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Taxes
Consolidated 1099 forms are provided for regular Ally Invest 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
options
stock
other corporate securities
Keep in mind, you won’t receive a 1099 form from us for exempt and non-reportable accounts. If you have one of these accounts and want to request a 1099 form, send us an email to support@invest.ally.com with Request for 1099 Form in the subject line. There’s a $50 fee for this service.
Accounts that have interest or dividend payments that don’t exceed $10.00 won’t receive a 1099 form.
If you didn’t 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.
Most 1099s are available online or by mail, depending on your paperless settings. They're mailed by January 31 and should be delivered within 2 weeks, and made available online by January 31 and accessible for 7 years.
Download your forms by logging into your account, selecting More, then choosing Statements and Tax Forms.
1099-MISC forms and Trust account 1099s are not available online. These documents are mailed by January 31st, and should arrive within 2 weeks.
Yes. When asked by TurboTax® how 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 given. Enter the following User ID and Password:
User ID: Your 8-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, ADRs, REITs, most ETFs 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.
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.
Tax Form 5498 is an informational document, reporting your IRA contributions for the preceeding year, as well as amounts rolled over or transferred from other types of retirement accounts into this IRA.
Form 5498 is usually received after the standard tax filing date of April 15, as IRA contributions for the previous year can be made after the tax filing deadline.
This form is not required to be filed with your tax return, and should be maintained for your records.
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.
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.
This change will not affect the requirement investors have to file a Schedule D Form when reporting tax information. Be sure and consult a tax professional if you have any additional questions about your filing.
A notification will appear on your Snapshot to certify your TIN. We need this information to continue banking with us, so we'll keep asking you to certify online until you do.
Keep in mind
Joint account owners must certify their TIN separately, from their own account. Make sure each account owner has their own username and password.
