Firstrade 1099-B Export — When You Get One, When You Get 1042-S Instead

You log into Firstrade looking for your 1099-B and find something else: a 1042-S, or both a 1099-B and a 1042-S, or just a list of monthly statements and no tax forms at all. If you've been a US resident the whole year, the path is straightforward — you have a 1099-B that goes on Form 8949. If you're a non-resident alien, or your status changed mid-year, or you opened the account from outside the US and only later moved here, the document mix gets confusing fast. The wrong form on the wrong return can cost you hundreds in over-withheld dividend tax that should have been refunded, or trigger a CP2000 notice if you skip the 1099-B entirely.

Firstrade serves a broader international audience than most US brokers — clients from China, Taiwan, Hong Kong, and Southeast Asia make up a large slice of the account base — and that means the tax document picture isn't always the standard "one 1099-B, file it on Schedule D." This guide walks through which form Firstrade issues based on your residency status, where to find each one, how to export and convert it, and which US tax form your activity belongs on.

Firstrade Issues Three Different Tax Documents

Firstrade can send you any combination of these three documents, depending on what you held and your tax status:

Document	When You Get It	Where It Goes
1099-B	US resident with stock/option sales	Form 8949 → Schedule D
1099-DIV	US resident receiving dividends	Schedule B
1042-S	Non-resident alien with US-source income (typically dividends, sometimes proceeds)	Form 1040-NR

If you're a clean US resident the entire tax year, you'll get a 1099-B and possibly a 1099-DIV — the same documents any US broker sends. If you're a non-resident alien (NRA) the entire year, you'll typically get only a 1042-S covering dividend withholding (NRA capital gains on US stocks are generally not taxed in the US, so there's nothing to report on the trades themselves — more on that below).

The complicated case is dual-status: you were one for part of the year and the other for the rest. You may end up with both a 1099-B and a 1042-S, each covering a different portion of the year. Each goes on a different return (or different parts of a dual-status return).

How to Identify Your Residency Status for Tax Purposes

Firstrade doesn't tell you whether to file as a resident or non-resident — that's determined by IRS rules, not your account profile. The two main tests are:

1. Green card test. If you held a US permanent resident card at any point during the tax year, you're a resident for tax purposes for that period.

2. Substantial presence test. Count the days you were physically present in the US:
- All days in the current year, plus
- 1/3 of days from the prior year, plus
- 1/6 of days from the year before that.

If the total is 183 or more, and you were present at least 31 days in the current year, you're a resident under the substantial presence test. (Days as a student on F/J/M visa, or as a teacher on J visa, may not count — see IRS Publication 519 for the exemptions.)

If neither test is met for the full year, you're a non-resident alien and file Form 1040-NR. If you met the test partway through the year (you moved to the US in July), you're dual-status: NRA for the pre-arrival portion, resident afterward.

This matters because your tax treatment of Firstrade activity is completely different depending on which bucket you fall into.

Where to Find Your Firstrade Tax Documents

Log in at firstrade.com (or use the mobile app — desktop is easier for tax season) and go to Accounts → History & Statements → Tax Documents. The page shows a year selector and a list of all forms generated for that year.

For tax year 2026, documents are typically posted between mid-February and early March. The 1099-B for sales activity is usually posted first; 1099-DIV follows; 1042-S for non-residents tends to come last. Don't try to file before all your documents are available — Firstrade can post a corrected 1099-B (marked as "CORRECTED" at the top) into March if a broker upstream reclassifies a dividend or trade.

To download:

1. Click the document name (e.g., "Form 1099-B" or "Form 1042-S").
2. The PDF opens in a new tab. Save it to a tax folder for the year.
3. Firstrade also offers a CSV export for the 1099-B, available under Reports → Realized Gain/Loss → Export to CSV. Pick the tax year and download. This CSV has more columns than what TurboTax expects but contains all the data.

If you don't see a 1099-B and you definitely sold stock during the year, check whether your account is flagged as non-resident in your profile. NRAs don't get 1099-Bs — they get 1042-S covering only dividend withholding because their capital gains aren't US-taxable. If you should be filing as a resident and Firstrade has you flagged as NRA (or vice versa), open a service ticket and update your Form W-8BEN to Form W-9 or the other way around. Future tax years will get the right document; the current year may need a corrected version.

If You're a US Resident: The 1099-B Path

Standard US filing path: your 1099-B reports stock and option sales, goes on Form 8949, totals roll up to Schedule D, and the final number lands on Form 1040.

