No, there is no account minimum.
Wealthup is open to all US citizens and most permanent residents. Permanent residents from certain countries that are considered “high risk” are not able to open account.
Yes, you must be 18 years old.
No, account opening does not impact your credit.
Download the Wealthup app on the Appstore and Google Play. Please follow the signup process to complete the account opening, here is the detail step by step instructions.
It ranges from minutes to days, but we will email you if we need any additional information or if your account status changes. You can schedule a deposit to your pending account in the meantime.
Yes, you can! Please follow the following steps: • Find and click “Money” icon within the Wealthup app • Click the row that says “Transfer or rollover” • Click the name of your account under the “From” row (it might say “Add account” if you don’t have one preselected) • Click on “Transfer via ACAT” (pro tip: ACAT is just the industry term for an account transfer) • Please email email@example.com if you run into any issues and one of our advisors will help you out. Please allow 1-2 weeks for ACAT transfers to complete after being initiated.
There are no trading fees with Wealthup. We want to democratize investing and make it easy for everyone to have access to financial management service.
That depends on your subscription plan https://www.wealthup.io/pricing to see all the available options.
Wealthup customers are automatically charged monthly on the first day of the month. Your first subscription payment will occur on the following month you joined Wealthup and linked bank account. Note: We will first attempt to charge your subscription payment for your Wealthup account (Investment account and Individual IRA) to the linked bank account. If your bank account have insufficient cash in them, we may then charge your subscription payment to your Wealthup investment account, investment position(s). Disclosure: Wealthup generally deducts your subscription fee from either your cash balance in your Wealthup account or from your Funding account (i.e linked bank account). However, Wealthup may, as necessary sell securities in your Wealthup account to cover the subscription fee. If applicable, your linked banking account is a funding account for purposes of the Advisory Agreement. Your Wealthup subscription fee may be deducted from your linked banking account balance.
Yes, your subscription will automatically renew until you change or cancel your plan. Find out more about annual memberships.
1. Navigate to Profile on the bottom right corner 2. Select Email, Phone and Address and Investment Profile 3. Choose the detail you’d like to edit If you update your email and/or phone number, you’ll need to verify them.
We hold our member’s safety and security first. By verifying your documents, it helps us to confirm your information and protect against user identity fraud.
If needed, we will contact you by email and in-app to upload a driver’s license, passport, SSN card, bank statement, or utility bill, depending on the required information to verify. After uploaded, we will inform you within a few business days whether your account has been approved or declined.
We take many factors in evaluating your safety and security. To understand why your account was not approved, please contact us at 800-000-000 for details.
You can fund the account by linking your Wealthup account with initiating an account transfer (ACAT), rollover or wire. You can also set up a recurring or make a one-time deposit any time.
We offer two subscription plans for $10 and $20. We charge monthly on the first day of the following month .You’ll be charged the same subscription plan fee no matter the amount in your accounts. Learn more about our subscription plan fees. For a full list of other potential fees you may see on your account, review the Ancillary Fees information.
Unlike other investing apps, Wealthup doesn’t charge any add-on trading commissions or electronic statement fees.
You may at some point see a fee that is different from your standard monthly account fee (AKA the Wrap fee). These fees are charged based on action(s) taken by a client that is beyond Wealthup’s control and area of service. Should a client incur an additional fee, they are responsible for paying it accordance with the terms and conditions of their account opening agreements. Below is the list of current fees DriveWealth (Wealthup’s custodian) has provided to Wealthup. Wealthup reserves the right to change these fees in the future.
