Do I need to file my 1099 form?

zachcura — Thu, 06 Jun 2019 09:02:58 GMT

I got a 1099 form from Acorns. For those of you that don't know, Acorns is a mobile app that allows one to invest money and earn interest on the money invested. However, when I selected the option to amend my original tax returns, the example of the 1099 form that was shown was very different from the one I got. The example 1099 form shown had everything separated by boxes (i.e Box 1 "Dividends", Box 2 "Royalties" etc.. The one I have doesn't look like that at all.

If you earned income from money that you invested, you mu...

MichaelMc — Thu, 06 Jun 2019 09:02:59 GMT

If you earned income from money that you invested, you must report that income on your tax return.

It sounds like you are looking at a sample of Form 1099-MISC. That is not the type of form used for reporting investment earnings. The form issued by Acorns should be either a Form 1099-INT or a Form 1099-DIV, depending on whether your earnings took the form of interest or dividends.

Once you determine the type of income you received, open your tax return in TurboTax, search on "1099-INT" or "1099-DIV" and you will be directed to the correct input screen for your earnings information.

topic Do I need to file my 1099 form? in Retirement tax questions

Do I need to file my 1099 form?

If you earned income from money that you invested, you mu...