Taxable Invest Events
The federal tax laws require brokerage firms, mutual funds, and other entities to report on Form 1099 all investment income, usually interest or dividends, they have paid to investors during the previous tax year. These activities would be considered reportable.
Based on the presence of reportable activity, APEX will create the following tax forms for any member account, held on our books, and set up for reporting:
-
For any taxable investment accounts with dividends or realized gains/losses = Consolidated 1099.
-
For cash accounts that generate more than $10 of interest or received $600 or more in bonuses = Tax form 1099.
-
For any IRAs (Traditional, Roth, or SEP) with any distributions/withdrawals = 1099-R.
-
For any IRAs with contributions/deposits, we'll post a form 5498 (Note: this won't be available until late May because you can contribute to an IRA through mid-April).
If you’ve rolled over a retirement contribution or have transferred a brokerage account to SoFi in 2021, you will need to contact your previous firm for applicable tax documentation.
For additional information on a specific tax document, please see the Tax Document Descriptions.
You WILL receive a Consolidated 1099 if any of these apply to your SoFi Invest account in 2020:
-
You sold securities regardless of the amount
-
You received dividends, capital gain distributions, or nontaxable distributions of $10 or more
-
If any amount of foreign tax was withheld
-
Received interest of $10 or more
-
Received $10 or more in royalty payments or tax-exempt interest
You WILL NOT receive a Consolidated 1099 if all of the following apply to your SoFi Invest account in 2021:
-
Did not sell any securities
-
Dividends, capital gains distributions, or nontaxable distributions were less than $10
-
No foreign tax was withheld
-
Interest received was less than $10
-
Royalty payments or tax-exempt interest was less than $10
You can find any tax documents you qualify for in your Document Center.