Robinhood Markets is a financial services company of America whose headquarters are situated in Menlo Park, California. Robinhood is a broker-dealer regulated by FINRA, which is registered under the U.S. Securities and Exchange Commission, and at the same time, is also a member of the Securities Investor Protection Corporation. The revenue of the company comes from the three main sources which are selling order information to high-fr traders, interest earned on customer’s cash balances, and margin lending. Currently, the company has over 13 million users according to its most recent SEC filing.
Now there are many issues in the complaint regarding the incorrect Social Security Number (SSN), in such cases, you will have to issue a Form 1099. Now let’s look into the common problem faced by the users, and also let’s look into its solutions that you can solve through Form 1099.
Correction of the inaccurate Social Security Number on Form 1099
If the Social Security Number (SSN) that is listed on your Form 1099 tax document is, let’s say, incorrect, then make sure that you submit W-9 which is updated as soon as possible in order to prevent the problem of backup withholding. The problem with this thing is that you are not able to upload your documents inside the TurboTax until everything is amended.
Correction of misspelled name on the Form 1099
You need to send a request so that you have to update your name in the correct spelling fed in the system. A new Form 1099 will be issued to you this year but the company still would like to know the correct spelling of your name, just in case for the next time.
You must include the given information in the request that you will send:
- A photograph of a valid, U.S. government-issued passport or driver’s license.
- A signed letter with information regarding that you need your name changed.
Correction of inaccurate trade history on Form 1099
If you have noticed that there is some kind of discrepancy on your Form 1099, then it is advisable that you verify the information in the tax document with the help of the following items:
- Account History.
- Trade confirmations
- Account Statements
Correction of incorrect trade or dividend information on Form 1099
Now if there is any inaccuracy on your Form 1099, then you need to send them a note with photographs of the account statement and also an annotated copy of your account documents. And soon a the team of Robinhood will reach out to you.
