When Are Brokerage 1099s Due for Tax Filing?

Brokerage 1099 forms summarize investment income, such as interest, dividends, and proceeds from securities sales, received from your brokerage accounts during the tax year. Brokerages are legally obligated to issue these forms to both you and the IRS, ensuring income is properly reported for your annual tax return.

Common Brokerage 1099 Forms

Brokerages issue several types of 1099 forms to report investment income. Form 1099-INT reports interest income. You receive a 1099-INT if you earned $10 or more in interest from sources like savings accounts, certificates of deposit (CDs), or bonds held within your brokerage account. This form details the total taxable interest received.

Form 1099-DIV reports dividends and distributions from investments. If you own stocks, mutual funds, or exchange-traded funds (ETFs) that pay dividends, or received capital gains distributions, your brokerage issues a 1099-DIV. This form distinguishes between ordinary dividends, taxed at regular income rates, and qualified dividends, eligible for lower capital gains tax rates. A 1099-DIV is typically issued for amounts over $10.

Form 1099-B, “Proceeds from Broker and Barter Exchange Transactions,” is issued when you sell securities through a broker. This form tracks capital gains and losses, calculated on Schedule D and Form 8949. It provides details like the item sold, acquisition and sale dates, and proceeds received. Brokerages often provide a “consolidated 1099” statement, combining information from 1099-INT, 1099-DIV, 1099-B, and other forms into one document, simplifying tax preparation.

Key Due Dates for Brokerage 1099s

Brokerages have specific deadlines for sending tax forms to investors. For Forms 1099-INT and 1099-DIV, the deadline for brokerages to furnish statements to recipients is January 31st of the year following the tax year. For income earned in 2024, expect to receive your 1099-INT and 1099-DIV by January 31, 2025.

For Form 1099-B, and often for consolidated statements including it, the deadline for brokerages to provide forms to recipients is February 15th. This later date allows brokerages time to compile complex transaction data, including cost basis. If a due date falls on a weekend or legal holiday, the deadline shifts to the next business day.

These dates are when the brokerage must send forms to you and simultaneously file them with the IRS. Most 1099s are due to the IRS by late February for paper filing or March 31st for electronic filing. Recipient copy deadlines are earlier to ensure you have time to prepare your return. However, complex investment scenarios, like those involving real estate investment trusts or certain mutual funds, may result in corrected 1099s issued later, sometimes into March or April.

What to Do If You Don’t Receive Your 1099s

If due dates for your brokerage 1099 forms have passed and you haven’t received them, first check your online brokerage account. Many brokerages provide electronic copies of tax documents, often available sooner than mailed versions. Confirm your mailing address on file with the brokerage is current.

If you cannot find forms online, contact your brokerage firm directly. Inquire about the status of your 1099s and request missing documents. Do this well before the tax filing deadline. If you still don’t receive forms after contacting the brokerage, or if the tax filing deadline approaches, contact the IRS for assistance.

The IRS can contact the brokerage on your behalf to request missing forms. While waiting for official forms, you are still responsible for reporting all income. Use year-end statements, trade confirmations, or other personal records to estimate investment income and file your tax return on time. If you later receive a 1099 that differs from what you reported, you may need to file an amended return.

Consequences of Late or Incorrect Forms

Brokerages face penalties for failing to issue 1099 forms to taxpayers and the IRS by deadlines or for submitting incorrect information. Penalties vary based on how late forms are provided and brokerage size. For instance, penalties range from $50 per form if corrected within 30 days of the due date, to $280 per form if filed after August 1st. Intentionally disregarding the requirement can result in a $570 per form penalty.

If you receive an incorrect 1099 form, address the discrepancy promptly. The IRS receives a copy of these forms, and their systems may flag differences between what the brokerage reported and what you report. Contact the brokerage that issued the form and request a corrected 1099, often labeled 1099-CORR.

If the brokerage issues a corrected form after you filed your tax return, and changes affect your tax liability, file an amended tax return (Form 1040-X). This ensures your tax return accurately reflects income and helps avoid IRS inquiries or penalties. Keep clear records of all communications with the brokerage regarding the correction.