Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 3, 2021 6:20:55 PM

I'm not sure if I need to list my Acorns account here. I was able to download a form from Acorns and got a form, but it doesn't look like a standard 1099 with boxes.

0 2 457
2 Replies
Level 15
May 3, 2021 7:46:04 PM

Most financial institutions send a consolidated statement that is a substitute for the standard IRS 1099-series forms. Various sections of the statement should have headings that identify them as 1099-INT, 1099-DIV, 1099-B, etc. The statement contains all the information that would be on a standard 1099, but in a different format. Usually it will label the various items with the box numbers from the standard forms. If you had interest or dividend income, or sold any securities - basically if any section of the consolidated statement is not all zeros - you have to enter it in your tax return. Enter it the same way that you would if it were a standard IRS form.

 

Level 10
May 3, 2021 7:46:41 PM

I don't know. I have never heard of Acorns. What does the form say?  Do you have any income from this account? (Interest, dividends, sales of securities?)

 

This is what acorns says

 

https://www.acorns.com/support/taxes/do-i-have-to-pay-taxes-on-money-i-make-through-my-acorns-account/