Robinhood, launched in 2015, was among the first applications online to provide stock trading for free for users and without fees for commissions or brokerage charges.
Only accounts with taxable investments are accessible through the app. Individual savings accounts (IRAs) and other tax-deferred funds do not need to be used.
What Tax Documents Can Robinhood Provide?
Robinhood Securities provides a consolidated 1099 form, which contains the information from your 1099 DIV, 1099-MISC, and 1099-INT, as well as 1099-B. Robinhood Crypto provides its own separate 1099-B consolidated document.
Robinhood Tax Documents
As you are a Robinhood client, Your tax records are compiled into an unconsolidated Form 1099.Robinhood tax documents (from a website and mobile app) The information on Forms 1099-DIV and 1099-MISC 10-99-INT, 1099-1099, and 1099-B. The Form 1099 will be sent to you with tax documents by February 16, 2021.
You can locate your Form 1099 on your mobile application under your Account icon. There, you click Statements and History and then Tax Documents.
If you’re not eligible to receive any Tax documents with Robinhood, the company will make sure you are aware so that you don’t wait to get the documents.
It is important to upgrade your Robinhood application to the most recent version to ensure that you have all the necessary documentation. Robinhood is determined to give its customers easy access to tax information, ensuring that the application is current can smooth any bumps.
Robinhood suggests uninstalling and installing the Robinhood app if you’re having issues, then switching your phone off and then on.
Following your particular circumstances, You may be issued more than one Form 1099. This is the case for Robinhood customers who held accounts associated with Apex Clearing Corp, the clearing company Robinhood previously worked with. You could receive at least one of the following documents:
Apex IRS Form 1099
For filers with taxable events scheduled for 2020 with Robinhood’s former clearer Partner Apex Clearing Corp.
Robinhood Securities IRS Form 1099
For filers who were a part of taxable events in 2020.
Form 1099 will be provided by Robinhood Securities, LLC, the brand new clearing platform.
Robinhood Crypto IRS Form 1099
For filers who sold cryptocurrency in 2020.
You’ll receive Excel and PDF versions of the Form 1099 you received by Robinhood Crypto, LLC
How to Download Tax Documents From Robinhood?
Unfortunately, there is no way to download your tax documents from Robinhood. However, if you wish you can always access the documents and view them under your account section.
No matter if you are using the Robinhood mobile application or desktop, there is no available option to download Tax documents from Robinhood.
As mentioned, it can be difficult to download tax documents from Robinhood, you can still access or read them easily. To read your Robinhood tax documents, go through the steps mentioned below.
Steps to view Tax Documents in Robinhood Through Mobile:
- Open the Robinhood application on your device.
- On the application, hover to the account icon.
- Tap on the option for statements and history.
- You will get the list of all the documents available.
- Now, tap on the option for the one that you wish to view.
Steps to view Tax Documents in Robinhood Through PC:
- Open your browser and visit Robinhood website.
- On the website, hover to the bottom right of the screen and then tap on the accounts section.
- After this, you will have to tap on the statements and documents option.
- Choose the tax documents option and then choose the one that you wish to view.
It’s usually recommended to use the website version of the document that needs more space on the system.
How to Download My 1099 Form from Robinhood?
If you are wondering How do I download my 1099 from Robinhood? Follow these simple steps:
- Click on the account icon at the bottom left corner
- Go to Statements and History
- Tap Tax Documents
Also Read: Robinhood Margin Maintenance
How will you identify the form in Robinhood?
Tax forms are available by Robinhood Securities and Robinhood Securities, and Robinhood Crypto. In the tax Documents part of your app, you’ll find a list of all the tax documents you have received.
Its name and the organization that issued the document will appear within the name of every document. If you’re using the most recent version of the application, the document will be named any of these, followed by the tax year.
- Robinhood Securities 1099
- Robinhood Crypto 1099
Your 1099 will also indicate the company that issued the document in the upper left-hand corner of your initial page.
Why Can’t I See Tax Document on Robinhood?
If you are not able to see tax documents on Robinhood, it may be because of the below reasons:
- Didn’t sell any stocks, mutual funds/ETFs, or options
- Didn’t sell any cryptocurrencies
- Received less than $10 in dividends or interest
- Received less than $600 in miscellaneous income
How Do You Pay Taxes on Robinhood Stocks?
The rise of Robo-advisors and investment management apps has led to the introduction of cryptocurrency and stock market investing to the forefront.
The investment process can help you build wealth today and into the near future. However, they add additional complexity to an already stressful job: filing your annual tax.
Robinhood’s platform allows you to record tax-deductible events like selling stocks or receiving dividends.
If your dividends exceed 10 dollars or you sell a bitcoin or stock in a tax year, as a Robinhood member, you’ll be required to pay taxes on this income.
If you get your 1099 consolidated (or Robinhood notifies you that you don’t have to file any tax-related documentation) and you’ll have the necessary information to file taxes on your Robinhood bitcoin and stocks correctly.
It will also send this same form to the IRS. The only investments you’ve sold are tax-deductible, which means you don’t have to be liable for tax on investments you owned throughout the year.
If you’ve had a difficult year, and your losses exceed the gains, you can take a deduction of up to $3,000 off your tax-deductible income so long as you dispose of any junk before the time the year is over. This tax method is referred to as tax-loss harvesting. It will help you compensate for any losses that you experienced.
Also Read: Robinhood Options Explained
Robinhood and other investment applications have made investing in the market easier than ever. If you tried stock trading to the beginning of 2020, 2021, or 2022, it’s an excellent sign that you’re interested and willing to take the initiative if it’s time for you to make your payment.
However, it’s recommended that you consult an accountant who can review your financial actions and fulfill your federal and state tax obligations.
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