Congratulations! You made it through a year of trading! Now, here comes the fun part–taxes! If you made a closing trade the prior calendar year, then chances are you will receive a Consolidated 1099. The size of your Consolidated 1099 will vary on how much you traded last year. To help you make sense of your Consolidated 1099, we created a form guide to help navigate your way through tax season. The download link to our guide is located at the bottom of this article.

Are you wondering why you received a 1099? To learn more, please click here. Additionally, to view our tax document calendar, then please visit our Tax Center.


Composition of a Consolidated 1099

Depending on your account activity, your Consolidated 1099 may include the following:

  • Tax Reporting Statement
  • Tax Summary: Summary of Sale Proceeds
  • Proceeds from Broker and Barter Exchange Transactions
  • Form 1099-DIV: Dividends
  • Form 1099-INT: Interest
  • Form 1099-MISC: Miscellaneous Income
  • Form 1099-OID: Original Issue Discount
  • Supplemental Information
  • NMWHFIT Additional Income Details: An additional reporting requirement for some ETFs


Form 1099-B Futures

If you traded any futures or options on futures, you would receive Form 1099-B Futures (Substitute 1099 Statement) in addition to your Consolidated 1099. It is generally only a page long and lists your aggregate futures trading gain or loss, which is broken down by month. You can access your futures tax form by logging in to your account at tastyworks and visiting our Tax Center.

Commonly, we are asked, "why is my futures tax form separated from the Consolidated 1099?" In short, it is because your futures account is held in a separate account. To learn more about the separation of accounts, please click here.


Tax Year 2020 Consolidated 1099 Guide

You can view our form guide (PDF) below within this article. Or, you can find a link to download this PDF guide at the bottom of this article. We know taxes can be daunting, so we designed a guide that is easy to read and without any tax jargon. Chances are, you can find answers to most of your questions or concerns in this guide, but we're always here to help!

tastyworks, Inc. nor any of its employees or affiliates are licensed tax professionals, and do not provide tax or retirement advice. Please consult a tax or financial advisor about your specific retirement planning needs and questions.