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Consolidated 1099 Forms are provided for regular brokerage accounts that have received dividends, interest payments on cash, insured deposits, money market balances or have reportable sale proceeds. Reportable sale proceeds include:
- sale of bonds
- mutual funds
- other corporate securities
Keep in mind, exempt and non-reportable accounts will not receive a Form 1099 from Ally Invest. If you have one of these accounts and would like to request a 1099 Form, send us an email to firstname.lastname@example.org with "Request for 1099 Form" in the subject line. There is a $50 fee for this service.
Accounts that have interest or dividend payments that do not exceed $10.00 will not receive a 1099 form.
If you did not receive a 1099 Form and feel that your account has met the minimum amounts, log in to chat or call us at 1-855-880-2559, and we’ll investigate for you.
Ally Invest does not provide tax advice. Be sure and consult with your tax professional about your tax preparation questions.
1099s are available by the end of the third week of February. When you log into your account, select More and then choose Statements and Tax Forms to download your form. Keep in mind, your 1099 will only be available electronically.
Yes. When asked by TurboTax® "How do you want to enter your 1099-B into your return?" select "Import from my bank or brokerage" and then choose Apex Clearing Corporation from the choices below. Then enter the following User ID and Password:
User ID: Your eight digit account number
Password: Your account Tax ID (usually your Social Security Number) with NO dashes
1099 data is generally available for import by the middle of February.
Keep in mind, there may be limitations to the amount of transactions that can be downloaded through third party software providers.
1099 corrections occur as a normal course of business. If you receive a correction and have already filed taxes, you'll need to review the corrections and consult with a tax professional on what is required.
Covered securities include stocks, ADR's, REIT's, most ETF's and other equity securities that are acquired or sold short after January 1, 2011. Mutual Funds are considered covered if acquired after January 1, 2012. Options and certain debt instruments are considered covered if acquired after January 1, 2014.
In previous years, brokerage firms were only responsible for reporting sale proceeds on a Form 1099 to the IRS. Starting in tax year 2011, brokerage firms are now required to report both the cost of covered securities along with the sale proceeds.
If the opening transaction was for a Stock, ADR, ETF, REIT or other equity security made prior to January 1, 2011 and was sold in the 2011 tax year or after, the security will be considered uncovered. Ally Invest will only report the sale proceeds and will not report the cost basis on a form 1099. Reporting cost basis for these trades will be the obligation of investors filing their taxes, as it was handled prior to the rule change.
If the opening transaction was for a Mutual Fund made prior to January 1, 2012 and was sold in the 2012 tax year or after, the security will be considered uncovered. Ally Invest will only report the sale proceeds and will not report the cost basis on a form 1099. Reporting cost basis for these trades will be the obligation of investors filing their taxes, as it was handled prior to the rule change.
If the opening transaction was for an Option or certain Debt Instrument made prior to January 1, 2014 and was sold in the 2014 tax year or after, the security will be considered uncovered, Ally Invest will only report the sale proceeds and will not report the cost basis on a form 1099. Reporting cost basis for these trades will be the obligation of investors filing their taxes, as it was handled prior to the rule change.
Accounts will default to FIFO (first-in, first-out) for cost basis matching. If you acquired multiple lots of the same security at different prices or on different dates, and you are only closing part of the position, then you may prefer to select a different tax lot method.
Ally Invest investors will have two options for the account default:
- FIFO (first-in, first-out)
- LIFO (last-in, first-out)
This selection initially defaults to FIFO; however, you can submit a change of this method through the new Tax Lot Allocation Tool. Call us at 1-855-880-2559 for help.
To change the tax lot for IRS reporting purposes on purchases made after January 1st, 2011, log in to your account and go to My Accounts, select Account Records and then choose Tax Lot Allocation: Cost Basis. Keep in mind, if you opened your Invest account after May 6, 2017, this service isn’t available for you. We're working on integrating these services for our newer customers. You can always call us for help at 1-855-880-2559.
You can make your elections from there. You must submit changes within 2 business days after completing the trade, and this is not applicable for purchases made prior to 2011. For any purchases made prior to 2011, it will be at your discretion to report the cost basis for taxation purposes when filing. Feel free to call us for help.
To change the tax lot on the site level:
- Log in and go to My Accounts
- Choose My Account Records
- Select Maxit Tax Manager
- Choose Activity
- Select Raw Trades
From there, you can hover over the blue box to the right of the closing transaction and select Details from the drop menu that appears to make the adjustments in the screen that opens. This service isn't available for you if you opened your account after May 6, 2017, but we’re working on integrating these services for our newer customers. You can always call us for help at 1-855-880-2559.
Yes. If an option is exercised or assigned, the option premiums will be reported or applied to the cost basis or sales proceeds. If you have questions about how option premiums affect the reporting or your stock transactions, consult your tax professional.
We'll still offer Maxit Tax Manager and our Gain & Loss Realized/Unrealized pages. However, these tools are independent of the new Tax Lot Allocation tool. If you decide to adjust a tax lot selection using the new Tax Lot Allocation tool and would like our Gain & Loss pages and Maxit Tax Manager to reflect the same selection, an you'll need to make an update to Maxit Tax Manager. Once you make a change in Maxit Tax Manager, Ally Invest’s Gain & Loss pages will typically update overnight. See Maxit Tax Manager FAQ's
Along with the reporting of purchase and sale information, we'll also be required to adjust the cost basis for wash sales and other security reorganization events that occur to covered securities held in the account. The reorganization events that you typically encounter which will require an adjustment are stock splits, mergers, and capital distributions.