Which tax forms will I receive?

WiseBanyan provides the following tax forms to clients:

  • Consolidated 1099 Form (which can include the 1099-B, 1099-DIV, 1099-MISC, 1099-INT)
  • 8949 Form
  • 1099-R Form
  • 5498

Which of these forms will I get?

  • If you have a Personal Account or another kind of taxable investment account (this could be anything but an IRA)...
    • and your account had any sells during 2017, then you will receive an 8949 Form.
    • and your account had more than $10 in dividends in 2017 OR it had any sells during 2017, then you will receive a Consolidated 1099 Form.
  • If you have any type of IRA...
    • and you made any withdrawals from your IRA during 2017, you should receive a 1099-R Form by 2/1/2018.
    • and you made any 2017 contributions, you should receive a 5498 Form by the end of May. 
      Please note this can include contributions you made during 2018 for the 2017 tax year and most people don't actually need the 5498 Form to complete filing their taxes, it is likely just for your records.

How do I know if I had any trades in my account?

  • Choose the "Funding" option from the top menu 
  • Click "See all Funding Activity"
  • Click on the "Trades" option
  • In the "Account" drop-down, select the account you are wondering about.
  • In the "Activity Type" drop-down, select "Sell".
  • If there are any Sells listed below for your non-IRA account, then you can assume that you will receive an 8949 Form and a Consolidated 1099 Form.

How do I know if I had more than $10 in dividends in my account?

  • Choose the "Funding" option from the top menu 
  • Click "See all Funding Activity"
  • In the "Milestone" drop-down, do not select any Milestone
  • In the "Activity Type" drop-down, select "Dividend".
  • Add up all of the Amounts where the Date on the left says 2017. Once you go above $10, then you can assume that you will receive a Consolidated 1099 Form.
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