What tax documents will I recieve?

 

Where can I find these documents?

Web 

  1. Log into your M1 account. 
  2. Click your name at the top right. 
  3. Click "View Account Settings.” 
  4. Click the "Documents" tab and you will see a checkbox for "Tax Forms.” 
  5. Once that is selected, you will see the tax form(s) if your account is required to receive them. 

M1 Finance web account screen showing documents tab within the user's settings

 

Mobile

  1. Log into your M1 account. 
  2. Click on the person icon on the top right. 
  3. Click the "Documents" tab and you will see a checkbox for "Tax Forms".  
  4. Once that is selected, you will see the tax form(s) if your account is required to receive 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 sales on your account. This form is used to report gains or losses from the past 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 your fully-paid securities. You are entitled to receive the amount of all dividends and distributions made on or in respect of the loaned securities.  

However, you may receive cash payments in lieu of dividends, which are not the same as qualified dividends for tax purposed and are taxed as normal ordinary income instead of the preferential qualified dividend rate. 

 

How do I know if I should receive a Consolidated 1099? 

M1 will always send you an email if you are eligible for a tax document. You may also check your documents page we talked about earlier in the article.  

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 send you an 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 form reports all contributions made into your retirement account during the year. Here is a 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 May 31st. 

  

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 send you an 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. 

 

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