Tax Center

Tax Forms

When will I receive my tax forms (1099) from Firstrade?

Tax documents (1099 Forms) will be available by February 15.

What is 1099 tax form?

This form is provided to investors who have received at least $10.00 in interest or dividends, or sold securities during the tax year. It is provided to investors who have a valid social security number and can also be used to report other sources of income to the IRS.

What information will be on the [Consolidated] 1099 form?

Information on this form includes ordinary (qualified) dividends, non-qualified dividends, interest, capital gain distributions, foreign tax withheld, and sales of securities.

What are trade confirmations and where can I find them?

  • A trade confirmation is a written statement which is provided to investors with the transaction details when an order to purchase or sell a security is executed.
  • Trade confirmations can be found on the website under E-documents.
  • Investors are encouraged to maintain good records of their transactions so that they can properly calculate their taxes. This includes maintaining all account statements.

How do I report dividends?

  • Stock Dividend: Some companies may issue additional shares of stock to their shareholders. In this event, the new shares must be factored in to the original cost basis. The holding period for these newly issued shares will be calculated from the original purchase date of the stock.
  • Cash Dividend: These must be reported on your 1099-Div. They can be classified as qualified or non-qualified, depending on the company/fund and the length of time the security was held.

Here are a list of commonly used IRS Forms, Publications and Instructions:

Form 1040 / Instructions
U.S. Individual Income Tax Return

Form 1040EZ / Instructions
Income Tax Return for Single and Joint Filers With No Dependents

Form 1040-A / Instructions
U.S. Individual Income Tax Return

Form 8949 / Instructions
Sales and Other Dispositions of Capital Assets (Must be completed with Schedule D)

Form 1116 / Instructions
Foreign Tax Credit

Form 4952
Investment Interest Expense Deduction

Form 5329 / Instructions
Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts

Form 8606 / Instructions
Nondeductible IRAs

Form 8615 / Instructions
Tax for Certain Children Who Have Unearned Income.

Form 8814
Parents’ Election To Report Child’s Interest and Dividends

Publication 550
Investment Income and Expenses (Including Capital Gains and Losses)

Form W-9 / Instructions

Form W-8BEN / Instructions

Publication 590 IRAs.
Individual Retirement Arrangements

For additional forms and publications, please visit the IRS Website.