SoFi 1099
If you have an account with SoFi and earned interest or investment income, you may receive a Form 1099 to report this income for tax purposes. Understanding how to obtain your 1099 from SoFi and how to use it when filing your taxes is essential to staying compliant with IRS regulations. In this guide, we’ll explain everything you need to know about SoFi’s 1099 forms, including how to access them, what they contain, and how to file them correctly.
What Is Form 1099 and Why Does It Matter?
A 1099 form is a tax document used to report various types of income beyond wages, salaries, and tips. SoFi issues different types of 1099 forms based on the kind of income you earned:
- 1099-INT: If you earned at least $10 in interest from SoFi’s savings or checking accounts.
- 1099-DIV: If you received dividends from SoFi Invest.
- 1099-B: If you sold stocks or other securities through SoFi Invest, reporting gains or losses.
- 1099-MISC: If you received miscellaneous income from promotions or referrals.
Even if you do not receive a 1099 from SoFi, you are still responsible for reporting any taxable income to the IRS.
How to Access Your SoFi 1099 Form
SoFi typically issues 1099 forms in late January for the previous tax year. Here’s how you can retrieve yours:
- Online Access:
- Log in to your SoFi account at www.sofi.com.
- Navigate to the “Tax Documents” or “Statements” section.
- Download your applicable 1099 form.
- Mail Delivery:
- If you opted for paper delivery, SoFi will mail your 1099 to the address on file. Ensure your information is up to date.
- Customer Support:
- If you experience issues accessing your form, contact SoFi’s customer service for assistance.
What Information Is on the SoFi 1099 Form?
The details on your SoFi 1099 will depend on the type of income reported but generally include:
- Your name, address, and Social Security Number (SSN) or Taxpayer Identification Number (TIN)
- SoFi’s tax reporting information
- The amount of interest, dividends, or gains earned
- Any federal or state taxes withheld (if applicable)
How to Use the 1099 for Tax Filing
After obtaining your 1099 from SoFi, follow these steps to ensure accurate tax reporting:
- Use Tax Software: Most tax software programs allow you to import or manually enter your 1099 details.
- File the Correct Forms: Interest income (1099-INT) and dividends (1099-DIV) are reported on Schedule B (Form 1040), while investment sales (1099-B) require Schedule D and Form 8949.
- Check for Accuracy: Ensure your reported income matches what’s on the 1099 to avoid IRS discrepancies.
Final Thoughts
Receiving a 1099 from SoFi means you earned taxable income that must be reported to the IRS. Whether you access it online or receive it by mail, review the information carefully and include it in your tax return. Keeping track of your tax documents will help ensure a smooth and accurate filing process.