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Tax document questions

What is a 1099?

A 1099 form shows our tax information, the amount of money you received throughout the year from selling securities, and the amount of realized losses that violate the IRS wash sale rule.

Visit our Help Center for detailed information on how to read your 1099 and answers to common 1099 questions.

When will my 1099 be ready to view?

All of the 1099 forms you will need from Robinhood will be ready starting mid-February. You may receive more than one 1099 if you had any reportable income or trades at both Robinhood Securities and Robinhood Crypto throughout the year.

How can I access my tax documents?

Tap here to access your 1099 in your mobile app, or follow these steps:

  1. Tap the Account icon in bottom right corner
  2. Tap Statements & History
  3. Tap Tax Documents

Note: For large documents, downloading through our web platform may be the best way to download.

Visit our Help Center to learn more about accessing your tax forms, and how to troubleshoot common tax document issues.

Why did I receive multiple documents?

Depending on your account activity throughout the year, you may receive one or more of the following documents:

  • You’ll receive a Robinhood Securities IRS Form 1099 if you had a taxable event in 2021 including dividend payments, interest income, miscellaneous income, or if you sold stocks, mutual funds/ETFs, or options. You’ll receive a Robinhood Crypto IRS Form 1099 if you sold cryptocurrencies or received miscellaneous income in 2021.
  • You’ll receive a corrected Robinhood Securities IRS Form 1099 and/or Robinhood Crypto IRS Form 1099 if any corrections were made to your 1099(s).
Why didn’t I receive a tax document?

If all of the following are true, you won’t receive a tax document:

  • Received less than $10 in dividends or interest
  • Didn’t sell any stocks, mutual funds/ETFs, or options
  • Didn’t sell any cryptocurrencies
  • Received less than $600 in miscellaneous income
How do I upload my 1099 to TurboTax?

To upload your 1099 to TurboTax:

  1. Log in to TurboTax and navigate to the screen for Stocks, Mutual Funds, Bonds, Other
  2. When asked to enter your bank name, enter Robinhood - Robinhood Securities option
  3. On the next screen, enter your account number and your Document ID

Your account number is a 9 digit number found in the top, middle of your Form 1099. Your document ID can be found in the top right of your Form 1099, under the Statement Date. This is an 11 digit alphanumeric ID. Like, “11AA 11A AAAA.” Enter this number without the spaces.

This method will let you import your consolidated Robinhood Securities 1099. You can directly import up to 1,500 transactions this way.

To upload your cryptocurrency information:

  1. Log in to TurboTax and navigate to the screen for Wages & Income
  2. Click the Start button next to Cryptocurrency
  3. Choose Yes when asked “Did you sell or trade cryptocurrency in 2021?”
  4. Select the Robinhood icon and click Continue
  5. Upload the CSV version of your Consolidated 1099
  6. Continue through the rest of the process to finish submitting your cryptocurrency income.

You can directly import up to 2,250 transactions this way.

Visit our Help Center to learn more about how to upload your 1099, and for troubleshooting steps.

Why did I receive a corrected 1099?

We may issue you a new corrected Form 1099 for several reasons. Here are some of the most common cases:

  • You have mutual funds or ETFs that went through income reclassification. See more information on income reclassification.
  • Cost basis updates were received after year end.
  • Your personal information was updated after your initial 1099 was issued.
How do I correct errors on my 1099?

To make any corrections, send a request to our support team. Visit our Help Center to learn more about what information we need to make 1099 corrections.

Can I get a K-1 form?

We don’t provide customers with K-1 forms. If you own shares in a limited partnership or trust, they will provide the K-1 form for you. Majority of K-1’s are created through PricewaterhouseCoopers.

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Crypto questions

Am I required to report cryptocurrency trades to the IRS?

Robinhood does not provide tax advice and you should consult a tax professional regarding any specific questions you have regarding taxes owed in connection with cryptocurrency transactions. Generally, per IRS guidelines, virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency. When you sell virtual currency, you must recognize any capital gain or loss on the sale, subject to any limitations on the deductibility of capital losses. If you sold crypto or received rewards of $600 or more in 2021, you will receive a Consolidated Form 1099 from Robinhood Crypto, LLC this tax season.

Where can I find official IRS guidance on Virtual Currencies (aka cryptocurrencies)

Here are two sources for official IRS guidance on virtual currencies:

How is a cryptocurrency hard fork reported in my Form 1099?

There were no hard forks that resulted in new assets from the cryptocurrency that Robinhood supported in 2021. For more information regarding hard forks visit the IRS FAQ on Virtual Currency transactions.

