Annual tax documents will be available no later than January 31st for the previous calendar year. LendingClub will also provide you with a year-end statement which summarizes your account activity, including the amount of interest earned and information regarding Notes corresponding to loans that have reached charge-off status.
A Consolidated Form 1099 will be posted in your LendingClub account's “statements” section and will not be mailed to you, unless you have “opted-out” of electronic delivery of tax documents. If you have opted-out of electronic delivery of tax documents, LendingClub will mail a paper copy of the Consolidated Form 1099 Package to you.
You can “opt-out” of electronic delivery of tax documents by emailing email@example.com.
The Consolidated Form 1099 will include all applicable LendingClub tax forms and if applicable, for your reference, Form 1099-B for activity related to your LendingClub notes from your linked FOLIOfn Investments, Inc* (“Folio Investing”) account will be included at the end of the consolidated 1099 package. It is your responsibility to check your account and review all information provided before filing your tax return.
LendingClub will also provide a downloadable Tax Guide with information about the data reported on the Consolidated Form 1099 and alert you via email when the tax documents have been posted in your account. To learn more about what documents LendingClub issues, see Are earnings on LendingClub Notes taxable?
Tax Documents in your LendingClub account
Depending on your financial situation and the activity in your account, the Consolidated Form 1099 Package will include some or all of the following forms:
|If you are an investor who:||You will receive this form:||From Description||Platform|
|Received $10 or more in net interest payments||1099-OID||Original Issue Discount||LendingClub|
|Received $600 or more in incentive, bonus, or other miscellaneous payments from LendingClub||1099-MISC||Miscellaneous Income||LendingClub|
|Held Notes corresponding to loans that were charged-off during the tax year or received recoveries and/or net proceeds on Notes which corresponded to charged-off loans or transfers||1099-B (Recoveries and Proceeds from Charged-off Loans)||Proceeds from Broker and Barter Exchange Transactions||LendingClub|
|Sold Notes on the Note Trading Platform operated by Folio Investing||1099-B (Folio Investing Transactions)||Proceeds from Broker and Barter Exchange Transactions||Folio Investing|
The IRS will match the amounts reported on the forms listed above to the amounts reported on your tax return. Note you will not receive a Consolidated 1099 Package from LendingClub if your account is: Tax-deferred (e.g., an IRA), registered as a C corporation, registered as a tax-exempt organization, another type of entity for which LendingClub is not required to provide tax information. See for more information. If you believe you received or did not receive, any tax forms in error, please contact us at firstname.lastname@example.org.
You should consult your accountant or another tax advisor regarding the proper tax treatment of all your account activity, including the ability, if any, to claim losses related to Notes where corresponding loans have reached charge-off status. LendingClub does not provide tax, financial, or legal advice and this information is not intended to be tax, financial, or legal advice. LendingClub recommends that you consult your financial or tax advisor if you have any questions.
Generally, foreign investors will receive a Form 1042-S from LendingClub, which will be provided in the “Statements” section of the investor’s account.
* 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.