Tax Information
Tax forms will be automatically generated in your account to help you with your year-end tax preparations. The forms generated will depend on your account activity and whether you have any IRS-reportable transactions that year. You can find these forms by clicking the My Account tab, then Account History from the left navigation menu, and then clicking Tax Statements.
Corporations, retirement plans, broker-dealer accounts, commercial bank and savings & loan accounts, insurance companies, advisory services, charitable organization accounts and institutional accounts are tax-exempt and will not receive tax forms. However, corporations can be subject to 1099-MISC reporting and/or a Widely Held Fixed Investment Trust (WHFIT) statement.
Scottrade recommends referring to the monthly statements to gather any needed information for preparing your taxes. At your request, Scottrade can provide you with a year-end summary statement that simulates a 1099, but the information is not sent to the IRS.
The most common tax forms you may see generated for your account are:
Form 1099
Form 1099-DIV - Dividends & Distributions
Composite 1099 - will generally include the 1099-DIV and the following three forms:
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Form 1099-INT - Interest Income
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Form 1099-MISC - Miscellaneous Income
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Form 1099-B - Proceeds from Broker & Barter Exchange Transactions
Form 1099-R - Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Form 5498 - IRA Contribution Information
Form 5498ESA - Coverdell ESA Contribution Information
Form 1042 - Foreign Person's U.S. Source Income Subject to Withholding
For tax form generation dates for tax year 2011, click here.
For more information about these forms and what they include, please visit the Which Form Should I Use? article in the Knowledge Center.
The IRS provides helpful tools to guide you through the different tax forms. A few of those instruction guides are included here:
Instructions for Form 1099-DIV
Instructions for Forms 1099-INT and 1099-OID
Instructions for Form 1099-MISC
Publication 551, Basis of Assets
Publication 550, Investment Income and Expenses
Publication 17, Your Federal Income Tax
Please keep in mind that Scottrade does not provide tax advice; consult your professional tax advisor for assistance, or visit www.irs.gov.
Scottrade does not provide tax advice. The material provided in this article is for informational purposes only and Scottrade is not responsible for any errors or omissions. Please consult your tax or legal advisor(s) for questions concerning your personal tax or financial situation.
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