Happen Bank provides annual tax documents by January 31 for the previous calendar year. Happen Bank also provides a year-end statement that summarizes your account activity.
You can find your 1099 consolidated tax statement in your Member Center under Statements. We won’t mail your statement unless you have opted out of electronic delivery of tax documents. To opt out of electronic delivery of tax documents, email tax@happen.com.
We also provide a downloadable type: asset-hyperlink id: 3qvoScA6m5AgjXtqJMLU6r with information about the data reported on the 1099 consolidated tax statement, and we’ll email you after posting tax documents to your account.
Tax documents in your account
Depending on your financial situation and the activity in your account, the 1099 consolidated tax statement may include some or all of the following forms:
If you are an investor who | You'll receive this form | From description | Platform |
Received $10 or more in net interest payments | 1099-OID | Original Issue Discount |
|
Received $600 or more in incentive, bonus, or other miscellaneous payments from Happen Bank | 1099-MISC | Miscellaneous Income |
|
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 | Happen Bank |
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 |
Why don't I have a 1099 tax statement?
You won’t receive a 1099 consolidated tax statement from us if your account is:
Tax-deferred (for example, an IRA)
A registered C-corporation
A registered tax-exempt organization
Any other type of entity for which Happen Bank is not required to provide tax information
Missing other tax forms or statements?
Tax errors and help
If you believe you received a tax form in error, or you didn’t receive a tax form and think you should have, please email tax@happen.com.
Consult with your accountant or other tax advisors on how to properly handle taxes on your annual Notes activity, including whether you can claim losses from Notes tied to charged-off loans.
Foreign investors
If you’re a foreign investor, we send Form 1042-S, if applicable, which you can find in your Member Center under Statements.
Happen Bank does not provide tax, financial, or legal advice, and this information is not intended to be tax, financial, or legal advice. Happen Bank recommends that you consult your financial or tax advisor if you have questions.
