Understanding Lending Club Tax Forms and Statements

Lending Club provides two main tax forms to its investors: the 1099-B and the 5498. The 1099-B reports the proceeds from the sale or redemption of notes, while the 5498 reports the interest earned on notes held until maturity.

The 1099-B is typically issued by February 15th of each year and includes the total proceeds from the sale or redemption of notes, as well as the capital gains or losses. You'll need this form to report your investment income on your tax return.

Lending Club also provides an annual statement that summarizes your investment activity, including the total amount invested, the total amount earned in interest, and the total number of notes held. This statement can be useful for tracking your investment performance over time.

Discover more: What Is 1099 Tax Form

Importing Tax Forms is a relatively straightforward process with TurboTax. To import a Form 1099-B, sign into TurboTax and select Wages & Income. Click I'll Choose What I Work On and then Start under Investment Income. You'll be prompted to answer a series of questions, including whether you sold any investments in the current tax year and if you received a 1099-B.

Explore further: Filing Taxes No Income

To import a Form 1099-OID, you'll follow a similar process, but under Interest and Dividends, click Show More and then select 1099-OID, Foreign Accounts. A search window will appear where you can select LendingClub and continue with the import process.

Here's a step-by-step guide to importing tax forms from LendingClub:

To import a 1099-B form, you'll need to sign into TurboTax and follow these steps. You can find the 1099-B form in your Lending Club account under the statements tab.

First, sign into TurboTax and select Wages & Income under Federal Taxes. Click I'll Choose What I Work On to proceed. Next, select Investment Income under Stocks, Mutual Funds, Bonds, Other, and click Start. When TurboTax prompts if you sold any investments in the current tax year, click Yes.

When asked if you received a 1099-B, click Yes. A search window will appear, where you can select LendingClub and click Continue. In the appropriate fields, enter the necessary information and click Continue. Finally, select the 1099-B you want to import and click OK.

For another approach, see: 1099 Misc Form

Here are the steps to import a 1099-B form in a concise list:

Importing a 1099-OID form is a straightforward process that can be completed in a few steps. Sign into TurboTax to begin.

To access the 1099-OID form, select Wages & Income under Federal Taxes. This will lead you to a list of income options, where you can click Show More to view additional categories.

Under Interest and Dividends, you'll find the 1099-OID section, where you can click Start to initiate the import process. A search window will appear, allowing you to select LendingClub as the issuer of your 1099-OID form.

You'll need to enter information in the appropriate fields, such as the 1099-OID details, and then click Continue to proceed. Select the 1099-OID you want to import and click OK to complete the process.

For your interest: Income Tax Deadlines

Your net earnings from Lending Club loans are taxable, just like income from a savings account or other investment.

You'll need three sets of statements for tax reporting: year end statements, monthly statements, and tax statements, all of which can be found in your Lending Club account under the statements tab.

Reporting your Lending Club income is a bit of work, but it's worth it if you scored a sign-up bonus.

You can find all the necessary statements in your Lending Club account, making it easier to get started on your tax reporting.

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Lending Club will produce various 1099s for you based on your investments, with the most common being the 1099-OID. You'll report it on Schedule B, Line 1.

To reconcile your 1099-OID with your year-end statement, compare the two documents to ensure accuracy. If there are differences, add any net earnings not reported on the 1099-OID to your taxes.

For newer Lending Club loans, the 1099-OID replaces the 1099-INT. More specific instructions for how to report OID tax forms can be found in publication 1212 on page 6.

You'll need three sets of statements for your Lending Club tax reporting: your year-end statements, your monthly statements, and your tax statements. You can find all three in your Lending Club account under the statements tab.

Here's a brief overview of what to report on Schedule B:

Note that the OID accrual rules generally don't apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). This means you might not need to report interest on notes that are paid back in less than a year.

You'll need three sets of statements to report your Lending Club tax earnings: year end statements, monthly statements, and tax statements. These can be found in your Lending Club account under the statements tab.

Lending Club will produce various 1099s for you based on your investments, with the most common being the 1099-OID. This form needs to be reported on Schedule B, Line 1.

Reconcile your 1099-OID with your year end statement to ensure accuracy. If there are differences, add any net earnings not reported on the 1099-OID to your taxes.

You can use the IRS guidance from publication 1212 to get a better understanding of how to report your earnings from your Lending Club account.

To report losses from charge-offs, you can use the information provided on your Year-End Statement. This statement includes a summary of losses from charge-offs, which you can report on Schedule D.

If you have any questions about reporting charge-offs, it's best to consult the IRS guidance from publication 1212.

For your interest: What Is Irs Form 843