1099 Tax Forms

What are 1099 forms?

A 1099 is an IRS form that is used to report sales proceeds, dividends, interest and other types of income and proceeds that posted to your ShareBuilder account during the year. In short, transactions that are reported to the IRS. If your Individual, Joint or Custodial accounts meet the reporting thresholds, you will receive a substitute combined 1099 statement that reports one (or more) of the following types of 1099s:

  • 1099-B – Reports the proceeds from sales and other transactions involving the exchange of securities for cash
  • 1099-INT – Shows any interest that you may have earned
  • 1099-DIV – Reports any dividends and capital gains income you may have received from either your securities or money market fund

The 1099-R for IRAs and 1099-Q for ESAs are used to report any distributions taken during the tax year. We will send out these forms via mail by January 31.

To access your 1099 forms, follow the instructions below:

  1. Go to Accounts > Tax Center > 1099 Tax Forms (sign in required).
  2. Select your account and tax year
  3. Enter the last 4 digits of your SSN/ITIN for security verification
  4. Click Search to see a PDF version of your 1099

IMPORTANT TIP: If you own a custodial account, the parent or guardian for the child on the account may need the 1099 forms to file taxes for the minor.

While we cannot provide tax advice about your 1099 forms, a great source of information on 1099 forms is the IRS website. Also, you can contact a qualified tax advisor to help determine which method to use when calculating the cost basis for the gains and losses on your assets.

What kind of tax documents will I receive?

Well, it depends; the tax documents you receive will depend on your account type and your account activity for the previous year. Individual, Joint and Custodial accounts that meet reporting thresholds set by the IRS will receive a substitute combined 1099 statement.

You can access the 1099 forms for the last three tax years online for Individual, Joint and Custodial accounts.

Beginning with the 2012 tax year, 1099 and 5498 tax forms for IRA and ESA accounts will be available online.

When can I expect my 1099 or 5498 tax form to be delivered?

When can I expect my 2013 tax forms?

When creating tax forms for investment accounts there can be a lot of information to compile. Brokerages must wait for companies to provide information on every security you held in your account last year (yep, every one) before your tax forms are created. That means we can't pinpoint the exact date when your forms will be ready, but we can give you a good idea.

February 15, 2014: Most 1099s will be available online by this date. This is the IRS deadline for brokerages to provide tax forms to their customers.

We'll email you as soon as your tax form is available.

Why you might not get a tax form online by February 15

  1. To minimize the chances of amended tax forms, the IRS allows us to delay some tax forms past the standard February deadline. This is rare and is intended to reduce your chances of needing to re-file.
  2. If you didn't receive any sale proceeds or significant dividends last year, you're probably not going to receive a tax form. If you don't hear from us by March 18, it's likely that you won't receive a tax form for your ShareBuilder account.
  3. IRAs and ESAs get a different form which will be available online by January 31 starting with the 2012 tax year.

Tax forms can change
Although it's rare, some companies update the tax information they provide, even into March and April. If your 1099 is affected, we'll update your form and email you.

Why won't I receive my tax forms by January 31?

The Emergency Economic Stabilization Act of 2008 changed the IRS reporting deadline for brokerages. February 15 is the new deadline for consolidated 1099 tax forms.

It's possible that we'll provide tax forms sooner than February 15. It largely depends on when we receive information on the securities you held in your account last year.

To minimize the chances of amended tax forms, the IRS allows us to delay some tax forms past the standard February deadline. This is rare and is intended to reduce your chances of needing to re-file (you'd be thankful for the wait in the long run).

If you don't hear from us by March 18, it's likely that you won't receive a tax form for your ShareBuilder account.

What is a substitute combined 1099 statement?

A substitute combined 1099 statement is a compilation of the different 1099 forms that you could receive from us. It is an accepted IRS format for reporting various 1099 information on a single consolidated statement.

Tip: If you do not meet the reporting thresholds for any of the 1099 forms in a specific tax year, you will not receive a substitute combined 1099 statement for that tax year.

What are the IRS reporting thresholds for 1099s?

You will only receive 1099s when you meet the IRS reporting thresholds, which are defined in the following table:

IRS Reporting Thresholds
  1099-B 1099-DIV 1099-INT
Form Issued Any sales, redemptions and tender offers (or other reorganizations involving cash) Dividend income and capital gains totaling $10 or greater

OR

Federal or foreign withholdings were deducted from dividends
Interest income totaling $10 or greater

OR

Federal or foreign withholdings were deducted from interest
No Form Issued No transactions involving the exchange of stock for cash No transactions involving the exchange of stock for cash

AND

Federal or foreign withholdings NOT deducted from dividends
No transactions involving the exchange of stock for cash

AND

Federal or foreign withholdings NOT deducted from dividends

AND

Federal or foreign withholdings NOT deducted from interest

Tip: 1099s are only available if your ShareBuilder Account met the IRS reporting thresholds. If your account did not meet any of the reporting thresholds, you will not have a tax form.

If you do not receive a Substitute Combined 1099 Statement and believe that you should have, email our Customer Service team with all the details.

What tax documents will I receive if I own an IRA or ESA?

The tax forms for IRAs (Individual Retirement Accounts) and ESAs (Education Savings Accounts) are different than those of other account types. There are two form types used for tax reporting on an IRA or an ESA: the IRS 1099-R /1099-Q form and the IRS 5498 form.

IRS 1099-R or 1099-Q Form
The IRS 1099-R form or 1099-Q form is used to report any distributions that have been taken from an IRA or ESA. If you have taken a distribution, your 1099-R or 1099-Q form will be available online by January 31.

IRS 5498 Form
The IRS 5498 form is used to report any contributions that have been made to an IRA or ESA. This form is available online at the end of May and is not needed for filing your taxes.

Can I get copies of tax documents from previous years?

Sure thing. If you need to receive a copy of a 1099 that is not available online, you can request a mailed copy. To do so, email our Customer Service team with the following information:

  • The name of the ShareBuilder account owners
  • The ShareBuilder account number
  • Your current full mailing address and state of residence (this must match the address on your account profile)

Can ShareBuilder help me understand my 1099 forms?

Capital One ShareBuilder cannot make recommendations or offer tax advice. If you are having trouble understanding your 1099 forms or filing your taxes, we suggest that you consult a qualified tax advisor or the IRS website.