CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. 
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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
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Partner Product Update

Timeline for US Tax reporting 2023

If you or your customers are trading US stocks, bonds, CFD, ETFs etc., please be advised of the US tax reporting for tax year 2023.

Saxo receives data from its custodian after 15 March and it is a requirement that both Saxo and its partners apply for an extension of this deadlines to 14 April 2024.

Expected Timeline:

DeadlineItemNotes
31 January’24Partners must ensure access to the Saxo Document Room. Transaction data and form 1042-S will be uploaded to The Saxo Document Room in April.
2 February’24Partners must inform Saxo if they require preliminary data files from Saxo Bank before the final reconciliation is complete.
23 – 28 February’24Partners can expect to receive preliminary files from Saxo if requested before the above deadline.Based on preliminary files from Saxo’s custodian.
15 March’24Deadline for partners to apply for an extension to file form 1042 with the IRS by submitting form 7004.Extension is automatically granted via receipt of form 7004.
15 March’24Deadline for partners to apply for an extension to file Forms 1042-S with the IRS by submitting form 8809.Extension is automatically granted via receipt of form 8809.
15 March’24Deadline for partners to apply for extension to issue forms 1042-S to Beneficial Owners by sending a letter to the IRS.Extension is only granted once confirmed by IRS.
09 – 11 April’24Partners will receive final reconciled data from Saxo.Data will be provided in Excel format in the Saxo Document Room.
11 – 12 April’24Saxo will provide finalized 1042-S forms.Forms can be downloaded from the Saxo Document Room

If any question, please contact your account manager.

Content disclaimer

None of the information provided on this website constitutes an offer, solicitation, or endorsement to buy or sell any financial instrument, nor is it financial, investment, or trading advice. Saxo Bank A/S and its entities within the Saxo Bank Group provide execution-only services, with all trades and investments based on self-directed decisions. Analysis, research, and educational content is for informational purposes only and should not be considered advice nor a recommendation.

Saxo’s content may reflect the personal views of the author, which are subject to change without notice. Mentions of specific financial products are for illustrative purposes only and may serve to clarify financial literacy topics. Content classified as investment research is marketing material and does not meet legal requirements for independent research.

Before making any investment decisions, you should assess your own financial situation, needs, and objectives, and consider seeking independent professional advice. Saxo does not guarantee the accuracy or completeness of any information provided and assumes no liability for any errors, omissions, losses, or damages resulting from the use of this information.

Please refer to our full disclaimer and notification on non-independent investment research for more details.

All trading and investing comes with risk, including but not limited to the potential to lose your entire invested amount.

Information on our international website (as selected from the globe drop-down) can be accessed worldwide and relates to Saxo Bank A/S as the parent company of the Saxo Bank Group. Any mention of the Saxo Bank Group refers to the overall organisation, including subsidiaries and branches under Saxo Bank A/S. Client agreements are made with the relevant Saxo entity based on your country of residence and are governed by the applicable laws of that entity's jurisdiction.

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