Tax

Questions related to tax and your investment account.

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Tax

Questions related to tax and your investment account.

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 You can access historical documents year round via: Profile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: support@wealthup.io . 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.