• Bank Transfer (ACH) Incoming – $0 • Bank Transfer (ACH) Outgoing- $0.25 • Returned ACH (insufficient funds)– $20 per ACH failure
• Electronic Statement & Electronic Trade Confirms – $0 • Paper Confirms* – $3 per confirm • Paper Statements* – $5 per statement
• ACAT Outgoing(US) – $50 per account • ACAT Outgoing(Intl.) – $100 per account • ACAT Incoming – $0 *Statements and confirms have defaulted to electronic delivery. You can request paper confirms and statements if you choose. Paper confirms and statement fees will also occur if there is a typo in your email address that causes these documents to be bounced back as undeliverable. Please update your email address in the app or firstname.lastname@example.org
When you use Wealthup, your information is encrypted and stored on secure servers.
Your funds and securities are held by our custody and clearing partner, DriveWealth LLC. At DriveWealth, your investments are protected up to a maximum of $500,000 total, including $250,000 in cash balances through the Securities Investor Protection Corporation (SIPC). Please note: SIPC protection does not insure against the potential loss of market value.
For uninvested funds, your Wealthup account is enrolled in something called the DriveWealth Cash Management Program .Deposits to the Sweep Program are covered by FDIC insurance up to the $250,000 limit per customer at each FDIC-insured bank that participates in the Sweep Program. Once your cash is deposited with the participating banks under the Sweep Program, such cash will no longer be covered by SIPC. Learn more about the FDIC Sweep Program.
The custodian of securities, DriveWealth LLC is the members of the Securities Investor Protection Corporation (SIPC). SIPC protects the securities in your brokerage account up to $500,000, including $250,000 for claims for cash. SIPC protection does not insure against the potential loss of invested assets. For more details, visit www.sipc.org .
We have every intention of sticking around for the long term. However, if anything happens to Wealthup that required us to close up shop, you would maintain control of your account. No matter what, your investments are always yours. All Wealthup accounts are held by our trusted partner and custodian DriveWealth, a registered broker-dealer regulated by FINRA. All investments held by DriveWealth are protected by the Securities Investor Protection Corporation (SIPC). Wealthup accounts are in the custody of DriveWealth LLC. which is SIPC-protected up to $500,000 total, including $250,000 in cash balances. This protects against losses resulting from the failure of a broker-dealer. The $500,000 amount is standard for investment companies. Please note: Investments are not FDIC insured, not bank guaranteed, and may lose value. SIPC protection does not insure against the potential loss of market value.
There are two main reasons we need your Social Security number: • The Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person opening an account. • Wealthup issues all clients a tax reporting form at the end of the year and we need your SSN to do this. Your Social Security number is only used to verify your identity. Wealthup does not perform a credit check.
Visit this link to wealthup.io/password reset
DriveWealth LLC is a broker-dealer, FINRA/SIPC member and our custodian firm that handles services for your account. These services include custody of assets, reporting, trade confirmation, settlement, and securities delivery in Wealthup.
A Wealthup account may be locked if we need to verify information with you or if there’s been a problem with a transfer. If your account is currently locked, please get in touch with our support team.
In some instances, we may need more information to verify your identity before we can open your account. This happens if the auto-approval process cannot validate you. If that’s the case, we’ll ask you to send us a photo of your government-issued identification. This is how we make sure we’re opening an account for the right person. account. Note: We will first attempt to charge your subscription payment for your Wealthup account (Investment account and Individual IRA) to the linked bank account. If your bank account have insufficient cash in them, we may then charge your subscription payment to your Wealthup investment account, investment position(s). Disclosure: Wealthup generally deducts your subscription fee from either your cash balance in your Wealthup account or from your Funding account (i.e linked bank account). However, Wealthup may, as necessary sell securities in your Wealthup account to cover the subscription fee. If applicable, your linked banking account is a funding account for purposes of the Advisory Agreement. Your Wealthup subscription fee may be deducted from your linked banking account balance.
An incorrect code will prompt the user to try again by highlighting the code fields in red. An excessive number of incorrect attempts may lock your account temporarily as we seek to prevent rate limiting and other attacks from potential fraudsters to protect your information. Read more about Two-Factor Authentication (2FA) *2FA is currently enabled for all Wealthup users
Two-factor authentication (2FA) is a sign-in process that requires you to pass two separate challenges to access your accounts or sensitive data. The first step is inputting your password, next, you will be asked to provide a 6 digit verification code each time you log in. Your verification code will be sent to you via SMS (text message rates may apply), a phone call, or an email. *2FA is enabled for all Wealthup users.
