Taxes FAQs
FAQs
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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.
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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 dashes1099 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.
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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.
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Consolidated 1099 forms are provided for regular Ally Invest brokerage accounts with IRS reportable activity including dividends, interest payments, or reportable sale proceeds. Reportable sale proceeds include:
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Bonds
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Mutual funds
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Options
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Stock
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Other securities
Accounts that haven’t met the minimum reporting thresholds as determined by the IRS, like 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 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 doesn’t provide tax advice. We recommend reaching out to a professional or the IRS with any questions.
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We offer two options for the account default:
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FIFO (First In, First Out)
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LIFO (Last In, First Out)
This selection initially defaults to FIFO. Call us at 1-855-880-2559 for help changing your account default.
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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’re only closing part of the position, then you may prefer to select a different sell method.
The sell method is applied based on the date the shares were purchased, unless the holding period has been adjusted due to a wash sale. When the holding period has been adjusted, the adjusted date is used.
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Sometimes after we’ve mailed docs to you, we get income reclassifications, adjusted tax info and other updates from companies with investment products.
For instances of income reclassification, these companies make changes to all or part of previously reported interest income to another tax class. Examples include:
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Capital return
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Type of investment
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Tax treatment changes with certain distributions
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Info posted after a deadline
Contact your tax professional to figure out if and how these updates may affect your returns.
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