2015/2016 Tax Season Dates and Deadlines

1099 Consolidated Tax Forms

Available online by February 16, 2016. Note: Not all accounts qualify for a 1099.

Maxit Schedule D / Form 8949

Available online by February 16, 2016

1099-R (IRA Accounts)

Available online by January 31, 2016

5498 (IRA contributions, rollovers, recharacterizations and conversions)

2015 5498 available online by June 1, 2016

2015 Traditional and Roth IRA Contributions

Funding by Check
Postmarked on or before April 18, 2016*

Funding by ACH
Initiated by 1:00 p.m. ET on April 15, 2016, in order to post by April 18, 2016*

Establishing new ACH relationship
Submitted by April 8, 2016

Funding by Wire
Received by 2:00 p.m. ET on April 18, 2016*

Cash Journal from OH Account
Form received at OptionsHouse by 12:00 p.m. ET April 15, 2016*

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

2015 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 30, 2015 to ensure processing for the 2015 tax year. Any request received after this time will be processed on a best efforts basis and may be processed for the 2016 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, 2016
Our clearing firm, Apex Clearing Corporation, offers a TurboTax download through TurboTax’s Investment input section.

Tax Forms

1099 Consolidated Tax Form

Your 2015 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