Certain Alt accounts will receive 1099-K tax forms for the 2023 tax year from Alt or Alt's payment partner. This information will also be reported to the IRS and the correct state tax authority where applicable, ensuring that you meet your tax obligations due to you meeting one or more of the following reporting thresholds:
Effective for calendar years beginning in 2023:
You have received an aggregate amount of payments that exceed $600 during the calendar year.
You reside in the state of Maryland, Vermont, Massachusetts, Mississippi, Virginia, or the District of Columbia, and you have received more than $600 USD in gross payments within a calendar year.
You reside in the state of Missouri, and you have received more than $1,200 in gross payments within a calendar year.
You reside in the state of New Jersey, and you have received more than $1,000 in gross payments within a calendar year.
You reside in the state of Arkansas, and you have received more than $2,500 in gross payments within a calendar year.
You reside in the state of Illinois, and you have received 4 or more payments greater than $1,000 in gross payments within a calendar year.
Virginia, Vermont, Massachusetts, Maryland, Mississippi, Missouri, New Jersey, Arkansas, Illinois, and the District of Columbia are the only states/territories that have different thresholds than the federal requirement at the time of this notice.
Both the federal and state Form 1099-Ks are information returns, and the gross payments reported on a Form 1099-K do not necessarily represent reportable income. The form should be used in conjunction with other tax records (bank statements, invoices, etc.) to report taxable income, if any.
Alt is unable to provide tax reporting advice and advises consulting your tax advisor to determine any tax reporting requirements that may affect you.
Frequently Asked Questions
Where can I view or download my transaction history?
A: Users are able to view their Portfolio transaction history here, and account activity here. For any questions or feedback, please feel free to contact support@alt.xyz.
Where can I download my 2021 or 2022 tax report?
A: Alt accounts meeting the reporting threshold for the IRS and relevant state agencies in 2021 should have received Form 1099-K by the end of January 2022. For questions regarding delivery or downloadable of your 2021 1099-K, please reach out to support@alt.xyz.
Will I get any tax forms from Alt for the 2023 tax season?
A: Qualifying criteria to receive a 1099-K includes the following:
You’re a verified Alt customer AND
You file taxes in the US AND
You’ve received an aggregate amount of payments that exceed $600 during the calendar year.
I moved to a new place. How can I change the address for my account?
A: If you've recently moved and wish to change your address, you will need to send a request with this change of information to support@alt.xyz. Please note that you will be required to prove your identity and provide proof of address within 3 months of issuance.
Along with your proof of address, please send us your new address in the following format:
Street, City, State, Apartment number (if applicable), Postal Code.
We will accept any of the following documents as Proof of Address:
Utility bill of a service provider (electricity, telephone, Internet, gas, water)
Bank Statement
For questions, please contact us through the messenger located in the bottom left corner of your browser, text us at (833)483-5949, or reach out to support@alt.xyz