We will be sending your code via email, so please check the inbox for the address you provided. Please allow up to 10 minutes for your code to arrive.
First, refresh your email inbox. If you still don’t see it, check your spam folder and any other folders in your inbox. Sometimes administrative emails can end up there by accident. If it’s not in your sorted folders, please double-check the email address you typed into Wealthup and make sure it is correct and typo-free. If you still haven’t received the email, you can resend it from the app under profile
Wealthup accounts are enrolled in an interest-bearing Federal Deposit Insurance Corporation (FDIC) insured Sweep Program (“Sweep Program”) offered through our custody and clearing partner, DriveWealth Uninvested money in your Wealthup account (AKA your Available Cash Balance) is automatically transferred to the Sweep Program. It will earn interest based on the amount and duration of deposits and applicable interest rates. Deposits to the Sweep Program are covered by FDIC insurance up to the $250,000 limit per customer at each FDIC-insured bank that participates in the Sweep Program. Please ensure that you read the terms and conditions of the Sweep Program carefully. As with all investments, you should consider carefully if the Sweep Program meets your investment objectives.
A stock is a share of a company held by an individual or group. Corporations raise money by selling stocks, giving stock owners (also known as shareholders) partial ownership of the corporation so that they fund their future projects that can bring more revenue to them. Stocks are typically bought and sold on stock exchange (marketplace).
Exchange-Traded Funds (ETFs) and mutual funds are similar in that both are a basket of anywhere from a handful of securities to thousands of securities, but they differ in investment minimums and expenses. Also, while ETFs can trade throughout the day, mutual funds trade once per day after the market closes.
Rebalancing is when we sell some of the stocks or ETFs that have gone up in value and buy more of the ones that went down, in order to keep your portfolio close to its original mix of investments. It’s important to review the periodically and our AI does this at least annually. Our AI might rebalance more often if there is a big move in one asset class or if we decide to change the mix of the funds in the portfolio. The end goal is to automatically keep your portfolio on track for your stated goals.
Yes indeed! You can personalize every aspect of your investment including the investment strategy. When you onboard through our app you can choose your investment strategy ranging from conservative to aggressive. Our AI tailors the portfolio specifically for you based on your financial goals, such as retirement versus child’s education. You can change your strategy at any time.
We understand that life happens and situations change. If you need to adjust your answers to the questions we asked when you signed up, you can do this in the app.
1. Go to the Account section 2. Tap Investment Profile 3. Tap Select the question From there, you’ll be able to change your answers as needed.
Not yet, we are working on it. Please send us an email if you want to be notified when it is available at email@example.com.
Yes. One of the benefits of having an account, especially a taxable investment account, is that it’s a liquid asset. If you need to access your money, you can initiate a withdrawal at any time by selecting Transfer Money once you select Money tab if cash is available it will transfer the available funds if not it will prompt you to approve the sale of partial or full sale of your current investment once you give “ok” that transactions will settle two business days after the trades occur. Once trades settle, we’ll automatically send the money to your specified account. It can take a few days for the funds to reach your bank account after your trades settle.
No, we do all the work for you including buying and selling of stocks/ETfs because we know your time is valuable which you would rather spend doing things you love the most than managing investments.
ETF stands for exchange traded fund. An ETF is a collection of investments that trades as a single security. They are similar to mutual funds, but whereas mutual funds can only be bought and sold at the end of the day for one price, ETFs trade continuously throughout the day and investors can buy or sell them at prevailing market prices. ETFs are generally also lower cost than mutual funds.
