Consolidated 1099 Package For Taxable Accounts
Not everyone will receive tax forms posted to their account for every year. The following are two of the primary reasons you would not receive a Consolidated 1099 Package for the previous tax year:
1. Based on the activity in your Account
You will not receive a Consolidated 1099 Package from LendingClub if the following is true for the previous tax year:
- You received less than $10 in net interest payments on your total portfolio; and
- You received less than $600 in incentive, bonus, or other miscellaneous payments from LendingClub; and
- You did not hold Notes corresponding to loans that were charged-off in the previous tax year or did not receive recoveries and/or net proceeds on Notes which corresponded to charged-off loans or transfers; and
- You did not sell Notes on the Folio Investing* Note Trading Platform
2. Based on your account type
You will not receive a Consolidated 1099 Package from LendingClub if your account is:
- Tax-deferred (e.g., an IRA); or
- Registered as a C corporation; or
- Registered as a tax-exempt organization; or
- Another type of entity for which LendingClub is not required to provide tax information.
IRS Form 1099-R and 5498 For IRAs
All funded IRAs held in partnership with ISTC, will receive an IRS Form 5498. If you have a funded IRA, you may also receive an IRS Form 1099-R for the previous tax year. Not everyone will receive a 1099-R for their LendingClub IRA. The following are the primary reasons you would not receive a 1099-R for the previous tax year:
1. Based on the activity in your Account
You will not receive an IRS Form 1099-R if the following is true for the previous tax year:
- You did not take a distribution from your LendingClub IRA ; or
- You did not process a Roth conversion
If you believe you should have received tax forms for the previous tax year based on the information above, please contact us at tax@lendingclub.com.
For tax forms related to an IRA custodied at STRATA Trust Company, please contact STRATA directly at 866-928-9394. They are available M – F, 8:00 am – 5:30pm Central Time.
* Folio Investments, Inc. (“Folio Investing”) is a registered broker-dealer and member of FINRA and SIPC and operates the Note Trading Platform. Folio Investing is based in McLean, VA and is not affiliated with LendingClub. Folio Investing has no role in the original issuance of the Notes and is not responsible for and does not approve, endorse, review, recommend or guarantee the Notes or the accuracy, reliability, or completeness of any data or information about the Notes. More information about Folio Investing is available at www.folioinvesting.com.