Update: The deadline for filing taxes will be pushed to July 15, 2020 from April 15, 2020 due to the Covid-19 outbreak. The IRS is also giving individuals who owe money on their 2019 tax returns until July 15, 2020 to make those payments. The IRS urges people who are owed a refund to file as soon as they can. Find out more here.
If you will receive Stash tax forms, they will be available on or before February 18 in the Stash app or on the web.
Before we begin, please address specific questions on taxes to a tax professional. Nothing written in this article should be construed as investment, legal or tax advice.
Now onto the (super) basics:
Taxes can be tricky. Between capital gains, dividends, interest, distributions, contribution limits, and multiple 1099 forms, your head can start to feel like it’s spinning.
Here’s a little info we thought might help when navigating what you need to know, particularly if you’re investing for the first time.
Before we show you how to find your tax documents, let’s figure out if you have them.
You will have tax documents if:
- You received dividend payments greater than $10 from your Stash Invest investments in 2019
- You received more than $10 in interest on your Stash Invest account
- You made a withdrawal from your Stash Retire IRA of $10 or more, or
- You sold an investment in your Stash Invest account in 2019.
- You received dividends on any stock owned, or any stock sold.
- You will also generate a form 5498 if you made a contribution to your retirement account during 2019.
You likely won’t have tax documents if:
- You opened your Stash account in 2020, or
- You received less than $10 of interest, and/or did not sell any investments before the end of 2019.
- You have a retirement account with Stash and haven’t made any withdrawals.
What if I lost money?
Essentially, if you sold an investment, you’ll have a tax form, even if you sold an investment at a loss.
By February 17, you can check it out in the Stash app and see if your Form 1099-DIV and/or Form 1099-B are there. For a full list of possible forms and the dates you can expect to find them in your app, check this out: The Tax Season Dates You Need to Know.
Wondering what a dividend is? Check out Dividends: A New Investor’s Guide, What You Need to Know. It’s Stash’s Jargon Hack on dividends.
Where do I find my Tax Forms?
Our policy is not to email tax forms, to keep your information safe. Stash provides all tax forms securely online. You can access them through the Stash Invest app by clicking here.
Or on the web by clicking here. And it is super easy. Here’s how:
Click on your name in the top right corner of the screen and select Tax Documents.
You’ll find your tax forms. Now you’ve got the documentation you need to declare any income or loss you may have realized from the previous tax year.
Forgot your password? No problem. You can reset your password by selecting the ‘forgot password’ option below the sign in page.
Voila! Your tax season for Stash is ready.
For more on deadlines and tax forms related to Stash Invest and Stash Retire, make sure to check out The 2019 Tax Season Dates You Need to Know.