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.”

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