Tax Form Generation

Tax forms will be automatically generated in your account to help you with your year-end tax preparations. The forms generated will depend on your account activity and whether you have any IRS-reportable transactions that year. You can find these forms by hovering over My Account and clicking Tax Statements under the Statements & History heading.

C-Corporations, retirement plans, broker-dealer accounts, commercial bank and savings & loan accounts, insurance companies, advisory services, charitable organization accounts and institutional accounts are tax-exempt and will not receive tax forms. However, S-Corporations may receive tax forms and C-Corporations can be subject to 1099-MISC reporting and/or a Widely Held Fixed Investment Trust (WHFIT) statement.

Scottrade recommends referring to the monthly statements to gather any needed information for preparing your taxes. At your request, Scottrade can provide you with a year-end summary statement that simulates a 1099, but the information is not sent to the IRS.

The most common tax forms you may see generated for your account are:

Composite 1099 - will generally include the 1099-DIV and the following four forms:

  • Form 1099-B - Proceeds from Broker & Barter Exchange Transactions
  • Form 1099-DIV – Dividends & Distributions
  • Form 1099-INT - Interest Income
  • Form 1099-MISC - Miscellaneous Income

Form 1099-R - Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Form 1099-Q – Distributions from Qualified Education Programs (Coverdell ESAs)

Form 5498 - IRA Contribution Information

Form 5498ESA - Coverdell ESA Contribution Information

Form 1042 - Foreign Person's U.S. Source Income Subject to Withholding

For tax form generation, click here.

For more information about these forms and what they include, please visit the Which Form Should I Use? article in the Knowledge Center.

The IRS provides helpful tools to guide you through the different tax forms. A few of those instruction guides are included here:

Instructions for Form 1099-DIV

Instructions for Forms 1099-INT and 1099-OID

Instructions for Form 1099-B

Instructions for Form 1099-MISC

Publication 551, Basis of Assets

Publication 550, Investment Income and Expenses

Publication 17, Your Federal Income Tax

Please keep in mind that Scottrade does not provide tax advice. Consult your professional tax advisor for questions concerning your personal tax or financial situation, or visit www.irs.gov.

The material provided in this article is for informational purposes only and Scottrade is not responsible for any errors or omissions.