Yes, you may have voting rights for some of the companies you invest in on Wealthup. You need to own at least one whole share of the stock to be able to vote. Since we trade fractional shares for our customers, some of our users can hold less than one full share. As a shareholder, your voting power is proportional to the amount of stock you own. As a general rule, the more you own, the more voting power you have. This means that individual investors usually don’t own enough shares to have a personal influence on a company. Note that the issues that shareholders can vote on can vary significantly from company to company.
A regular stock split is when the issuer increases the number of shares and reduces the corresponding value of each post-split share. Neither generally impact the total value of the security being split. These are involuntary events and it may take a few days for an account to reflect updates to the shares held and corresponding market value. A reverse stock split occurs when the issuer of a security reduces the number of outstanding shares and increases the corresponding value of each post-split share.
You don’t need to do anything for dividend reinvestment. Wealthup automatically reinvestment the security or holding that paid the dividend in your account for you. The price at which the reinvestment is made is determined by the market at the time the reinvestment is made, typically within three business days of the dividend pay date. Currently we do not offer opting of dividend reinvestment.
Currently we do not offer opting of dividend reinvestment.
While the specific list of eligible securities is subject to change, the following general criteria applies when determining whether a holding is eligible for reinvestment: -All marginable securities prices greater than $4.00 -Most U.S. Equities and U.S.-traded foreign equities - All closed-end mutual funds not listed on the MSDI “H” EXCHANGE, OTC, PINK SHEET, or Bulletin Board -Unit Trusts with mandatory reinvestment CUSIP
All Active Invest brokerage and Active IRA accounts at Wealthup are eligible to participate in dividend reinvestment. For retirements accounts, this includes Traditional, Roth, Rollover, and SEP.
By visiting the “Profile” section of your account then press on “History” and then under “Trades” you will be able to see if a dividend was reinvested. Dividends credited to an account will be labeled with the ticker symbol of the company paying the dividend followed by “Dividend”. Dividends that are subsequently reinvested will be displayed as an additional line item with the ticker symbol followed by “Dividend Reinvestment”. Certain dividend payments such as one time dividends, special dividends, cash in lieu of dividends, or corporate actions may not be eligible for reinvestment.
Dividends are generally taxable and are reported on Form 1099-DIV. Dividends are classified as qualified and non-qualified and may be taxed at different rates depending on your tax situation. Dividend reinvestment itself is not taxable. However, when a reinvestment occurs it triggers a purchase or buy transaction similar to buying a stock. Reinvesting dividends will alter an investors cost basis in a particular holding and those additional purchases may need to be reported to the Internal Revenue Service. Depending on how long the shares are held the gain or loss will be considered long term or short term for tax reporting purposes.
We place trades for you when you need cash all you have to is tell us how much you need. If you need more than “available for withdrawal “amount, we liquidate shares in your investment portfolio and the funds will be available to transfer when the trade settles which is typically two business days after. You can schedule transfer of cash 24/7, but stock purchases can only be executed Monday-Friday 9:30 a.m. to 4 p.m. ET, with the exception of holidays and when a certain asset is halted or suspended. If you place an order outside of that time, your request will be placed when the market opens.
You can view it under your Profile>History.
An ACH transfer is an electronic money transfer between banks that allows money to be pulled from an account or to be ‘pushed’ online to accounts at other banks.
You can withdraw cash into either your external linked bank account. Here’s our withdrawal timing: Deposits Deposits can be withdrawn 5 business days after we receive them. This is important for fraud prevention. Keep in mind that it may also take a day or two for us to receive your deposits after they are submitted. Stock, ETF After a sale, the cash proceeds can be withdrawn 2 business days later, as long as the original deposit for the purchase has settled (see above). Pending orders Fractional, limit, and market on open orders reduce your withdrawable cash as we’re holding that money to place your order. If you would like to withdraw this cash, please cancel your scheduled order(s). Withdrawals from your brokerage account may take 1-3 business days to fully reach your linked bank account.
