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Tax Information and Reporting ~ FAQs

 

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FAQs  

 

Tax FAQs

 

 

Circular 230 Notice:

 

Important: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

 

 

Please Note:  

No Tax Advice Offered: Neither Place Trade Financial, Inc., its employees or any associated independent contractors/independent representatives offer tax advice of any form. The information on this website is for discussion and information purposes only. Nothing contained herein should be considered as an offer to buy or sell any security, securities product or service. Nothing herein or any other written or verbal correspondence should be considered as tax advice. Place Trade Financial, Inc. does not provide tax advice to full service or online trading clients/accounts, online institutional clients/accounts or any other individual or account at any time. Please speak with your own personal tax advisor, CPA and/or tax attorney prior to making tax related decisions.

 

Tax FAQs

 

US Tax reporting for US Citizens and Resident Aliens

 

Place Trade (PT) reports all reportable amounts on a consolidated form 1099 which includes specific Forms 1099 for each type of income. When issued (on or before February 15 of each year) you may find your forms under Report Management – Tax Forms. Often tax forms are revised we recommend that you check your 1099 forms periodically as you prepare and finalize your tax return.

Additionally, PT issues Form 2439, "Notice to Shareholders of Undistributed Long-term Capital Gains", to holders of regulated investment companies (RICs) or real estate investment trusts (REITs), when applicable. The issuance date of this form varies for each specific investment.

All Publications cited are Internal Revenue Service Publications available at www.IRS.gov.

 

 

 

What do the codes in column B of the Form 8949 Worksheet mean?

What is the purpose of the Form(s) 1099?

What Forms 1099 will I receive?

When will I receive my Forms 1099?

How do I access my Forms 1099?

How do I get my 1099s if I am unable to log into Account Management?

What should I do if my 1099s are not posted in the Tax Forms section of Account Management?

How do gross proceeds as reported on Form 1099-B relate to gains or losses?

What is the Profit (or Loss) Realized for Contracts on Form 1099 for Noncovered Securities?

Do gross proceeds reported on Form 1099-B include commissions?

Does the gross proceeds balance in the 1099-B for my securities account include equity and index option transactions?

Does the gross proceeds balance in the 1099-B for my securities account include short sales?

Does the gross proceeds balance on Form 1099-B include sale transactions which occurred in December, but did not settle until January?

What IRS forms(s) do I use to report Form 1099-DIV Tax Information?

Does Place Trade send the IRS a copy of my 1099s?

Where can I find more descriptive information regarding your 1099s?

If I completed Form W-8 will I receive a Form 1099?

What should I do if I believe information on my Form 1099 is incorrect?

Why did I receive a Form 1099 for the amount that I received from a deceased or divorced person's account?

Why did I receive a Form 1099-R for a distribution from my employer's retirement plan that was rolled directly into an IRA?

Why did I receive a Form 1099-R for my rollover from one IRA to another IRA?

Why has "taxable amount not determined" been checked on Form 1099-R, despite a taxable amount being reported?

Why have taxes been withheld from my IRA distribution when I deposited the funds within 60 days to a new IRA/retirements account?

What is Form 2439?

What is Form 5498?

I already filed my taxes and did not include information reported on Form 1099. What do I do now?

I already filed my taxes and have received a Corrected Form 1099. What do I do now?

How do I contact the Internal Revenue Service (IRS)?

 
     

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in these FAQs were not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

 

 

Related Information:

Tax Reporting Overview

Tax Information and Reporting ~ FAQs

Tax Reporting: How to Access Tax Forms

Tax Information and Reporting ~ Wash Sales

Tax Reporting: Understanding The Codes in Column B of the Form 8949 Worksheet

Form 8949 Worksheet – TurboTax Import Considerations

Tax Information and Reporting ~ US Person or Entity ~ Initial Data & Data Collection

  

 
IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.
 

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