Sweep Account

Report a sweep account and income produced by the sweep account in Schedule A. 

Sweep Account: Examples

For You, Your Spouse, and Your Dependent Children

Schedule A

Report a sweep account if the total value of the account was more than $5,000 at the end of the reporting period, or if the account produced more than $200 in total income during the reporting period.

Block A: Provide the name of the financial institution and write “sweep account (cash).”

Block B: Report the value of the account(s) by marking the appropriate column.

Block C: Report the total amount of income that was produced during the reporting period by marking the appropriate “Amount” column. If the amount of income is more than $200, you also need to report the type of income by marking the applicable “Type” column. For sweep accounts, the type of income usually is “interest.”

Click Here for Frequently Asked Questions 

 

This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.