Firstrade is not in TurboTax's broker auto-import dropdown for most accounts, which means you have three options:

Option 1: CSV upload to TurboTax or TaxAct. Export the realized gain/loss CSV from Firstrade, clean up the column headers (TurboTax wants Description, Quantity, Date Acquired, Date Sold, Proceeds, Cost Basis, Wash Sale Loss Disallowed, Adjustment Code), and upload. Firstrade's CSV uses similar column names but the order and exact wording may need adjustment.

Option 2: Convert the 1099-B PDF directly. Run the PDF through a PDF-to-CSV converter and import the cleaned CSV. This skips the column-renaming step entirely. It's also the fastest path if you have hundreds of transactions and don't want to debug import errors.

Option 3: Manual entry of totals. If all your trades are Box A (covered, basis reported to IRS) with no wash sales or other adjustments, you can enter a single line summary on Form 8949 (Part I, Line 1a) and attach a statement showing the detail. This is the summary method — see the Form 8949 from 1099-B guide for when this works and when it doesn't.

Whichever path you take, the rules from any other broker apply: code W on wash sales, code B on adjustments to basis, holding period split into short-term (Box A/B/C) vs long-term (Box D/E/F).

If You're a Non-Resident Alien: The 1042-S Path

Most non-resident aliens trading US stocks through Firstrade are surprised to learn the IRS does not tax foreign persons on capital gains from US securities, with limited exceptions. Under IRC §871(a)(2), an NRA who is not present in the US for 183+ days during the tax year owes zero US tax on capital gains from publicly traded stocks held in a regular brokerage account. There's no Form 8949 to file for the trades. There's no Schedule D. The 1099-B equivalent isn't even issued in many cases — and when Firstrade does generate one for an NRA, it's usually informational rather than reportable on a US return.

Dividends are a different story. US-source dividends paid to an NRA are subject to a 30% withholding tax at source, reduced by treaty for most countries (typically 10-15%). Firstrade withholds this automatically and reports it on Form 1042-S. The 1042-S shows:

• Gross income (the dividend amount)
• Tax withheld (the 30% or treaty rate)
• Treaty article claimed (if applicable based on your W-8BEN)
• Income code (06 for dividends, others for interest, royalties, etc.)

To file as an NRA, you use Form 1040-NR, not Form 1040. The 1042-S income and withholding go on Schedule NEC of Form 1040-NR (for income not effectively connected with a US trade or business). The withholding becomes a credit; if Firstrade over-withheld (e.g., they applied 30% but your treaty rate is 10%), you can claim a refund of the difference on the 1040-NR.

A few things to watch:

TurboTax doesn't support Form 1040-NR. Neither does TaxAct. NRAs need to use specialized software like Sprintax, OLT, or file on paper. The 1099-B converter tool and most of the TurboTax alternatives won't help with the 1040-NR side — they're built for resident returns.

ECI exception. If you actively trade US stocks as a business (rare for individuals), your gains may be treated as effectively connected income (ECI) and taxed at graduated rates on Form 1040-NR. Most retail investors are not ECI; consult a US tax advisor if you're uncertain.

Inherited or gifted US stocks. The basis rules are different for NRAs receiving US stocks by inheritance or gift — you may get a step-up to FMV on inheritance, but US gift tax applies if you receive shares while in the US. The 1099-B (if issued) won't reflect this; you track it separately.

If You're Dual-Status: Both Documents, Two Returns

Dual-status means you were NRA for part of the year and resident for the rest (or vice versa). The IRS treats you as two separate taxpayers for tax purposes, one for each period.

Firstrade may issue:

• A 1099-B for sales that happened during your resident period
• A 1042-S for dividends withheld during your NRA period
• Or a single 1099-B covering everything, with a separate 1042-S for early-year dividend withholding before you became a resident

Your filing path:

• Dual-status statement (Form 1040 with "Dual-Status Return" written at top): report the resident-period activity, including all 1099-B sales from that portion of the year.
• Dual-status statement (Form 1040-NR with "Dual-Status Statement" written at top): report the NRA-period activity, including the 1042-S withholding.

Both forms get mailed together. The resident return is the primary; the NR portion is the supplemental statement.

This is the path where most NRA filers run into trouble — TurboTax can produce the Form 1040 but not the 1040-NR statement, so you either need specialized software or to manually prepare the NR portion. The 1099-B PDF conversion still helps for the resident-period sales (everything in Box A/B/D/E maps to Form 8949 the same way), but the underlying tax filing requires more than just import-and-go.

Wash Sales and Cost Basis for International Filers

If you're a US resident filing the standard path, wash sale rules apply normally. Firstrade reports wash sales on the 1099-B with code W and the disallowed loss amount.

