2016/2017 Tax Season Dates and Deadlines

1099 Consolidated Tax Forms

Available on or around February 16, 2017
Note: Not all accounts qualify for a 1099.

Maxit Schedule D / Form 8949

Available on or around February 16, 2017

1099-R (IRA Accounts)

Available on or around January 31, 2017

Form 5498 (IRA contributions, rollovers, recharacterizations and conversions)

Available on or around June 1, 2017

2016 Traditional and Roth IRA Contributions

Funding by Check
Postmarked on or before April 18, 2017*

Funding by ACH
Initiated by 1:00 p.m. ET on April 17, 2017, in order to post by April 18, 2017*

Establishing new ACH relationship
Submitted by April 8, 2017

Funding by Wire
Received by 2:00 p.m. ET on April 18, 2017*

Cash Journal from OH Account
Form received at OptionsHouse by 2:00 p.m. ET April 17, 2017*. If you are transferring funds from an individual OptionsHouse account into your OptionsHouse IRA, we now allow you to facilitate this contribution online through the Account Funding Tab by selecting the options for Electronic Funding.

*All IRA contributions should be accompanied by an IRA deposit slip in order to correctly code the contribution.

2016 IRA Required Minimum Distribution (RMD)

Your RMD request may be submitted online through Account Management and must be received prior to 1:00 p.m. ET on December 29, 2016 to ensure processing for the 2016 tax year. Any request received after this time will be processed on a best efforts basis and may be processed for the 2017 tax year.

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). If you wish to match specific lots you must email [email protected] within the settlement date of the trade and specify the shares, buy/sales and the dates.

Turbo Tax Downloads

Available by February 23, 2017
Our clearing firm, Apex Clearing Corporation, offers a TurboTax download through TurboTax’s Investment input section.

Tax Forms

1099 Consolidated Tax Form

Your 2016 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

Useful Links and Instructions