What time was the year-end cutoff for cryptocurrency trades?

The year-end cutoff for cryptocurrency trades with Robinhood Crypto, LLC is 11:59 PM UTC time on 12/31/2021.

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Other common tax questions

What is income reclassification?

Income reclassification happens when a company reclassifies payments made throughout the year to a different type of income. This commonly occurs on mutual funds (including ETFs) and Real Estate Investment Trusts (REITs). If you hold these types of securities you may also receive a corrected 1099 based on the timing of the reclassification.

What is 1042S?

A 1042S form is used to report US sourced income (i.e. dividends, interest) paid out to non-US persons. If you are certified as a non-US person for tax purposes and receive US sourced income, you will receive a 1042 S from Robinhood in March.

What is a wash sale?

If you sell a stock for a loss and purchase substantially identical stock either 30 days before, 30 days after, or on the day of the sale, you've executed a wash sale. The IRS prohibits taxpayers from claiming losses on these transactions from wash sales for tax purposes. The loss is added into the cost basis of the shares you replaced your original stock with.

You can find your total wash sales for the year in Box 1G on your 1099 tax document.

How do I claim a loss on worthless stock?

If you’d like to claim a loss for a worthless stock, please submit a request for a copy of your yearly transaction history. In your request, please include:

  • Your email address
  • The last 4 digits of your social security number
  • Your date of birth

Once we receive this information, we’ll send you a copy of your transaction history in a .csv file. You can use that file to prove a loss on your taxes.

Do referral stocks affect my taxes?

If you received stocks through our referral program of $600 or more, it will be reported as miscellaneous income on your Robinhood Securities consolidated 1099. Customers with referral shares valued at less than $600 may not have this reported as miscellaneous income on their Robinhood Securities consolidated 1099.

If you sell the shares you receive through our referral program, it will be reported just like any other stock sale in your account.

What's a backup withholding warning (B-Notice)?

A backup withholding warning informs you that the name and/or taxpayer identification number (Social Security number) on your Robinhood Securities or Robinhood Crypto account doesn't match the name and number combination that the Internal Revenue Service (IRS) or Social Security Administration has on record for you.

If you receive an email from us letting you know we received a first warning for your account, you'll need to complete a W-9 form to satisfy the IRS requirements. We'll send you the form by email from dse@docusign.net or dse_na2@docusign.net with the subject line "Action required: Complete the IRS W-9 form." You can complete this process without a DocuSign account.

If we receive a second warning from the IRS regarding your account, we'll email you with a different set of steps to resolve the warning—you'll need to upload a photo of your Social Security card instead. You'll receive a prompt to complete this step in the app if applicable.

If the required documentation is not submitted by the deadline provided in the warning and...

  • The warning only applies to your Robinhood Securities account: We'll begin 24% backup tax withholding until the warning is resolved. That means that all cash proceeds, including future sell orders, dividends, interest, and certain other payments that we make to your account will be subject to 24% withholding. Additionally, we'll restrict your account to position-closing orders. You'll be able to hold and sell your positions, but you'll be restricted from buying and depositing funds.

  • The warning applies to your Robinhood Securities and Robinhood Crypto accounts: We'll restrict both accounts to position-closing orders until the warning is resolved. You'll be able to hold and sell your positions, but you'll be restricted from buying and depositing funds. We'll also begin 24% backup tax withholding on your Robinhood Securities account. That means that all cash proceeds, including future sell orders, dividends, interest, and certain other payments that we make to your account will be subject to 24% withholding.

For more information about backup withholding requirements, visit IRS.gov.

Why don’t the proceeds on my 1099 match my gains/losses in the app?

The 1099 doesn’t show the amount of money that you deposited or withdrew, it shows the gross proceeds for any positions that were closed during the tax year. For example, let's use an account that had a $100 deposit:

  • The customer purchased ABC shares for $100
  • The customer sells ABC shares for a gain of $10 (making their proceeds $110 on that trade)
  • The customer purchased XYZ shares for $50
  • The customer sells XYZ shares for a gain of $10 (making their proceeds $60 on that trade)

In this example, the customer’s gross proceeds were $110 + $60 = $170. The customer’s gross proceeds of $170 will be reported in the 1099, even though the customer only deposited $100.


Disclosures

TurboTax is not an affiliate of Robinhood Markets (“Robinhood”) or any of its subsidiaries. Robinhood makes no representations as to the accuracy or validity of TurboTax products.

Robinhood does not provide tax advice. For specific questions, you should consult a tax professional.

Reference No. 20220113-1987490-6119258, 1987022
Still have questions? Contact Robinhood Support