Payouts are paid through Plane, which also handles your payout contract and tax forms.
Tax forms
During Plane onboarding, you complete a W-9 (U.S. persons) or W-8BEN (non-U.S. persons).
DayTraders, through Plane, issues a 1099-NEC to U.S. persons whose payouts are above the IRS threshold, by January 31.
Live account payouts count toward reportable payouts.
Non-U.S. persons don't receive a 1099-NEC.
Contract and payout documents
After you save your Payout Method on the Dashboard, Plane emails you an invitation. Click Get Started, create your Plane account and sign the contract digitally, then add your bank details so payouts can be sent.
Paid as a business
Your DayTraders account always stays in your own name. To be paid as a business, register your payout profile as a business in Plane with your legal business name, address, EIN, formation documents and business bank account. Plane may ask for more depending on your location.
We can't give tax advice. Please talk to a tax professional about your situation.