For NRAs filing 1040-NR, wash sale rules don't apply to your trading activity because you're not reporting the gains in the first place (per IRC §871(a)(2)). The 1099-B (if you receive one) is informational.

For dual-status filers, wash sale rules apply only to the resident-period portion. A loss taken while you were still NRA isn't reportable, so there's no wash sale to trigger; a loss taken during your resident period is subject to the standard 30-day rules.

Cost basis on shares you held before becoming a US resident is a gotcha. Firstrade reports basis using the purchase price, but the IRS basis for an inbound new resident is typically the lower of (a) the original cost or (b) the FMV on the date you became a US resident. If you bought Apple at $100 when you were NRA, became a US resident when Apple was $150, and sold at $180, your US-taxable gain is $30 (the appreciation while resident), not $80. The 1099-B will show $80; you need to file a basis adjustment to lower it. This is unusual and outside what import tools handle automatically — work it out manually and override the imported basis.

FAQ

Does Firstrade issue a 1099-B for every account?

No. US tax-resident accounts that had reportable sales get a 1099-B. Non-resident alien accounts that did not have ECI (effectively connected income) typically do not get a 1099-B because their capital gains aren't US-taxable. NRA accounts get a 1042-S covering dividend withholding instead.

Can I import Firstrade into TurboTax?

Firstrade is not in TurboTax's broker auto-import dropdown for most account types. You can use the CSV export from Firstrade's realized gain/loss report (with some column renaming), upload that to TurboTax as a generic CSV, or convert the 1099-B PDF to a properly-formatted CSV first. Either path works; the PDF conversion is faster if you have a lot of trades or your CSV import keeps failing on header mismatches.

What if I'm a non-resident and I got a 1099-B by mistake?

Check that your W-8BEN is current and that Firstrade has your foreign address and tax ID (or proof you don't have a US TIN). Open a service ticket and request a corrected 1099-B (a "1099-B with $0 reportable" or a withdrawal of the 1099-B). NRA capital gains on regular US stocks aren't US-taxable, so an erroneous 1099-B can cause confusion when the IRS matches it to your filing.

Do I file Form 8949 if I'm an NRA?

Generally, no. Form 8949 is part of the resident Form 1040 path. NRAs file Form 1040-NR, which has different schedules. US-source capital gains for an NRA who is not present in the US for 183+ days are not taxed under IRC §871(a)(2), so there's nothing to report on the trading side. Dividends and other US-source income go on Schedule NEC of Form 1040-NR.

My 1042-S shows 30% withheld but my country has a treaty for 15%. How do I get the difference back?

File Form 1040-NR claiming the treaty rate. The 30% withheld appears as a payment credit; the actual tax owed at the treaty rate is lower; the difference comes back as a refund. You'll need to identify the treaty article on Schedule OI. If Firstrade had your W-8BEN with the correct treaty claim on file from the start, they would have withheld at the treaty rate directly — check the W-8BEN you signed and resubmit if it's missing the treaty article.

Can I use TurboTax if I have both a 1099-B and a 1042-S?

If you're a full-year US resident with a 1042-S from a brief NRA period before you arrived, TurboTax can handle the 1099-B side, but you may need to ignore the 1042-S (it's typically pre-arrival, before US residency for tax purposes). If you're dual-status for the current tax year, TurboTax cannot produce a dual-status return — it only knows how to file a full-year resident return. Use specialized software (Sprintax, OLT) or a preparer experienced with 1040-NR for dual-status years.

What happens to my 1099-B trades if I'm filing 1040-NR?

If they're truly NRA-period trades (you weren't a US resident when you made them), they're not reportable to the US. The 1099-B is informational only. If you were a US resident when you made them, then the 1099-B is correct and the activity belongs on a Form 1040 (or the resident portion of a dual-status return), not on the 1040-NR.

Bottom Line

Firstrade serves both US residents and non-resident aliens, and the tax document you receive depends on which bucket you fall into for the tax year. US residents get the standard 1099-B and file it on Form 8949 just like any other broker. Non-resident aliens get a 1042-S for dividend withholding and generally don't have capital gains to report. Dual-status filers get both, and have to split their year between Form 1040 and Form 1040-NR.

The hard part isn't the export — Firstrade gives you clean PDFs and a CSV — it's knowing which return your activity belongs on. Once that's settled, the 1099-B path is the same as any other broker: clean CSV in, Form 8949 out. The 1042-S path requires software that supports Form 1040-NR, which most consumer tax tools do not.

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