What tax documents will I recieve?

M1 Invest tax documents 

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.  

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

A Consolidated 1099 may be generated for any of the reasons below, and you’ll be notified by M1 or Apex Clearing if a Consolidated 1099 is generated for one of your accounts: 

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.  

When should I expect to receive a Consolidated 1099? 

We expect consolidated 1099s to be available for viewing in mid-February. Form 1099-MISC is generated by our clearing firm, Apex Clearing, and exact delivery date may vary. 

 

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 IRA 
  • Roth IRA  
  • SEP IRA 

How do I know if I should receive a 1099-R?You should receive this form if you have made a withdrawal from an M1 IRA. You’ll be notified by M1 or Apex Clearing if a 1099-R has been generated for one of your IRA accounts. 

When should I expect to receive a 1099-R? 

We expect 1099-Rs to be available for viewing in the beginning of February. 

   

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 IRA 
  • Roth IRA 
  • SEP IRA 

How do I know if I should receive a 5498?   
You should receive this form if you have made a contribution or have completed a transfer or rollover into an M1 IRA. You’ll be notified by M1 or Apex Clearing if a 5498 has been generated for one of your IRA accounts. 

When are 5498s sent to the IRS? 

5498s are sent to the IRS on your behalf since they are generated after the tax filing deadline. We expect them to be available for viewing in early June. 

 

M1 Spend tax documents 

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? 

You should receive this form if your M1 Spend account has earned more than $10 interest. You’ll be notified by M1 if a 1099-INT has been generated for your M1 Spend account. 

When should I expect to receive a 1099-INT? 

We expect 1099-INTs to be available for viewing in the beginning of February. 

 

Where can I find my tax forms? 

Once your tax documents have been generated, they will be available for viewing in your M1 account. To view your forms, please follow the instructions below: 

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

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.  

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.  

 

What if I need more information about my IRA? 

If you’re not sure which tax forms to expect after an IRA conversion, recharacterization, or contribution year change, you can find additional information in the articles below. 

 

Read more about IRA recharacterizations. 

Read more about IRA Conversions. 

Read more about IRA contribution year changes. 

 

M1 and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. 

 

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