If you have an investment account with Fidelity, you may receive a Form 1099 during tax season. This tax document is essential for reporting your investment income to the IRS. Whether you’re a new investor or a seasoned one, understanding how to access and interpret your Fidelity 1099 is crucial for accurate tax filing. In this article, we’ll break down everything you need to know about this form, including how to get it, what information it contains, and how to use it when filing your taxes.
What Is a Fidelity 1099 Form?
A 1099 form from Fidelity is a tax document that reports various types of investment income, such as dividends, interest, capital gains, and distributions. The form is issued to individuals who received taxable income from their Fidelity accounts. The IRS requires financial institutions to send this form to account holders and also report the same information to the government.
Fidelity issues different types of 1099 forms, including:
- 1099-DIV – Reports dividends and distributions from stocks, mutual funds, or ETFs.
- 1099-INT – Reports interest earned on bonds, savings accounts, and other interest-bearing investments.
- 1099-B – Reports proceeds from the sale of stocks, bonds, and other securities.
- 1099-R – Reports distributions from retirement accounts, such as IRAs or 401(k)s.
How to Get Your Fidelity 1099
Fidelity makes it easy to access your 1099 form electronically or by mail. Here’s how you can retrieve it:
- Log into Your Fidelity Account
- Visit Fidelity’s website and log in to your account.
- Navigate to the Statements & Tax Forms section.
- Look for the Tax Forms tab, where your 1099 should be available for download.
- Check Your Mail
- If you haven’t opted for electronic delivery, Fidelity will mail your 1099 form to the address on file.
- Forms are typically mailed by mid-to-late February.
- Contact Fidelity Customer Service
- If you can’t find your form, you can call Fidelity’s customer service at 1-800-FIDELITY (1-800-343-3548) for assistance.
What to Do With Your Fidelity 1099
Once you’ve obtained your Fidelity 1099, follow these steps to ensure accurate tax filing:
- Review the Information
- Verify that all reported income matches your records.
- Check for errors, such as incorrect amounts or missing transactions.
- Use It to File Your Taxes
- If you use tax software like TurboTax or H&R Block, you can often import your 1099 data directly from Fidelity.
- If filing manually, enter the amounts from your 1099 on the appropriate sections of your tax return.
- Report Any Discrepancies
- If you find errors, contact Fidelity immediately to request corrections.
- Filing incorrect information could lead to IRS penalties or an audit.
Important Deadlines
- January 31 – Fidelity begins issuing 1099 forms.
- Mid-to-late February – All 1099s should be available for electronic download or mailed to customers.
- April 15 – Tax filing deadline (unless extended by the IRS).
Conclusion
Understanding your Fidelity 1099 is essential for accurate tax reporting. By knowing how to access the form, reviewing its details, and reporting it correctly on your tax return, you can avoid errors and potential IRS issues. If you need help, Fidelity’s customer service or a tax professional can guide you through the process. Make sure to retrieve your 1099 early so you have ample time to file your taxes accurately and on time.