UPDATE: The Internal Revenue Service (IRS) has extended the tax filing deadline by one month, to May 17, 2021 to accommodate new stimulus payments and a backlog of tax returns. The IRS is also giving individuals who owe money on their 2020 tax returns until May 17, 2021, to make those payments. Individuals can also make contributions to individual retirement accounts (IRAs) for 2020 until May 17, 2021. Due to severe weather, residents of Texas, Oklahoma, and Louisiana have until June 15, 2021 to file, make tax payments, and contribute to their IRAs. Taxpayers who request an extension on the deadline will have until October 15, 2021, to file. You can get more information here.
If you will receive Stash tax forms, they should be available on or before February 16, 2021, in the Stash app or on the web.
Before we begin, please note that nothing written in this article should be construed as investment, legal, or tax advice. Please address specific questions on taxes to a tax professional.
Now onto the (super) basics:
Taxes can be tricky. Between capital gains, dividends, interest, distributions, contribution limits, and multiple 1099 forms, your head can start to feel like it’s spinning.
Here’s a little info we thought might help when navigating what you may need to know, particularly if you’re investing for the first time.
Before we show you how to find your tax documents, let’s figure out if you have them.
You should have tax documents from Stash if:
- You received dividend payments greater than $10 from your Stash Invest investments in 2020.1
- You received more than $10 in interest on your Stash Invest account.
- You made a withdrawal from your Stash Retire IRA of $10 or more, or
- You sold an investment in your Stash Invest account in 2020.
- You received dividends on any stock owned, or any stock sold.
- You may also generate a form 5498 on June 30 if you made a contribution to your retirement account during 2020.
You likely won’t have tax documents if:
- You received less than $10 of interest, and/or did not sell any investments before the end of 2020.
- You have a retirement account with Stash and haven’t made any withdrawals.
What if I lost money?
Essentially, if you sold an investment, you should have a tax form, even if you sold an investment at a loss.
By February 16, 2021 you can check in the Stash app to see if your Form 1099-DIV and/or Form 1099-B are there. For a full list of possible forms and the dates you can expect to find them in your app, check this out: The 2021 Tax Season Dates You Need to Know.
Wondering what a dividend is? Check out Dividends: A New Investor’s Guide, What You Need to Know.
Where do I find my Tax Forms?
To keep your information safe, our policy is not to email tax forms. Stash provides all tax forms securely online. You can access them through the Stash app by clicking here.
Or on the web by clicking here. And it is super easy. Here’s how:
Click on your name in the top right corner of the screen, select Statements & Tax Documents, and then Tax Documents.
You’ll find your tax forms. Now you’ve got the documentation you need to declare any income or loss you may have realized from the previous tax year.
Forgot your password? No problem. You can reset your password by selecting the ‘forgot password’ option below the sign in page.
Now is also a good time to make sure that all of your contact information is up to date in your Stash account, including your address, email, and phone number. This ensures all of your forms also have the correct details.
Voila! Your tax season for Stash is ready.For more on deadlines and tax forms related to Stash Invest and Stash Retire, make sure to check out The 2021 Tax Season Dates You Need to Know.