Annual Tax Info to Know
Tax season is around the corner, so to help you prepare, we've answered some frequently asked questions about the forms you may need to submit related to your investments through Bumped.
The following is provided only for informational purposes. Bumped does not offer legal or tax advice. Please consult with a tax or legal professional for individual support.
Frequently Asked Questions:
- Could Bumped affect my taxes?
- What is a 1099 and why did I receive this?
- When will I receive my 1099 form?
- How can I get my 1099?
- Why did I not receive any tax forms from Bumped this year?
- I've closed my Bumped account. How can I get my 1099?
- What variations of the 1099 am I eligible for?
- What Federal Tax ID Number should I include on my forms?
Could Bumped affect my taxes?
Yes, under specific circumstances. You will receive a 1099 tax form if you sold any amount of stock, or received $600 or more of stock rewards, or received $10 or more in dividends in 2020.
Related article: Could Bumped affect my taxes?
What is a 1099 and why did I receive this?
You may receive a 1099 form if you earned income from a non-employer source in 2020. This may be related to your investments through Bumped. If you receive one, you may need to report it on your tax return.
When will I receive my 1099 form?
If eligible, your 1099 will be available to download via the Bumped app by Tuesday, February 16th, 2021. You will receive an email notifying you when your documents are ready.
Related article: View Statements and Documents
How can I get my 1099?To download your 1099 tax form, first open your Bumped app.
- Open up the Bumped app and select Menu on the left-hand side
- Tap Documents at the bottom right-corner of the Menu
- Tap on your 1099 doc; it will be listed there when it is available
- Download the PDF to your phone and email the document to yourself in order to access it on your computer
Bumped Financial LLC does not offer financial advice; please consult a tax professional for specific questions about filing your taxes.
Why did I not receive any tax forms from Bumped this year?
If you did not receive a 1099 tax form by February 16, 2021, you did not have any qualifying events in 2020.
Related article: What variations of the 1099 am I eligible for?
I've closed my Bumped account. How can I get my 1099?
Even if your Bumped account is closed, you can still view your tax documents in the Bumped app.
Simply re-download the Bumped app, log in with your previous credentials, select "Documents" in the Menu tab, and you'll see your tax documents there when they're ready. You can download your 1099 as a PDF to your phone and email it to yourself to access it on a computer.
What variations of the 1099 am I eligible for?
Depending on your account, you may receive different types of 1099 forms.
You will receive a 1099-B form if:
- You sold any amount of stock in 2020, regardless of the amount.
You will be given a 1099-DIV form if:
- You received $10 or more in dividends in 2020.
- You can cross-check your dividend payments via the Bumped app by clicking on the Menu and selecting "History." You'll see your dividends marked with a light blue "D" in a circle. You can also review them in your "Documents" tab.
You will be given a 1099-MISC form if:
- You received $600 or more worth of stock rewards in 2020.
If you receive a 1099 form, you may be responsible for reporting the information it contains to the IRS. Talk to your Certified Public Accountant or tax professional or visit the IRS website to help determine which processes apply to you. Should you have further questions related to accessing your forms, please send our support team a message through the app or via email at firstname.lastname@example.org.
What Federal Tax ID Number should I include on my forms?
Apex Clearing is a broker-dealer that provides clearing services for Bumped Financial LLC. This means that they handle certain services for your account such as reporting, so you may see Apex on your 1099 documents related to your stock with Bumped.
Apex’s Employer Identification Number (EIN), or Federal Tax ID Number, is 13-2967453.
You can also find this number on your Form 1099 tax document.
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