Investing Simple Logo
Get 1 Free Stock Worth Up To $200 From Robinhood!
Sign up with Robinhood, deposit any amount and get 1 Free Stock. It takes less than 3 minutes to sign up and claim your Free Stock Bonus.
Earn 5.00% APY with M1 High-Yield Savings Account
M1 Plus members can earn 5.00% APY on their deposits with no minimum balance required.
Start Your Free Federal Tax Return Today
E-file makes it easy to file your taxes and get your refund quickly. File your Federal tax return for free electronically. Why delay, start your tax return today!
Written by Sam Pennington on August 20, 2023
Category: 
FTC Disclosure: Some of the links on this site are affiliate links. Read our full disclaimer here.

Webull Taxes Explained 2024: How Are Investment Taxes Handled?

Reporting your capital gains/losses and dividends associated with Webull is the same process as it is with any other financial institution.

Webull will send you an email notifying you that your tax documents are ready for download. These documents show your overall trade outcomes for the year.

You are then required to take that information and document it on your tax return.

A copy of each form is sent directly from Webull to the IRS for verification. 

Don't forget to grab your free stock worth up to $200 from Robinhood today!

Learn More: Robinhood Retirement 3% Match

Robinhood is a popular "all-in-one" investing app.

While they are most well-known for their commission free stock trading, they've recently shaken up the Retirement Investing World too.

Introducing Robinhood Retirement; home of the biggest IRA match on the market.

Robinhood IRA Boost

Here's what you need to know:

  • Robinhood offers 2 types of retirement accounts - the Roth IRA and Traditional IRA
  • All Robinhood investors will get a 1% Match on what they Contribute or Transfer
  • Robinhood Gold members will get a 3% Match - the biggest on the market

And don't worry, this comes with a Portfolio Builder Tool. You don't have to construct your investment portfolio from scratch if you don't want to.

Lastly, you'll even get a free stock worth up to $200 when you open a new Robinhood account using our link.

Best Free Stock Promotions

BrokeragePromotionLink
Robinhood Logo1 Free Fractional Share Worth Up To $200Learn More
Webull LogoEarn Up To 40 Free Fractional SharesLearn More
Moomoo Logo5 Free Stocks When You Deposit $100+Learn More
Acorns Logo$20 Bonus When You Invest $5+Learn More

When Does Webull Make Tax Forms Available?

Webull will send you an email once tax forms become available.

Expect to receive all of these tax forms around February 2024.

New to Webull? Check out my full tutorial below!

Taxes On Capital Gains

There are two categories of capital gains and losses: short-term and long-term.

A short-term gain is taxed at your ordinary-income tax rate. This is the same as the rate your wages are taxed at.

A long-term gain is going to be taxed at either 0%, 15% or, 20% and based on your ordinary income tax bracket.

You will not have to pay taxes on any money that you lost while investing. Instead, you can use these capital losses to offset capital gains from the same year.

If your losses exceed the amount you made in capital gains, you will be able to carry those losses into subsequent years with some limitations.

Taxes On Dividends

There are two types of dividends: qualified dividends and ordinary dividends.

Ordinary dividends are taxed at your ordinary-income tax rate.

Qualified dividends are certain dividends from US companies that qualify to be taxed at the long-term capital gains rate. You also have to meet a minimum holding period.

Most long term investments earning dividends will be qualified dividends.

Types Of Tax Forms

1099-R: You will receive this form if you received a distribution of $10 dollars or more from a retirement account. 

Consolidated 1099: This form is used to assist you in filing your income tax return. This form will provide 1099-B from broker transactions, 1099-DIV for dividends, and 1099-INT for interest. 

Form 5498: This is a form that your IRA trustee must file with the IRS stating contributions or conversions within your retirement accounts. You will not need form 5498 to file your taxes but it's an important document to keep in your records.

Once the forms are ready, you can access and download them within the Webull app.

Start Your Tax Return Today

If you are ready to start filing your taxes, you can file your federal return for free using E-File!

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

Read more

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood
Robinhood provides an easy-to-use commission free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below. Limitations Apply.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Fundrise
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
Copyright © 2018 – 2024 Investing Simple LLC. All Rights Reserved.
Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Website managed by Stallion Cognitive™
magnifiermenuchevron-downcross-circlechevron-down-circle

Get 1 Free Stock Worth Up To $200 From Robinhood!

Don't Miss This Opportunity!

Investing Simple readers can claim a free stock from Robinhood worth up to $200 when they open a brokerage account and deposit any amount.

For US Residents only. Investing Simple is affiliated with Robinhood, and we may earn a commission when you sign up for Robinhood.

18749
46 Shares
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram