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:
| Deadline | Item | Notes |
| 31 January’24 | Partners 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’24 | Partners must inform Saxo if they require preliminary data files from Saxo Bank before the final reconciliation is complete. | |
| 23 – 28 February’24 | Partners can expect to receive preliminary files from Saxo if requested before the above deadline. | Based on preliminary files from Saxo’s custodian. |
| 15 March’24 | Deadline 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’24 | Deadline 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’24 | Deadline 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’24 | Partners will receive final reconciled data from Saxo. | Data will be provided in Excel format in the Saxo Document Room. |
| 11 – 12 April’24 | Saxo will provide finalized 1042-S forms. | Forms can be downloaded from the Saxo Document Room |
If any question, please contact your account manager.