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I started investing last year with a small amount so my dividend earnings for 2020 is only about $5. Robinhood says that my tax document should be available on or before Feb 16. Should I expect to get a tax document from them for such a small amount?

I contacted them via email but haven't received any response yet. If I am not going to receive a tax document then I won't have to wait until Feb 16 to file my taxes.

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From a Robinhood FAQ

You’ll only receive a 1099 tax document from Robinhood if the proceeds from dividends exceed $10, the value of referral stock grants exceed $600, or you sell a position. If you don’t meet any of these criteria, you will not receive a 1099.

So, the minimum is $10 in dividends, but you can still get a 1099 if your dividends were less and you meet one of the other requirements. These are pretty much universal among brokers.

Regardless of whether you receive a 1099-DIV form from RobinHood (or anyone else) or not (on the grounds that the amount is less than $10), you should report all dividend income to the IRS on your tax return, and all the dividend income gets reported in the same place (which is not under "Other Income"). Remember that when you sign your tax return, you are affirming under penalty of perjury that you have declared all your income on the tax return.

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  • Perhaps it is worth adding to your answer a reminder to the OP that regardless of whether he receives a 1099 from RobinHood to or not, those $5 dividend earnings are income to the OP and must be reported on the 1040 form.
    – Dilip Sarwate
    Commented Jan 28, 2021 at 0:37
  • Ok, Thanks for the info. So even if I have not cashed out the dividends into my bank account (I don't even know if this is possible or not as I only see a message in Robinhood app that since I have x shares of y, I earned $z divident), I will report that while filing my 2020 taxes.
    – Tan
    Commented Feb 2, 2021 at 20:34
  • @Tan Yes, even if you keep the cash sitting in your investment account (or it is even re-invested automatically with DRIP) you need to report it. I do not use Robinhood so I am not familiar on whether they offer DRIP or how they handle cash.
    – Nosjack
    Commented Feb 5, 2021 at 18:54
  • I am wondering if should I report it under 1099 INT section or somewhere else?
    – Tan
    Commented Feb 7, 2021 at 1:50
  • @Tan Dividends are reported with a 1099-DIV form. I don't know the exact section where you report it on your tax return, but it's usually described as "other income" (as in, not directly earned from a paycheck).
    – Nosjack
    Commented Feb 8, 2021 at 13:32

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