Share-based orders are executed during market hours. However, fractional share (Stock Bits) orders are executed once a day on trading days. Your order won’t appear as a completed transaction until we’ve made our purchases for the day. Since there’s a delay between placing your order and Wealthup completing the buy, the price of the stock might change, meaning the size of your share could also change.
While Wealthup will accept the majority of publicly traded investment instruments there are a few exceptions, such as Mutual Funds, Options, and Bonds. These holdings will need to be liquidated prior to moving your account to Wealthup. If liquidating a specific holding is not optimal for your situation, we can assist you in completing a partial transfer, and only transfer what is needed.
Yes, through the ACAT transfer process we can assist you when completing a partial account transfer.
No, orders are entered real time. Market orders can’t be accepted outside of market hours or when trading a certain stock is halted or suspended.
Absolutely! Wealthup can accommodate a range of retirement accounts and rollover options. We offer Traditional, Roth, Rollover and SEP IRAs. If you have an old 401K with a former employer, we can help you find out how much you’re paying in management fees to see what impact rolling over will have on your retirement funds, too. If you’d like to do that, set up some time with a client service advisor and they can help you get started calendaring.
Creating an account and scheduling a deposit takes just a few minutes. Once the account and bank information is approved, it takes 1-2 business days for funds to post to the account. Once the deposit is received, the funds will be invested in your personalized portfolio as quickly as possible.
We currently offer individual investment accounts, owned by one person. You can also have tax-advantaged retirement accounts, such as traditional IRAs, Roth IRA and Simplified Employee Pensions (SEP-IRA). We also allow you to rollover your 401k from previous employer into an IRA.
A SEP IRA (Simplified Employee Pension) is a retirement plan that is popular with many small business owners and self-employed individuals because it’s low-cost, flexible, and offers potential tax savings. Contributions are made by you as the “employer.” They may be tax-deductible from your business income and grow tax-deferred. Note that withdrawals in retirement are taxed as ordinary income and penalties for early withdrawals may apply.
Any employer–sole proprietorship, partnership, corporation, and nonprofit organization – with one or more employees can establish a SEP plan. Contributions an employer can make to an employee’s SEP-IRA cannot exceed the lesser of $57,000 or 25% ($56,000 for 2019) of the employee’s compensation. Compensation is limited to $285,000 in 2020 ($280,000 for 2019). There are no Roth versions of SEP IRAs. A SEP won’t prevent you from contributing to either a Roth IRA or a Traditional IRA. However, your ability to deduct the Traditional IRA contributions may be reduced depending on your income (MAGI) if you open a SEP IRA.
Contributions an employer can make to an employee’s SEP-IRA cannot exceed the lesser of $57,000 or 25% of the employee’s compensation. Compensation is limited to $285,000 in 2020.
It won’t prevent you from contributing to either a Roth IRA or a Traditional IRA. However, your ability to deduct the Traditional IRA contributions may be reduced depending on your income (MAGI) if you open a SEP IRA.
No, Wealthup(Personal Adviser Inc.) is not a broker. Your investment advice relationship is with Wealthup(Personal Adviser Inc.), a Registered Investment Advisor that is registered with the Securities and Exchange Commission. Transactions in your account are introduced (as “agent for custody”) to an independent custodian, DriveWealth LLC Clearing, that is a FINRA registered Broker Dealer. Your securities and money are held by a third-party clearing firm (or “custodian”), DriveWealth, who is also a FINRA registered Broker Dealer.
New Year’s Day, MLK Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas.
Yes. One of the benefits of having an account, especially a taxable investment account, is that it’s a liquid asset. If you need to access your money, you can initiate a withdrawal at any time by selecting Banking>Withdraw Money. Transactions will settle two business days after the trades occur. Once trades settle, we’ll automatically send the money to your specified account. It can take a few days for the funds to reach your bank account after your trades settle.
