You should have received an important tax document

Although the Internal Revenue Service began accepting tax returns in the last week of January, you're in good company if you haven't started working on yours. After all, the tax filing deadline of April 18 seems far away.

Besides procrastination, one reason you might not have started your return is that you don't have all the necessary tax forms. Now, however, you may have fewer excuses to delay because you should've received forms tied to investments.

Feb. 15 was the date financial firms that you may have used to buy or sell stocks and other tradeable securities besides cryptocurrencies were required to send you your completed 1099s.

Know your tax forms:1099, W-4, W-2, W-9, 1040: What are they used for?

Itemize or not? Is it better to itemize or take the standard deduction? Learn what's better when filing taxes.

Who needs to fill out a 1099?

There are many different types of 1099 forms. But when it comes to investing in stocks, the two main ones you should know about are the 1099-B and 1099-DIV.

The 1099-B documents the proceeds from sales of stocks or similar commodities, regardless of whether you sold them at a loss or gain. This form is used as the basis for Schedule D, the form you'll fill out to calculate the capital gains taxes you may owe.

The 1099-DIV documents any dividends you received from owning dividend-paying assets, or if an investment you own gives you a portion of its earnings. If your 1099-DIV indicated that you received more than $1,500 in interest or dividends, you may also be required to fill out a supplemental form known as Schedule B.

Where are my Robinhood tax documents?

If, for instance, you trade with Robinhood, you should've received an email by Feb. 15 with instructions on how to download your tax forms, according to information on Robinhood's site. But if you can't find the email you can also log into your account, click account then menu or setting followed by tax center. There you should be able to download the tax documents you need.

Robinhood, like many other brokerage firms, will give you a document ID for the forms which you can easily use to import this information into tax software like TurboTax and TaxAct.

More of your 2022 tax season questions answered

  • Tax season 2023 officially started: Here are key deadlines to keep in mind

  • 1099, W-4, W-2, W-9, 1040: What are these forms used for when filing your taxes?

  • What are the 2022 US federal tax brackets? What are the new 2023 tax brackets? Answers here

  • 2023 tax season guide for new parents: What to know about the Child Tax Credit, EITC and more

  • IRS may owe you from 2020 taxes. Here's why and what you need to do to find out if you're owed

  • What is OASDI tax on my paycheck? Here's why you and your employer pay this federal tax

  • Do you have to report crypto on taxes? Yes. Here's what you should know about form 8949

  • What is a 1098-E form? What you need to know about the student loan interest statement

  • Tax season 2023: What exactly is the mileage rate? There's more than one.

  • Is it better to pay someone to do your taxes or do them yourself? We'll help you decide.

  • What is income tax? What to know about how it works, different types and more

  • Is Social Security income taxable by the IRS? Here's what you might owe on your benefits

  • Companies can deduct full cost of business meals on 2022 tax returns

  • Who has to file a tax return: It's not necessary for everyone. Here are the rules.

  • What is capital gains tax in simple terms? A guide to 2023 rates, long-term vs. short-term

  • Best way to receive your 2023 tax refund? IRS says direct deposit. Here's how to do it.

  • What is FICA? How much you contribute to federal payroll taxes.

  • How much is the Child Tax Credit for 2023? Here's what you need to know about qualifying.

  • A 30% national sales tax? Abolishing the IRS? What the FairTax Act of 2023 would do.

  • The Inflation Reduction Act carves out an EV tax credit for 2023. Does Tesla qualify?

Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here

This article originally appeared on USA TODAY: Robinhood, Charles Schwab 2023 tax forms release date has passed

Source: Read Full Article

Previous post Happiest place to live in UK disclosed – see if your town makes the list
Next post Ukraine Parliament member urges U.S. to use Russian oligarchs' money as aid