M1 Tax Documents

Knowing the ins and outs of tax documents can be tricky. This guide provides information about what documents M1 provides, which ones you can expect, and when they’ll be available.

M1 Invest Account tax documents 

Tax Form Consolidated 1099 

A Consolidated 1099 contains the 1099-B, 1099-DIV, and the 1099-MISCwhich are used to report different types of taxable events within taxable brokerage accounts.

A Consolidated 1099 may be generated for any of the reasons below:

1099-B

This form will report gains or losses from sales that occurred in your account during the previous calendar year.  
1099-DIV  If you received more than $10.00 in dividends this year, they will appear in this section.Received dividends of less than $10.00 will not be reported.
1099-MISC

Promotional or referral bonuses may be reported here if they exceed the IRS de minimus reporting threshold.

Additionally, cash payment in lieu of dividends will be reported, if applicable.M1 may loan out your fully-paid securitiesand you are entitled to receive the amount of all dividends and distributions made on or in respect of the loaned securities.   

However, these are classified differently than qualified dividends and are taxed as ordinary income instead of the preferential qualified dividend rate. 

Consolidated 1099s will be available for viewing by February 15. Form 1099-MISC is generated by our clearing firm, Apex Clearing, and exact delivery date may vary. 

 

Tax Form 1099-R  

Form 1099-R is used to report a qualified or non-qualified distribution from a retirement account. These are the types of retirements accounts you can have at M1:  

  • Traditional IRA 
  • Roth IRA  
  • SEP IRA 
  • Beneficiary (inherited) traditional IRA
  • Beneficiary (inherited) Roth IRA

You will receive a 1099-R if you made a withdrawal from an M1 IRA during the previous calendar year, and it will be available for viewing by January 31.

   

Tax Form 5498  

Form 5498 reports all contributions made into your retirement account for the previous tax year. These are the types of retirements accounts you can have at M1:  

  • Traditional IRA 
  • Roth IRA 
  • SEP IRA 

You will receive Form 5498 if you made a contribution or completed a rollover into an M1 IRA.

Form 5498 will be available for viewing by May 31. Since Form 5498 is generated after the tax filing deadline, Form 5498  is sent to the IRS on your behalf and is not required to file your taxes.

 

M1 Checking Account tax documents 

Tax Form 1099-INT  

Form 1099-INT is used to report interest income received into an account. While you may also receive a 1099-INT for a taxable brokerage account, the 1099-INT you receive for your checking account 1099-INT is to report interest earned as a result of M1’s APY.

You will receive a 1099-INT if your M1 Checking Account has earned more than $10.00 interest, and it will be available for viewing by January 31.

 

Tax Form 1099-MISC 

Form 1099-MISC is used to report miscellaneous income. 

M1 will use Form 1099-MISC to report winnings as a result of our credit card Winter Sweepstakes. If you were a winner for M1’s Winter Sweepstakes and received a statement credit of $600 or more, you’ll receive a 1099-MISC from M1. 

If you receive a 1099-MISC as a result of winning our Winter Sweepstakes, you can expect to receive your form by the end of January. You will receive an email containing the form directly from M1. 

 

Finding your documents

Once your tax documents have been generated, they will be available for viewing in your M1 profile. To view your forms, please follow the instructions below: 

Taxform.PNG

Web  

  1. Log into your M1 account.  
  2. Click your name at the top right.  
  3. Click "View Account Settings.”
  4. Click the "Documents" tab and you will see a checkbox for "Tax Forms.”  
  5. Once that is selected, you will see the tax form(s) if your account is required to receive them.  

Mobile 

  1. Log into your M1 account.  
  2. Tapon the person icon on the top right.  
  3. Under "Settings", tap"Documents" and select "Tax Forms".   
  4. Once that is selected, you will see the tax form(s) if your account is required to receive them.  

 

Additional IRA information

If you performed an IRA conversion or recharacterization during the previous calendar year, you will receive a Form 1099-R and/or a Form 5498 to report the fund movements from one account to another. 

Please refer to the following articles for additional information on what tax documents to expect after an IRA conversion, recharacterization, or contribution year change.

We know tax season can be overwhelming, so our Client Success team is here to help you. Please contact us with any further questions. 

 

M1 and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

 

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