Please note: Consolidated 1099 Tax forms will be available on February 16, 2021
Where can I find these documents?
Log into your M1 account, click your name at the top right and select "Settings”. After, select the "Documents" tab and you will see a checkbox for "Tax Forms". Once that is selected, you will see the tax form(s) if you are eligible to view them.
Tax Form Consolidated 1099
What is a Consolidated 1099?
This tax document reports taxable events on a taxable account. On your Consolidated 1099, you may find a few different types of forms. These include the 1099-B, 1099-DIV, and the 1099-MISC. Depending on your situation, you may have one or all forms.
| 1099-B | Your consolidated 1099 will contain this if you have performed sells on your account. This form is used to report gains or losses from the preceding year. |
| 1099-DIV | A common reason for receiving a 1099-DIV form is some of the stocks you own pay dividends. You will only receive this if you have over $10 in dividends. |
| 1099-MISC | M1 Finance may loan out shares of securities held in margin accounts to short sellers. If you own one of these securities in your margin account and the security pays a dividend while it’s loaned out, M1 will pay you a substitute payment in lieu of the dividend. |
How do I know if I should receive a Consolidated 1099?
M1 will always notify you via email if you are eligible for a tax document. You may also check your documents page from above.
When should I expect to receive a Consolidated 1099?
We expect consolidated 1099s to be available for viewing on February 16th.
Tax Form 1099-R
What is a 1099-R?
This tax document is for accounts who have taken a qualified or unqualified distribution from a retirement account. These are the current list of retirements accounts you can have on M1:
- Traditional
- Roth
- SEP
How do I know if I should receive a 1099-R?
M1 will always notify you via email if you are eligible for a tax document. If you made any distribution from your retirement account, you will receive this document.
When should I expect to receive a 1099-R?
We expect 1099-Rs to be available for viewing on February 1st.
Tax Form 5498
What is a 5498?
This tax document reports all contributions made into your retirement account during the year. These are the current list of retirements accounts you can have on M1:
- Traditional
- Roth
- SEP
How do I know if I should receive a 5498?
M1 will always notify you via email if you are eligible for a tax document. You may also check by confirming if you made any contributions, completed a transfer or rollover to your account for the current taxable year.
When are 5498s sent to the IRS?
5498s are released on June 1st.
Tax Form 1099-INT
What is a 1099-INT?
Form 1099-INT is the IRS tax form used to report interest income. The form is issued by all payers of interest income to investors at year end and includes a breakdown of all types of interest income and related expenses. Payers must issue Form 1099-INTs for any party to whom they paid at least $10 of interest during the year.
How do I know if I should receive a 1099-INT?
M1 will always notify you via email if you are eligible for a tax document. You will receive this if you had interest paid on your M1 Spend account for over $10 in the current tax year.
When should I expect to receive a 1099-INT?
We expect 1099-INTs to be available for viewing on February 1st.
*M1 Finance does not provide tax advice. Please contact your tax professional should you have any questions.
**All images are for illustrative purposes only