Not all investors will receive a tax form. The activity on an account will have to meet a certain threshold set by the IRS. Each form, listed below, provides general guidelines and issue dates.
Issued by Date: January 31
Form is used to report distributions from IRAs or if there was withholding on the account.
Form 1099-Consolidated (1099-B, 1099-DIV, 1099-INT, and 1099-MISC)
Issued by Date: February 15
Form is used to report proceeds from broker and barter exchange transactions if there are sales or redemptions of $0.01 or more, or federal withholding on the sales proceeds.
Form is used to report dividends and distributions of $10 or more (such as dividends, capital gains, or nontaxable distributions that were paid in stock or cash), $600 or more for liquidation distributions, or federal withholding taxes applied to the dividends.
Form is used to report interest income (including tax-exempt interest) of $10 or more in client accounts or federal tax withholding applied to the interest.
Form is used to report royalties and substitute dividends or interest of $10 or more in client accounts or federal tax withholding applied to the income. Other income of $600 or more.
Form 1042-S (nonresident aliens and non-US entities)
Issued by Date: March 15
Form is used to report certain US-sourced income received by nonresident aliens or non-US entities and federal tax withholding. It does not include account trading activity. US-sourced/reportable payment generally includes dividends and interest, and income subject to withholding.
Form 5498 (IRA contributions)
Issued by Date: May 31
Form is used to report IRA contribution information if there are individual or rollover contributions to Traditional or Roth IRAs. It’s not required for filing taxes.
Note: If any date for a form falls on a Saturday, Sunday, or legal holiday, the IRS deadline is moved to the next business day. At times the IRS may extend the due date for certain filing dates or tax form furnishing dates. Solely at the IRS discretion and not by the reporting agent (DriveWealth).
*DriveWealth does not provide tax or accounting advice. Please consult a tax and/or accounting professional accordingly.*