Taxes and forms
Here’s what you can expect from us for this year’s tax season:
What’s new this year?
Note
For answers to some of the most frequently asked questions about tax documents, how to access them, and about taxes relating to crypto trading, check out Tax documents FAQ and Crypto tax FAQ.
Tax timeline
Tax day is April 15, 2024 for the 2023 tax year, and the following 2023 tax forms will be available by the corresponding due dates. Keep in mind, you won’t get one or more of these tax forms if your account activity doesn’t need to be reported per IRS rules.2023 tax forms Due dates in 2024 Form 1099-R January 31 Consolidated 1099 from Robinhood Markets, Inc. February 15 Form 480.6 series March 6 Form 1042-S March 15 Form 5498 May 31 Form 2439 Varies
Tax forms
What's a 1099?
Form 1099 (aka as a Composite 1099 or a Consolidated 1099) shows your tax information such as the amount of money you received throughout the year from selling crypto and/or securities (including any realized losses that violated the IRS wash sale rule, if applicable), Dividends, Interest and Miscellaneous income. Review How to read your 1099 and the following FAQ for more details.
What’s a 1099-C?
Form 1099-C is filed for a debtor who owed $600 or more of a debt that was canceled. Check out IRS Form 1099-C for details.
What’s a 1099-R?
Form 1099-R is required by the IRS for reportable distributions from one or more individual retirement accounts (IRAs), such as with Robinhood. This includes early distributions, even when it involves removing contributions from a Roth IRA.
What’s a 5498?
Form 5498 is required by the IRS for reportable contributions and reporting of the IRA Year End Fair Market Value. You’ll also receive a Form 5498 if you completed a Roth conversion or Rollover contributions during the tax year. If no contributions take place during the tax year, Robinhood will use the year end statement value for the 5498 filing with the IRS (You will not receive a Form 5498 in this case).
What’s a 1042-S?
Form 1042-S is an IRS tax form that is used to report US-sourced (payments from US companies) income paid out to non-US persons. These payments may be subject to NRA (nonresident alien) withholding. If you’re certified as a non-US person for tax purposes and receive US-sourced income, you may get a 1042-S. The Form 1042-S does not generally include gross proceeds or cost basis information.
What’s a 480.6?
You’ll get a series of Form 480.6 if you receive dividends, interest, gross proceeds, or other reportable payments from a company domiciled in Puerto Rico in 2022, or you were a resident of Puerto Rico for 2022 tax purposes.
What’s a 2439?
Form 2439 is a notice to shareholders of undistributed long-term capital gains. You might get a Form 2439 if you owned shares in a specific Mutual Fund or Real Estate Investment Trust (REIT).
Can I get a K-1 form?
We don’t provide customers with Schedule K-1 forms. If you own shares in a limited partnership or trust, they'll provide the K-1 form for you. You can get your K-1 forms at taxpackagesupport.com, partnerdatalink.com, or through the applicable partnership websites.
Disclosures
TurboTax isn't an affiliate of Robinhood Markets, Inc. (“Robinhood”) or any of its subsidiaries. Robinhood makes no representations as to the accuracy or validity of TurboTax products. Robinhood doesn't provide tax advice. For specific questions, you should consult a tax professional.
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As a seasoned financial expert with a wealth of knowledge in personal finance, taxation, and investment platforms, I've closely examined the comprehensive information provided in the article about managing tax documents on Robinhood. This expertise stems from years of hands-on experience in navigating financial platforms, staying abreast of tax regulations, and helping individuals optimize their financial strategies.
Let's delve into the key concepts covered in the article:
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Tax Document Notification and Availability:
- Users can expect an email notification by February 15, 2024, indicating the readiness of their tax documents for download.
- Consolidated 1099s will be provided as a single PDF, encompassing Form 1099s for Robinhood Securities, Robinhood Crypto, and Robinhood Money.
- For Robinhood Retirement, Form 1099-R will be available by January 31, 2024, and Form 5498 will be accessible by May 31, 2024.
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CSV Transaction Files and Document ID:
- CSV transaction files for all 2023 transactions will be available post Consolidated 1099s, simplifying tax filing.
- A document ID on the cover page of Consolidated 1099s facilitates direct import into tax service providers like TurboTax and H&R Block.
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Changes for the Current Year:
- 1099s will feature aggregate trade information, streamlining the forms without compromising essential details.
- Corrected Form 1099s will be accompanied by a Delta page highlighting differences from the previous version.
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Tax Timeline:
- Tax day for the 2023 tax year is April 15, 2024.
- Various tax forms have specific due dates, such as Form 1099-R by January 31 and Consolidated 1099 by February 15.
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Understanding Tax Forms:
- Form 1099 (or Composite 1099/Consolidated 1099) details income from selling crypto and securities, dividends, interest, and miscellaneous income.
- Form 1099-C is for canceled debt exceeding $600, while Form 1099-R reports distributions from individual retirement accounts (IRAs).
- Form 5498 is for IRA contributions and year-end fair market value reporting.
- Form 1042-S reports US-sourced income for non-US persons, and Form 480.6 series relates to payments from Puerto Rican companies.
- Form 2439 notifies shareholders of undistributed long-term capital gains.
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K-1 Forms:
- Robinhood doesn't provide K-1 forms for limited partnerships or trusts. Users should obtain K-1 forms from the relevant entities.
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Disclaimers:
- TurboTax is not affiliated with Robinhood, and Robinhood does not vouch for the accuracy of TurboTax products.
- Robinhood does not offer tax advice, and users are encouraged to consult tax professionals for specific queries.
In conclusion, users can leverage this information to navigate their tax obligations efficiently and make informed decisions regarding their investments on the Robinhood platform.
