Robinhood is known for being one of the best apps for trading and investing platforms if you’re someone who likes to do so on a regular basis.
Its efficiency and wide range of features, as well as having zero commission fees are why it has become known as one of the most popular choices for those in the trading community.
So once the end of the financial year comes, the best way to see your growth is to view your tax document, your tax document, as well as the all important form 1099, are extremely valuable to those who trade on Robinhood as they display all of the tax information you’ll need to know about your assets.
However, if you’re unsure where to find your tax document on Robinhood then there’s no need to worry, as we’ve created this guide to help you find and access your tax documents with no hassle.
When Will My Tax Documents Be Available?
Possibly the most asked question about Robinhood’s tax documents is when they’re going to be available.
Typically, Robinhood will be sure to notify you when the tax documents are going to become available, and this tends to be around mid-February.
If you have a reportable trade or income on the Robinhood platform between your security and cryptocurrency accounts, then chances are you’re likely to receive more than just one of your usual 1099 forms.
So if you’re waiting to receive the forms that you’re required to submit in order to trade on Robinhood, then you’ll need to wait until mid-February for them to become available.
Why Aren’t My Robinhood Tax Documents Available?
Once the 1099 form is ready and publicly available, account holders should then be able to access these documents via Robinhood.
As previously mentioned, this tends to happen around the middle of February.
But, if you’ve had a particularly successful year from trading on the Robinhood app, then don’t be surprised if you receive more than just one of the tax forms.
However, if you can’t seem to find any tax documents, or they’re simply not available to you, then there are a few reasons that this might be the case.
With the main reason being a lack of trading of both cryptocurrency and stock on your Robinhood account.
In order for something noticeable to be on your tax document, there will have to be at least 10 dollars in your Robinhood account, and if you have received less than 600 dollars throughout the entire financial year as a result of trading, then your tax documents won’t be released by Robinhood.
So, to get a tax document released by Robinhood, you’ll need to begin purchasing some stocks or cryptocurrency on the platform otherwise they’ll remain unavailable to you.
You can also check on the platform to see whether your Robinhood account is actually viable to receive any tax documentation for the previous financial year’s trading.
If your account is viable, then there should be no hassle in locating and viewing your tax documents.
If your account is viable, and yet you are unable to view the documents, then you should get into contact with Robinhood’s security team in order to resolve the issue.
How Do I Get My Robinhood Tax Documents?
As an account holder, accessing your Robinhood tax documents is a relatively easy process, and there are only a few steps required by you as a user in order to be able to view your tax documents.
To see your documents, all you need is your account details, which are simply the details you use to log in to your Robinhood account.
If you are unable to remember them, then you’ll need to go about resetting your security codes or contact the platform’s help center via email in order to get the problem resolved.
To start, open up the Robinhood app, and navigate your way to the top right hand corner of the screen, where you should find the logo to access your account, tap on this, and then log into your account as you usually would, then open the account menu.
You should then see an option to view your history and statements on screen, click this and then wait for it to load up.
From here, you should then be able to view your tax documents by clicking on the tax documents option on that screen. This is where you’re then able to get the tax documents for your Robinhood account.
If you’ve previously closed or deleted your Robinhood account, and you need to access your tax documents, then the process of accessing them is very different to the usual procedure.
However, it doesn’t take much effort, and is relatively hassle free!
To do this, login to your Robinhood account using your old details, then open up the app, find your way to the Investment option on the screen, clicking this should bring up a page, and once you’ve scrolled through to the end you should be able to see your tax documents located at the bottom.
Does The IRS Monitor Robinhood?
Robinhood is one of the many reputable platforms that are monitored by the IRS, and they pay a lot of attention to the ongoing activities that occur on Robinhood.
The IRS will be able to count the profit you make from trading your assets as part of your total income, which is why tax is generated on this form of capital.
Additionally, if a user experiences losses or sells their stock this amount is then deducted from the complete taxable amount that is calculated by the IRS.
Your 1099 should be sent automatically to the IRS, who then verifies it before sending it to you.
To summarise, accessing your tax documents, and your 1099 form on the Robinhood is made extremely easy thanks to the simplicity of the platform itself, so even if you’ve closed your account and need to access your tax documents, this guide should help you to find it with no difficulty!