being reported.
Q2: What’s a 1099-C?
A 1099-C is a tax form used to report canceled debt. If you had a debt that was forgiven or canceled, the creditor may send you a 1099-C form to report the canceled debt as income. You may need to pay taxes on this income unless you qualify for an exception or exclusion.
Q3: What’s a 1099-R?
A 1099-R is a tax form used to report distributions from retirement accounts, such as a 401(k) or IRA. This form reports the amount of the distribution, the taxes withheld, and any early withdrawal penalties that may apply.
Q4: What’s a 5498?
A 5498 is a tax form used to report contributions made to an Individual Retirement Account (IRA). This form reports the total contributions made to the account during the tax year and the fair market value of the account as of the end of the year.
Q5: What’s a 1042-S?
A 1042-S is a tax form used to report income paid to foreign nationals or nonresident aliens. This form reports the amount of income paid, any taxes withheld, and the purpose of the payment. This form is typically used by businesses or organizations that make payments to foreign entities.