Mercury Advisory LLC is providing the following Frequently Asked Questions (FAQ) regarding the upcoming 2025 tax reporting season on behalf of its Treasury partner Apex Clearing Corporation* (Apex).
What tax forms does Apex generate and when will they be delivered?
Based on your Treasury activity, Apex will create the following tax forms. Absent an extension, Apex is required to deliver these forms to the account holder by the regulatory due dates, below. All tax forms will be loaded to Mercury’s website and made available when provided to Mercury by Apex.
Correction runs are tentatively scheduled in two-week intervals starting April 15th, 2026 and are based on need. Issuers of securities held may publish income reclassification instructions after the original 1099 has been delivered. You may receive a corrected Form 1099 which could impact your tax returns and filing dates.
Please note the collection and application of income reclassification instructions is compulsory for information reporting agents such as Apex. In order to better service our customers and provide a better experience for your account holders, Apex may place a hold on issuing amended tax forms to consolidate these instructions and lessen the number of amended forms provided to your customers. Mutual funds offered as part of Treasury are included in the list of securities subject to reclassification. This list is a guide based on previous years reclassifications. As such, this security listing is a best effort and there is no guarantee that these securities listed will reclass again in 2025 or that the list is 100% accurate.
The following table provides the Regulatory due dates for the corresponding tax forms (dates below are adjusted to account for weekend dates)
| Form | Delivery Date |
| Consolidated 1099 | January 31, 2026 - February 17, 2026 |
Corrections Run 2-week intervals after original form delivery April 15, 2026.
Who receives a Consolidated 1099?
A consolidated 1099 is a grouping together into one statement of all the 1099 tax information for an account provided by Apex Clearing to be used in preparation of your annual tax return. All individuals receive a Consolidated 1099 if they are United States citizens or legal residents and have had reportable tax activity. In some cases, exempt recipients will receive a Consolidated 1099 if charged backup withholding on activities during the year. These amounts must be reported to the customer and the IRS.
Why wasn’t a 1099 generated for activity in a particular account?
If the activity in your accounts did not meet certain reporting thresholds set by the IRS, a tax form will not be issued. De minimis values differ by form and income type. For dividends and interest, de minimis is $10.00; for Cash In Lieu $20.00 and for miscellaneous income $600.00. Additional details regarding de minimis values have been provided with the forms identified in the next section of this FAQ.
What is reported on the different forms?
1099-B
A Form 1099-B reports all sales or redemptions of securities, futures transactions, commodities, options and barter exchange transactions. Cash in Lieu may be subject to a de minimis reporting if under $20.00.
As a reminder, closing transactions for identical securities and for orders with the same disposition dates will be combined into fewer transactions. This change simplifies the presentation of the information being reported on Form 1099-B. A Form 1099-B will be filed for any person for whom Apex withheld any federal tax under the backup withholding rules regardless of the amount.
1099-DIV
A 1099-DIV reports distributions such as dividends, capital gain distributions, or nontaxable distributions, that were paid on stock and liquidation distributions if any of the following applies:
- Received $10.00 or more in dividends, including capital gains, exempt interest and other stock distributions.
- Had any withholding amounts or any foreign tax on dividends and other distributions on stock.
- Received any payments of at least $600 as part of the liquidation process.
1099-INT
Form 1099 INT reports interest income including taxable and tax-exempt interest dividends from mutual funds paid during the year. De minimis amount is $10.00 or more and are reported in boxes 1, 3 and 8. Tax-exempt interest is generally not subject to federal taxation. If you own municipal bonds, then interest on bonds from your home state is generally not subject to state tax. However, municipal interest from other states is taxed in your home state. Interest payments received on interest producing securities loaned out are reported as substitute payments in lieu of interest on Form 1099-MISC.
Form 1099-INT will be issued for any person for whom you withheld and paid any foreign tax or from whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount.
1099-MISC
1099 Misc reports substitute payments in lieu of dividends or interest received in your account, stock or cash rewards, stock loan fees received and royalty payments. Payments of royalties are generally from investments in natural resource companies.
Threshold amounts are amounts greater than $10.00 in royalty payments, rewards, in lieu of dividends or interest and $600.00 or more of miscellaneous income.
What’s new for Tax Year 2025?
1099-Comp Summary of Corrected Info
A new section will be present on corrected Form 1099-Comp forms that detail the change that resulted in a corrected tax form. Previous value, new value, and the delta of the change will be shown.
Qualified Charitable Distributions
Distribution Code Y7 - A charitable contribution is a donation or gift to, or for the use of, a qualified organization. It is voluntary and is made without getting, or expecting to get, anything of equal value.
Mercury Treasury is offered by Mercury Advisory, LLC, an SEC-registered investment adviser. This communication does not constitute an offer to sell or the solicitation of any offer to purchase any security. Funds in Mercury Treasury are subject to investment risks, including possible loss of the principal invested, and past performance is not indicative of future results. Please see full disclosures at mercury.com/treasury. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies.
Mercury Treasury is not insured by the FDIC. Funds in Mercury Treasury are not deposits or other obligations of Choice Financial Group or Column N.A., and are not guaranteed by Choice Financial Group or Column N.A.