2014 / 2015 Tax Season Dates and Deadlines


1099 Consolidated Tax Forms
Form 1099s are now available. Learn how to access yours with this short tutorial. Note: Not all accounts qualify for a 1099. Learn more
Maxit Schedule D / Form 8949
Available on or around February 17th, 2015
1099-R (IRA Accounts)
Available on or around January 31st, 2015
5498 (IRA contributions, rollovers, recharacterizations and conversions)
2014 5498 available on or around June 1, 2015
2014 Traditional and Roth IRA Contributions

 

 

Funding by Check
Postmarked by April 15, 2015
Funding by ACH
Submitted by 12:00 PM CT on April 14, 2015
Establishing new ACH relationship
Submitted by April 8, 2015
Funding by Wire
Received by 1:00 PM CT on April 15, 2015
Cash Journal from OH Account
Form received by 11:00 AM CT April 14, 2015.
2015 IRA Required Minimum Distribution (RMD
Your completed RMD withdrawal request must be received prior to 1:00 PM CT on December 31, 2015 to ensure processing for a 2015 distribution.
Specific Tax Lot Assignments to Closing Transactions
Tax relief methods chosen within the Maxit Tax Calculator available via the OptionsHouse trading platform are for informational purposes and are not recorded for 1099-B reporting. The default tax relief method for all accounts is First-In First-Out (FIFO).
TurboTax Downloads
Available 02/22/2015
Our clearing firm, Apex Clearing Corporation, offers a TurboTax download through TurboTax’s Investment input section. Please note that this will not download options trades, only stock transactions

 

TAX FORMS


1099 Consolidated Tax Form

Your 2014 1099 Consolidated Tax Form is issued by our clearing firm, Apex Clearing Corporation, and shows the information that has been reported to the IRS.  The consolidated 1099 lists income and reportable transactions in the following types:

  • 1099-B         (Proceeds From Broker and Barter Exchange Transactions)
  • 1099-DIV     (Dividends and Distributions)
  • 1099-INT     (Interest Income)
  • 1099-OID     (Original Issue Discount)
  • 1099-MISC   (Miscellaneous)

In addition to the 1099 income types listed above, this form contains supplemental details provided to help you prepare your return.  Only the information reported on Form 1099 is sent to the IRS.

Please note that not all accounts qualify for a 1099. 1099s are only generated for accounts with greater than $10.00 in dividend and/or interest income or qualified trading transactions; options trades are reported on Form 1099.

1099-R (Distributions from Retirement Accounts)

This form is used to show distributions from retirement accounts including, Traditional, Roth and SEP IRA accounts.  It shows the total distribution amount and the distribution code(s) as well as any federal or state tax withholding that may have been requested at time of withdrawal.

5498 (Contributions to Retirement Accounts)

This form is used to show amounts deposited to Traditional, Roth and SEP IRA accounts for the previous tax year.  For Traditional and SEP IRA account holders who have reached the age of 70.5 years, the form is sent to show the fair market value of your IRA account in order to calculate your Required Minimum Distribution.

 

Tax Related Frequently Asked Questions


How do I access my tax form 1099 or tax form 5498?
Will I receive a Form 1099-B for my account?
What qualifies a dividend for the beneficial tax treatment of 0-15%?
What Tax Relief Method is my cost basis being reported under?
Can I elect to assign a specific tax lot to a closing transaction?
When is a short sale reported for tax purposes?
What is a wash sale?
I believe there is an error on my Form 1099-B, how can I correct this?

Neither OptionsHouse nor any of its affiliates provide investment or tax advice.

 

Useful Links and Instructions


Funding method instructions