Your account type and transactions will determine whether or not you receive a tax form. If your account received any tax forms, you can retrieve them by going to the tastyworks Tax Center.
- U.S. based non-retirement accounts - Individual and Entity Accounts
- Retirement Accounts (IRA & SEP)
- International Accounts
All tax form email notifications sent by our clearing firm, Apex Clearing, are sent from firstname.lastname@example.org.
Individual and Entity Accounts
Domestic, Non-IRA accounts receive a Consolidated Form 1099
Non-qualified accounts (non-retirement) will receive a Consolidated Form 1099 if at least one of the following conditions applies during the tax year. Retirement accounts do not receive a Consolidated 1099. To view our Consolidated 1099 Guide, please click here.
You will receive a Consolidated 1099 if your account:
- Had a closing transaction
- Had an option expire worthless
- Participated in a corporate action, such as a tender offer
- Earned at least $10 in interest (1099-INT)
- Earned at least $10 in dividends (10990-DIV)
- Had an Original Issue Discount (OID) that was valued at least $10 (1099-OID)
- Earned at least $10 in miscellaneous income
If you do not fall under any of the categories above, then that means your account will not be issued a Consolidated 1099, which means that you will not find a Form 1099 in our Tax Center. Our clearing firm does not report interest earned below $10 as income. However, if you earned any amount under $10, then you may refer to your monthly statements for tax reporting purposes.
Although C-Corporation (C-Corp) accounts are generally a taxable entity, they do not receive a complete Consolidated 1099 due to how they are structured. As a result, if you have a C-Corp. account at tastyworks, then you will not see a total P/L listed on the Tax Summary page. C-Corporations are generally responsible for reporting their overall performance based on the financial statements prepared by the corporation. C-Corp account holders can use the tax worksheets listed in the tax center to reconcile their prior calendar year performance.
Did you trade any Smalls, CME futures, or options on futures? If so, then you will receive a Form 1099-B Futures, also referred to as a Substitute 1099 Statement, in addition to your Consolidated 1099 if you realized any securities position. However, if you only traded futures, then you will only receive a Form 1099-B Futures. Your Futures 1099-B is generally a single page and lists your overall gain/loss per month, as well as your aggregate gain/loss for the year (line 11). To learn more about futures tax reporting, please click here.
Did you close or realize a profit or loss on any of your cryptocurrency positions? If so, Zero Hash, our cryptocurrency custodian, will issue a Form 1099-B listing your realized transactions and provide the total gain or loss.
Retirement Accounts (IRA & SEP)
Did you make a Contribution or a Distribution?
Any contribution(s) made to any qualified retirement account will receive a Form 5498. On the other hand, distribution(s) from any qualified retirement account will receive a Form 1099-R. To view our IRA Tax Form Guide, please click here.
International customers that traded futures will receive a Future 1099-B. However, you will not receive any tax forms detailing profit or loss from any realized stock/ETF shares, equity/ETF options, or broad-based index options position. Instead, international customers will receive tax worksheets that detail the profit or loss from their securities and broad-based index options transactions. Please click here to learn more about tax worksheets and how to reconcile your securities trades.
Did you receive any income or Trade Cryptocurrencies?
International customers who receive income from any securities position are subject to tax withholding will generate a Form 1042-S from Apex Clearing, our clearing firm. Dividend payments and interest payments are examples of income subject to tax withholding. To view our Form 1042-S Guide for International customers, please click here.
Did you receive a cryptocurrency award? If so, Zero Hash, our cryptocurrency custodian, will issue a Form 1042-S.