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Tax document 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 made trades through Robinhood Securities and Robinhood Crypto throughout the year.

If you need a corrected 1099 from us, you can expect to receive it by the end of March. If you don't need any tax documents from us for the year, we'll email you by mid-February.

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 2020 including dividend payments, selling stock for profit, or exercising an option
  • You’ll receive a Robinhood Crypto IRS Form 1099 if you sold more than $10 in cryptocurrencies in 2020
  • 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 that $10 in dividends during 2020
  • Didn’t sell any stock
  • Didn't sell more than $10 in cryptocurrency
How do I read my 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.

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 2020?”
  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.

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.

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 receive dividend or income adjustments on shares you own
  • The cost basis for positions received in an account transfer was updated
  • Your SSN number was updated after your initial 1099 was issued
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.

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Crypto questions

Am I required to report cryptocurrency trades to the IRS?

Every tax situation is unique, so you may wish to consult with your tax advisor for any specific questions you have regarding cryptocurrency tax rules.

If you didn't buy or sell crypto in an amount greater than $10 in 2020, you won't receive a Consolidated Form 1099 from Robinhood Crypto, LLC this tax season. This does not necessarily mean, however, that your crypto transactions are not tax reportable.

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?

Although in 2020 the Bitcoin Cash network underwent a hard fork, Robinhood Crypto did not support these new forked assets and won’t reflect them in your Consolidated Form 1099.

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 12/31/2020.

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Other common tax questions

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 username
  • 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 totalling a value over $600, 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.

How do I handle a B-Notice?

A B-Notice informs you that the Tax ID or other identification numbers in your Robinhood Securities account don’t match what the IRS has on file. These notices are sent from the IRS on a yearly basis.

If you received a B-Notice, you can expect to receive an email from us.

To handle a B-Notice, you will need to complete a W-9 form to satisfy the IRS requirements. The form was sent to you in an email from dse_na2@docusign.net or dse@docusign.net, with the subject line "Action Required Complete IRS W-9 Form.” You can complete this process without a DocuSign account. Simply click “Review Document” in the email, fill out the required fields, and sign the form.

If the required documentation is not submitted by that year’s deadline, your account will be restricted to position-closing orders only, meaning you may either hold or sell your positions, but you will be restricted from buying.

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 proceeds/losses in your account 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)

For this example, the customer’s proceeds were $110 + $60 = $170 even though the customer only deposited $100.

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.

Reference No. 20210315-1564008-4693893
Still have questions? Contact Robinhood Support