When will I receive my tax forms (1099) from Firstrade?
Tax documents (1099 Forms) will be available by February 15.
What is 1099 tax form?
This form is provided to investors who have received at least $10.00 in interest or dividends, or sold securities during the tax year. It is provided to investors who have a valid social security number and can also be used to report other sources of income to the IRS.
What information will be on the [Consolidated] 1099 form?
Information on this form includes ordinary (qualified) dividends, non-qualified dividends, interest, capital gain distributions, foreign tax withheld, and sales of securities.
What are trade confirmations and where can I find them?
- A trade confirmation is a written statement which is provided to investors with the transaction details when an order to purchase or sell a security is executed.
- Trade confirmations can be found on the website under E-documents.
- Investors are encouraged to maintain good records of their transactions so that they can properly calculate their taxes. This includes maintaining all account statements.
How do I report dividends?
- Stock Dividend: Some companies may issue additional shares of stock to their shareholders. In this event, the new shares must be factored in to the original cost basis. The holding period for these newly issued shares will be calculated from the original purchase date of the stock.
- Cash Dividend: These must be reported on your 1099-Div. They can be classified as qualified or non-qualified, depending on the company/fund and the length of time the security was held.
Here are a list of commonly used IRS Forms, Publications and Instructions:
- Schedule A / Instructions
- Schedule B
Interest and Ordinary Dividends
- Schedule D / Instructions
Capital Gains and Losses
- Schedule D-1
Continuation Sheet for Schedule D
Investment Interest Expense Deduction
Parents’ Election To Report Child’s Interest and Dividends
Investment Income and Expenses (Including Capital Gains and Losses)
- Simplified W-8BEN
for Individual/Joint Accounts
Publication 590 IRAs.
Individual Retirement Arrangements
For additional forms and publications, please visit the IRS Website.