Wednesday, January 22, 2020

Guide to Tax Season - Edition 2020

Investments & taxes 101

The federal government taxes investment income (such as interest and dividends) and realized capital gains. M1 finance (the broker we recommend for long term investment)  uses built-in tax efficiency to help reduce the amount owed on taxes automatically, but you’ll still need to file a few forms with the rest of your taxes by Monday, April 15th in accordance with the IRS tax code.

When you can expect to receive your forms


Used to report any interest earned as income.


Used to report distributions from Traditional, Roth and SEP IRAs.

Consolid-ated 1099

Used to report taxable events on your individual or joint account.


Used to report all contributions made to a retirement account during the year.

Filing your taxes online?

You’re in luck! M1 Finance integrates directly with TurboTax and with H&R Block to make filing your taxes easier than ever. All you need is to enter the username and password on their integration page and everything will be imported and calculated for you. 
So be on the lookout for your tax forms coming up starting the end of the month whether you use M1 Finance or any other brokerage account.