We know that tax time can be overwhelming. If this is your first tax season with Stockpile, we are here to help! We want to make things easy for our customers in every way we can during tax season, starting with the most common questions:
What is a 1099 form?
If you opened an account with Stockpile in 2017, you may be eligible to receive a 1099. A a 1099 tax document is an IRS tax form that lists important information that you will need for tax reporting. If you sold stock and received more than $10 of a profit or $10 of a loss, then you would receive a 1099. Also, if you have more than $10 of income from dividends and any foreign taxes paid on your investments if you own an ADR you would also receive a 1099. The information on a 1099 form is reported by Stockpile to you and the IRS.
What should I do with my 1099?
You are required by the IRS to report the information on the 1099 form. We are not tax professionals here at Stockpile, so we recommend contacting a CPA or a qualified tax professional to help. If you have already filed your taxes and received the 1099 after, you may have to file an amended tax return to include the new 1099 data. We would again recommend contacting a tax professional to advise further.
Why didn’t I receive a 1099?
We follow the IRS de minimis rules at Stockpile. For example, if you do not have enough gains, losses, or dividend income (under $10 in most cases) for 1099 reporting, then we will not be issuing a 1099. If the proceeds from fractional sales of securities or the cumulative amount of income or dividends received during the tax year do not exceed the IRS reporting thresholds, we do not include these amounts on the 1099 and they are not reported to the IRS.
Does Stockpile integrate with any tax reporting software?
We do not currently integrate with Quicken, TurboTax, or HR Block. This is something that many of our customers have expressed interest in and we are actively looking to accomplish this for tax season next year. Thank you for your feedback and patience while we continue to improve our processes!
For information about the tax implications involved with investing, please visit the IRS website or contact your tax professional.
If you have any other questions, feel free to email us at firstname.lastname@example.org.