About tax documents

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What’s new this year?

Here are some updates to this year’s tax season:

  • We’ll email you when your tax documents are ready for download by February 15, 2023.
  • All your Consolidated 1099s will be combined in one PDF under Robinhood Markets, Inc. It’ll include all your Form 1099s for Robinhood Securities, Robinhood Crypto, and Robinhood Money, as applicable.
  • For Robinhood Retirement, if applicable, your Form 1099-R will be available by January 31, 2023 and your Form 5498 will be available by May 31, 2023.
  • CSV transaction files for all your 2022 transactions for Robinhood Securities, Robinhood Crypto, and Robinhood spending accounts, will be available after your Consolidated 1099s.
  • Easier tax filing with a document ID. You’ll be able to use the document ID from your combined PDF to directly import your tax forms into tax service providers, such as TurboTax and H&R Block. You can find your document ID on the cover page of your Consolidated 1099s.
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Tax timeline

Tax day is April 18, 2023 for the 2022 tax year, and the following 2022 tax forms will be delivered to you by the corresponding due dates:

2022 tax formsDue dates in 2023
Form 1099-R and 1099-CJanuary 31
Consolidated 1099 from Robinhood Markets, Inc.February 15
Form 480.6 seriesMarch 1
Form 1042-SMarch 15
Form 5498May 31
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Tax forms

What's a 1099?

Form 1099 shows your tax information, the amount of money you received throughout the year from selling securities, crypto or money from dividends, and any realized losses that violated the IRS wash sale rule, if applicable.

Review How to read your 1099 and the following FAQ for more details.

What’s a 1099-C?

Form 1099-C is filed for a debtor who owed $600 or more of a debt that was canceled. Check out IRS Form 1099-C for details.

What’s a 1099-R?

Form 1099-R is required by the IRS for reportable distributions from one or more individual retirement accounts (IRAs), such as with Robinhood. This includes early distributions, even when it involves removing contributions from a Roth IRA.

What’s a 5498?

Form 5498 is required by the IRS for reportable contributions and reporting of the IRA Year End Fair Market Value. You’ll also receive a Form 5498 if you completed a Roth conversion or Rollover contributions during the tax year. If no contributions take place during the tax year, Robinhood will use the YE statement value for the IRA 5498 filing.

What’s a 1042-S?

A Form 1042-S is used to report US-sourced income (like dividends and interest) paid out to non-US persons. If you’re certified as a non-US person for tax purposes and receive US sourced income, you’ll get a 1042-S.

What’s a 480.6?

You’ll get a series of Form 480.6 if you receive dividends, interest, gross proceeds, or other reportable payments from a company domiciled in Puerto Rico in 2022, or you were a resident of Puerto Rico for 2022 tax purposes.

Can I get a K-1 form?

We don’t provide customers with Schedule K-1 forms. If you own shares in a limited partnership or trust, they'll provide the K-1 form for you. You can get your K-1 forms at taxpackagesupport.com, partnerdatalink.com, or through the applicable partnership websites.

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Tax document FAQ

How can I access my tax documents?

You can find your tax documents with these steps:

  1. Select AccountMenu (3 bars) or Settings (gear)
  2. Go to Tax Center
  3. Select a form to review its details
Note

For large documents, our web platform may be the best way to read and download your tax documents.

Why do I have multiple tax documents?

You may get multiple tax documents based on your taxable events during the tax year.

  • A combined PDF from Robinhood Markets that includes Form 1099s for Robinhood Securities, Robinhood Crypto, and Robinhood Money.
  • If you have a Robinhood IRA, you’ll get separate tax documents for any reportable events, such as the Form 1099-R and Form 5498.
  • If any necessary corrections are applicable to any of your Robinhood 1099s or other related tax forms, you may get a corrected Form 1099.
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, crypto, ETFs, or options
  • Received less than $600 in miscellaneous income
Why did I receive a corrected 1099?

We may issue you a new corrected Form 1099 for a number of reasons, including:

  • You have stock or ETFs that went through income reclassification where the company changes the tax classification of previously reported dividends or interest
  • 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?
Why doesn’t my 1099 match what the app shows?

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.

Example

Let's say you deposited $100, and then during the tax year you:

  • Purchased XYZ shares for $100
  • Sold XYZ shares for a gain of $10 (making your proceeds $110 on that trade)
  • Purchased MEOW shares for $50
  • Sold MEOW shares for a gain of $10 (making your proceeds $60 on that trade)

In this case, your gross proceeds would be $110 + $60 = $170, which would be reported on your 1099, even though you only deposited $100.

What are ACATS-in and non-covered positions on my 1099?

Robinhood will receive positions from other broker dealers through the ACAT process. Through this process, Robinhood is dependent on receiving cost basis information from the previous broker dealer. If the previous broker-dealer does not send the cost basis to Robinhood, the sell transactions will show on the 1099-B as non-covered positions.

What’s a reportable tax event?

Any transaction that results in taxes owed to the government and generates a tax form are reportable, such as:

  • Selling stocks, crypto, ETFs, or options
  • Receiving interest or dividend payments, or other miscellaneous income
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Crypto tax FAQ

About crypto deposits

To help you file your tax returns, we’ll provide the cost basis information (if available).

Availability depends on where you purchased the crypto.

  • If purchased through Robinhood, we have and will provide the cost basis information.
  • If purchased at a different Broker-Dealer or non-custodial wallet, we won’t have the cost basis as current IRS regulations don’t require cost basis information be sent when transferring crypto

We wanted to let you know that in instances where we don’t have the cost basis, it is your responsibility to calculate and report the proper cost basis on your tax return. Note that only the gross proceeds shown on the Robinhood Crypto 1099-B is reported to the IRS.

Am I required to report crypto 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 crypto 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 the tax year, you will receive a combined Form 1099 from Robinhood Crypto, LLC this tax season.

Where can I find official IRS guidance on crypto?

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

How does a crypto merge or hard-fork affect my 1099?

A hard fork event happened after the Ethereum Merge and created a new crypto called ETHW. However, Robinhood didn’t support the ETHW, and no hard fork event occurred for our customers. Therefore, there are no tax implications for your Robinhood Crypto account for this tax year. For more information regarding hard forks, visit the IRS FAQ about crypto transactions.

When is the year-end cutoff for crypto trades?

The year-end cutoff for crypto trades with Robinhood Crypto, LLC is 11:59 PM UTC time on December 31, 2022.

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More FAQ about taxes

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

You’ll get a backup withholding warning (B-Notice) if the name and/or taxpayer identification number (Social Security number) on your Robinhood 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 B-Notice 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.

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, 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 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, you can submit a request for a copy of your yearly transaction history. Once we receive your request, 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 Markets Consolidated 1099. If you have referral shares valued at less than $600, it may not have to be reported as miscellaneous income on the Robinhood Markets 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.

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.

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Disclosures

TurboTax is not an affiliate of Robinhood Markets, Inc. (“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. 2665914
Still have questions? Contact Robinhood Support