Once your shares are sold, the SEC requires us to hold the money for 2 business days. Once your money has been released from the hold, it should show in your Cash Balance.
There is a hold on cash deposits to your Wealthup account. Though the amount of time can vary, it can take up to five business days depending on your portfolio balance. This is done to protect all user from fraud. Once your money has been released from the hold, it should show in your Withdrawable Cash.
When you sell an investment, the SEC requires a two business day hold on the money from the sale. On the third business day, your money will be added to your Cash Balance. Once you see it there, you can withdraw it. Please note: Business days are Monday through Friday, and do not include weekends and federal holidays.
1. Navigate to Banking in the app by tapping the cash icon 2. Find the Add New Account and tap it 3. Select Connect a different bank account. If this is not an option, please reach out to our customer support team at 1 (888) 888-8888 or firstname.lastname@example.org In some cases, you’ll need to provide documentation in order to change your external bank account within 60 days. Please remember, we do this to protect you and us from fraud. Please note: When linking an external bank account, it must be a checking account. At this time, Wealthup does not support savings accounts, third-party, or business accounts (even if your name is listed on the account). We also do not support linking prepaid cards, debit cards, or credit cards.
Selling investments is easy and you can do it right from the app. Please enter the amount you wish to transfer out, we will place the trade to make cash available and transfer it for you once the trade settles. Please note that there’s a mandatory 2-business-day holding period after the sale before your funds will be available to use. To sell investments in the app: • From the Home screen, tap Banking on the navigation bar. • Enter the amount you’d like to transfer out. • then press Transfer. • You will see the confirmation of the amount being transferred • You’re all set! After the holding period of 2 business days is over, you’ll be able to use your funds. Keep in mind that a business day is Monday through Friday, excluding weekends and US market holidays. Still have questions? We’ve got answers! Reach out to Support: email@example.com
When you transfer money from your external bank account to your Wealthup account, you’ll see the amount in your personal portfolio activity almost instantly.* However, it can take up to three business days for the money to actually move out of your external bank account—it depends on how quickly your bank processes ACH transfers. Before the transfer from your external bank account to your Wealthup account is complete, it will show as “Pending” in the portfolio activity section of your investment account.
There are two reasons why you may need to confirm your external bank account connection: 1. You’ve changed your login information with your bank. When you update your login credentials (like resetting your password), our connection with your bank needs to be updated as well. You’ll need to re-establish that connection. To do that, go to your User Profile, tap Manage your External bank account, and log in to your bank account with your new username and/or password. 2. Security settings on your bank account have been updated. When either you or your bank update your account security settings, it requires our connection with your bank to be updated as well. Examples of this are routine multi-factor authentication checks or a change in your bank’s security system. To re-establish the connection, you may need to answer some security questions. To do that, go to your User Profile, select Manage your External bank account, and complete any necessary actions. In this case, you may also need to change the security settings in your online banking app or website to prevent this from happening in the future.
Yes, the interest on your cash balance is 0.10%.
Yes. DriveWealth is a Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at https://www.sipc.org/.
You can cancel your Wealthup subscription through the app. You’ll need to be logged in to cancel your subscription. Please make sure your external bank account is linked before you complete the steps below. To cancel your subscription on the web: 1. Select Profile on the bottom right of the screen 2. Select Settings on the top of the screen 3. Select DEACTIVATE ACCOUNT to the bottom of the page Canceling your subscription can take up to 10 business days to complete. Business days are Monday to Friday. Weekends and federal holidays are not business days. Read more about Two-Factor Authentication (2FA) *2FA is currently enabled for all Wealthup users
Any investments you own will be sold. Any money in your cash balance will be transferred to your linked bank account once your account is closed. *2FA is enabled for all Wealthup users.
If you are trying to close your Wealthup Retirement account, click here for more information. Looking to withdraw funds but do not wish to close your account? Please see here for instructions on how to do so.
