While investing and trading on the Robinhood app regularly, several users find it the best suitable and efficient app.
However, towards the end of a particular financial year, when it is officially time to look back and see your growth, tax documents are the only reliable source.
If you are a Robinhood account holder and wonder how and when will Robinhood tax documents be available? You are in the right place.
The tax documents and most importantly form number 1099 is a valuable document that provides all the tax-related information about Robinhood account assets.
However, there are other tax documents provided by Robinhood. The tax documents offered to the eligible accounts include a 1099 form including the details about the account holders:
- 1099-DIV
- 1099- INT
- 1099-MISC
- 1099-B
Although this is enough for the account holders, the traders who trade cryptocurrency using Robinhood are given a separate form in a consolidated manner of 1099-B. This form is exclusively given to the accounts with enough cryptocurrency exchange and trade.
This information includes the data regarding sales and purchases of different stocks throughout. Also, the data about what lies in the wrong and right pile in the eyes of the IRS is listed by this document.
Certain rules such as the Wash sale rule stated by the IRS must be satisfied by your log Or account. All the credited and debited capital is analyzed under this rule. A detailed summary of any violation of such rules is given to the account holder.
To get answers to various questions arising in your mind regarding Robinhood tax documents, keep reading till the end.
When Will Robinhood Tax Documents Be Available?
So, one of the questions that most people ask is when will Robinhood Tax documents be available.
For that, it is notified on the Robinhood platform that the 1099 forms will be available in mid-February. Other than this, if there is a reportable trade or income on your Robinhood crypto and security accounts, you may receive more than one of such forms.
So, you will have to wait till mid-February to receive all the forms that you have to submit to trade on Robinhood. If there will be any change in the date, we will surely notify you here.
Why Are Robinhood Tax Documents Not Available?
The Robinhood tax documents will be available to the account holders once the 1099 form is ready and publicly accessible.
The form will be ready to make an appearance in mid-February. However, your Robinhood tax documents are not limited to only a single form under certain criteria.
During your financial year or in your portfolio, you have performed well, you will get more than a form as Robinhood tax documents.
The account holders with good income and an impressive chart, trades, and investments will get more documents as their Robinhood tax documents.
In case your tax documents are not available, it can be due to certain reasons. The first reason behind this can be no or minimal trading of stocks and cryptocurrency.
A minimum of 10 dollars worth of investment should be present in your account so that there is something noticeable in your tax statement.
Also, if you have received income less than 600 dollars by trading stocks your tax documents are not released by the platform.
If you have not purchased or sold any sort of cryptocurrency, your Robinhood tax documents are unavailable at any platform. These issues can be resolved by improving your trade and deal in cryptocurrency. Also, you can check if you have a viable account and portfolio to receive Robinhood tax documents.
For the account holders with all the checks in their favor, getting Robinhood tax documents is not a difficult task. If you are not able to receive them after checking this criterion, you can reach out to the help center of Robinhood Or contact their service centers.
Also Read: How to Add Money to Robinhood Without a Bank Account?
How Do I Get My Robinhood Tax Documents?
There are some easy steps an account holder must perform to get your Robinhood tax documents directly from the app. All the current account holders and the account holders who have closed their accounts on Robinhood can get their Tax documents easily from the same platform.
All you need to seek your tax documents from Robinhood are the appropriate account details of login. If you do not remember them, try resetting the login security codes or directly contact the Robinhood help center via contact number Or email services.
Once you open your Robinhood app, look for the account icon on the corner and log in with your specifics. Once logged in successfully, open the account menu in your Robinhood app.
Then, look for the statements and history menu on your screen and click on the icon to open the menu.
This menu bar will lead you to tax documents by simply clicking the tax documents option on the current screen. Here, you can get your accurate tax documents for your account.
If you have closed your Robinhood account and want to get your Robinhood tax documents from the app, the procedure is a little different. You will have to reinstall your Robinhood app and log in with your previous account details.
Once logged in successfully, you can open the account bar in your Robinhood app. After entering this menu, look for the investment option on the screen and click on it to open.
This page will direct you to the next page on which you will find tax documents by scrolling to the end of the current page. This way, you can get your tax documents from your app without much hassle.
Does The IRS Track Robinhood?
Robinhood is a reputed member of parties that are overlooked by the IRS itself. IRS pays attention and provides close surveillance to all the activities happening on Robinhood. Robinhood account holders sell and purchase stocks or cryptocurrency widely using this platform.
With the additional security of IRS tracking and monitoring every activity on Robinhood, the traders feel more comfortable trading on the platform.
The IRS counts your profits from the trading of cryptocurrency and stocks as your income. And hence, the tax is generated upon this capital. The account holder’s possession of assets and stocks are counted amongst the tax payable capital.
There are many advantages provided by the IRS to the Robinhood users who hold and preserve their stocks for a longer period.
Similarly, in case of losses on selling the shares or stocks using the app, the equivalent amount is deducted from the total taxable amount generated by the IRS.
Also Read: Robinhood Margin Requirements
Does Robinhood Send 1099s To The IRS?
Robinhood is a part of SIPC which implies that it is in direct surveillance of the IRS for all economic activities including all kinds of investments such as cryptocurrency, stocks, EFTs, etc. Form 1099 contains the tax documents and information of a particular organization.
Since Robinhood is under the guidance of the IRS directly, it sends Form 1099 to the IRS for every applicable account. You will receive a valid, and secured form 1099 by Robinhood after proper authentication by the IRS.
Form 1099 accounts for Robinhood tax documents and their originality. However, this IRS Robinhood tax security form is provided to the account holders with appropriate trading history. There must be some taxable processes including cryptocurrency to get the Form 1099 and other tax documents from Robinhood.
The account holder must have taxable processes such as trading in stocks, mutual funds, EFTs, etc using the Robinhood account.
Once your account is approved, you will receive a form clearly and directly passed by the IRS. Therefore, if you are wondering if Robinhood sends form 1099 to the IRS, the answer is yes it does.
Also Read: Robinhood Hidden Fees
How Do I Check My Tax Status On Robinhood?
For checking your tax status on your Robinhood app, you must have your accurate details for login. If you have somehow lost it, you can contact the help center because the option of checking tax status without login details would not be available.
To check your tax status on Robinhood, you firstly need their app. Make sure you have the latest version of the Robinhood app. If not, it would be recommended to update it before checking tax status via your app.
Once you get the latest version of the Robinhood app, it’s easy to locate the option of certifying and checking the tax status. The tax certifying service offered by the Robinhood app provides transparency between the app and the account holders.
It allows you to check if the tax applied on your trading and other activities is appropriate or not. Also, it helps you to analyze what profits and capital come under taxable amounts and which ones are non-taxable.
Once you open this tab in your app, all the taxable processes and their attached taxes are displayed for you. You can either download the statement or keep it in offline mode for future references.
If you want to change Or correct your current username on the Robinhood app, you will need to contact their help center via email. Only then can you change it. However, your username or any other detail can not be changed once your tax statement is released.
Also Read: Does Robinhood Have Custodial Accounts?
Conclusion
With millions of trusted customers, Robinhood excels in various fields. It provides you with all your tax documents under one sight by simply using their official app.
The tax documents are generated during mid-February. All the accounts with taxable activities and cryptocurrency trades are provided with appropriate tax documents.
One can easily get their tax documents by logging into their app.
However, if you have not received a tax document or simply your form 1099, it’s your time to start trading more especially in cryptocurrency.
