Taxes FAQs

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.

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.

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.

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.

Call us at 1-855-880-2559 and we can help you with this.

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.

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.

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.

Enroll in online services if you haven't already, then log in to your account.

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.

Tax Form 5498 is an informational document sent to the IRS you’ll usually receive after the April 15 standard tax filing date, since you can contribute to your IRA up to the tax filing deadline. It reports your IRA contributions for the previous year, as well as amounts rolled over or transferred from other types of retirement accounts into your IRA.

This form is not required to be filed with your tax return and should be maintained for your records.