Even after your Wealthup account is closed, we will notify you by email if you receive a tax document. This email will include a link to access your tax documents on the website.
Log in to Wealthup with the same email address and password that you used when your Wealthup account was open, and you will be able to download your tax documents. If you are unable to log in or have forgotten your password, you may need to reset password Uninvested money in your Wealthup account (AKA your Available Cash Balance) is automatically transferred to the Sweep Program. It will earn interest based on the amount and duration of deposits and applicable interest rates. Deposits to the Sweep Program are covered by FDIC insurance up to the $250,000 limit per customer at each FDIC-insured bank that participates in the Sweep Program. Please ensure that you read the terms and conditions of the Sweep Program carefully. As with all investments, you should consider carefully if the Sweep Program meets your investment objectives.
The tax deadline for 2020 was extended to July 15 due to the COVID-19 virus. For, 2021 the tax filing deadline is Thursday April 15th. Typically, the standard deadline it is on or around April 15th.
Whenever investments(stocks/ETFs) are sold in a taxable account, there may be a potential taxable event. The main difference between a taxable account and a tax-advantaged account are that the tax-advantaged accounts are for retirement (such as an IRA). If you have questions about your taxable account implications, we suggest consulting with a tax professional.
Whenever investments(stocks/ETFs) are sold in a taxable account, there may be a potential taxable event. The main difference between a taxable account and a tax-advantaged account are that the tax-advantaged accounts are for retirement (such as an IRA). If you have questions about your taxable account implications, we suggest consulting with a tax professional.
Your account may not have had a taxable event, such as the sale of a stock.
Wealthup will email you when your tax forms become available. You can access historical documents year round via: Profile>Documents>Tax documents of the app. Wealthup will make your relevant tax documents available online in mid February. The forms you’ll be receiving represent your account activity from the previous calendar year or any activity completed to qualify for that year’s contributions. Any specific questions related to filing your taxes should be directed to a tax professional (like an accountant). If you see that your Social Security number is incorrect on your tax form, please email: firstname.lastname@example.org . We’ll give you directions on how to update your SSN and file for a form correction.
If you didn’t get an email about tax forms and aren’t seeing any in your account, it’s because you don’t need them for this tax year. If you opened your Wealthup Investment account this calendar year, you will not receive tax documents until the next year.
• Have made money from selling investments • Earned more than $10 in dividends and/or interest • Have a Retire account and made a contribution to it for the specified tax year. If these scenarios don’t apply to you, you don’t need tax forms from Wealthup.
Below you’ll find some of the most common tax forms Wealthup issues each year. As always, you’ll want to talk to a tax professional about your specific tax needs and situation.
If you meet the criteria for multiple 1099s, we will issue you what’s called a Consolidated 1099 that will consolidate all the forms into one for your convenience. Many Wealthup investors will have Consolidated 1099s.
This form will summarize the proceeds of all your sale transactions. These values must be reported to the IRS when you file your taxes. If you did not sell any investments in this tax year, you will not receive a 1099-B.
You will receive this form if your investments paid dividends of $10 or more. If you received dividends under this amount, it is likely you will not receive this form.As a shareholder, your voting power is proportional to the amount of stock you own. As a general rule, the more you own, the more voting power you have. This means that individual investors usually don’t own enough shares to have a personal influence on a company. Note that the issues that shareholders can vote on can vary significantly from company to company.
You will receive this form if you earned interest of $10 or more that was not previously displayed on the 1099-B. If you received interest under this amount, or if the interest was displayed on the 1099-B, it is likely you will not receive this form. A reverse stock split occurs when the issuer of a security reduces the number of outstanding shares and increases the corresponding value of each post-split share.
If you are not a US citizen, and if you are subject to income withholding in the United States, you will receive this form to report your income that is subject to withholding.
If you own a Wealthup Retirement account and have taken any distributions (withdrawals), you will likely receive a form 1099-R, the tax form showing all transactions within your Wealthup Retirement account within the previous calendar year. This will include the amount of any distributions that are taxable, the amount withheld, and any distribution code that applies.
