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Other Topics

What information is reported to taxing authorities?

IRS (Federal) Reporting

River Financial is required to report client transaction details to the Internal Revenue Service (“IRS”) if both of the following criteria are met in a given tax year:

  1. More than 200 individual transactions; and
  2. Total gross transaction volume exceeds $20,000.

If both of these criteria are met, we will send copies of the completed Form 1099-K to the IRS and to the account holder by January 31st of the following year.

The Form 1099-K is a purely informational form and is designed to assist in your income tax return preparation. For more information, please see the IRS article Understanding Your 1099-K.

State-Level Reporting

There are limited instances in which certain states have additional criteria for required tax reporting.

Massachusetts

Clients residing in Massachusetts will receive a Form M-1099-K if their transactions exceed $600.


Notice: River Financial does not provide investment, financial, tax, or legal advice. The information provided is general and illustrative in nature and therefore is not intended to provide, and should not be relied on for, tax advice. We encourage you to consult the appropriate tax professional to understand your personal tax circumstances.