If you own a Wealthup Retirement account and have made any contributions, rollovers or transfers into your Wealthup Retirement account in the previous tax year, you generally will receive a tax form. Wealthup does not provide legal or tax advice. Due to the specific nature of each individual’s tax situation, you should consult a tax or legal professional for information on how these forms affect your tax situation. -All marginable securities prices greater than $4.00 -Most U.S. Equities and U.S.-traded foreign equities - All closed-end mutual funds not listed on the MSDI “H” EXCHANGE, OTC, PINK SHEET, or Bulletin Board -Unit Trusts with mandatory reinvestment CUSIP
Wealthup will email you when your tax forms become available. You can access your documents in of your Wealthup profile. To find them in the app: 1. Go to Profile 2. Go to Documents 3. Select Tax Documents To find them on the web: Same as above.
Yes. Dividends are taxed as income. Which makes sense because they are money that you are making off of the money you have invested. If you have any questions regarding taxes within your Wealthup account, please reach out to a tax advisor or accountant.
Wealthup users who owned Real Estate ETF (VNQ) in the appropriate tax year will likely receive a Corrected Consolidated Form 1099 on or around March 15.
The Corrected Consolidated 1099 replaces the form you receive in February. It’s really important that you wait until you’ve received the Corrected Consolidated 1099 to accurately file your tax return. If you prefer filing your taxes early, it may be best to wait until you receive this form or consult a tax professional, since the IRS can fine you for filing your taxes twice.
Real Estate ETF (VNQ) are asset-focused investments, rather than stock-focused. Therefore, they are structured differently. Often, an ETF’s fund expenses are embedded into the share price or paid through withheld dividend payments. Real Estate ETF pays dividends based on the underlying real estate rental profits. While most dividends are typically taxed at the lower capital gains tax rate, these rental profits count as non-qualified dividends, meaning they are taxed as ordinary income. These differences extend the time these fund managers need to calculate your investing activity. This is why we need to send you a Corrected Consolidated Form 1099 by March 15.
This is a tax form that consolidates all appropriate 1099 forms for your Wealthup Invest account into one single form. The Corrected Consolidated 1099 form replaces any other 1099s made available to you previously. This form is relevant for all Wealthup investors who are invested in Real Estate ETF, even if you no longer hold this investment. If you owned other Wealthup Investments, you will have access to a regular 1099 in February and then get your Corrected Consolidated 1099 on or around March 15.
The Corrected Consolidated 1099 replaces the form you receive in February. It’s really important that you wait until you’ve received the Corrected Consolidated 1099 to accurately file your tax return. If you prefer filing your taxes early, it may be best to wait until you receive this form or consult a tax professional, since the IRS can fine you for filing your taxes twice. Any specific questions related to filing your tax filings should be directed to a tax professional.
By law, we’re required to email your tax documents to you on February 15. But be sure to look out for a second email by March 15 that will contain your Corrected Consolidated Form 1099.
This is a legal requirement. Wealthup Investment accounts are taxable brokerage accounts, and you are required by the IRS to report income earned from realized capital gains and losses and other applicable income. For more information on this form and relevant tax dates, check out The 2018 Tax Season Dates You Need to Know. Wealthup does not provide legal or tax advice and if you have questions regarding your personal circumstances and the forms that you have received, you should consult a tax or legal professional.
Wealthup Investment accounts are taxable brokerage accounts. You are required by the IRS to report income earned from capital gains and other applicable distributions. Each year, Wealthup will send you a tax statement so that you can file your taxes appropriately. In general, if you hold your investments for longer than a year, you will avoid paying short-term capital gains on taxes. This information is subject to change and should not be considered legal or tax advice. Wealthup does not provide legal or tax advice and if you have questions regarding your personal circumstances, you should consult a tax or legal professional.