This article explains why you may receive a revised M1 tax document and what to do if it happens.
Why would I receive a revised tax document?
A revised tax document may be sent for several reasons:
Income reclassification
The payer of a distribution (such as a dividend or capital gain) changed how the income should be classified. For example, an amount reported as a qualified dividend might be reclassified as a non-qualified dividend, return of capital, or another tax category.
Tax identification number (TIN) change
If you updated your Social Security Number (SSN) or Employer Identification Number (EIN) with M1, a new document reflecting your corrected TIN will be issued.
Cost basis correction after a wash sale
If a sale and repurchase of a security within 30 days (a wash sale) was not reflected in your original document, a revised 1099 may be issued to adjust the cost basis.
Cost basis update from a brokerage transfer
If cost basis for assets transferred into M1 was received from your previous broker after your original tax document was issued, a new document may be provided to reflect accurate cost basis.
When are revised tax documents issued?
Most revised documents are sent in March and April, often before the tax filing deadline.
In some cases, companies may reclassify income distributions after the regular tax deadline. As a result, revised tax documents can be sent after you file your return or later in the year.
You will be notified by M1 and/or Apex Clearing if you receive a revised document.
Steps to take when you receive a revised tax document
Review the Document:
Compare the revised tax document to your original version.
Look for adjustments marked with the letter "c," indicating what was changed.
Wait for System Updates:
For TurboTax and H&R Block, it may take up to 48 hours after you receive your revised document before the new data is available for import.
Note: Only M1 Retirement Accounts can be imported into H&R Block at this time.
Determine Your Next Steps:
If you have already filed your return, you may need to consider whether you should amend your tax filing.
For all questions about amending, filing deadlines, or tax extensions, M1 encourages you to consult a qualified tax professional or visit the IRS website for official guidance.
Frequently asked questions
Do I have to file an amended tax return?
M1 cannot provide tax advice. Please consult a qualified tax professional if you have questions about amending your return.
Will M1 reimburse me for tax filing corrections or amendments?
M1 does not reimburse costs related to amending tax returns.
What changed between my original and revised 1099?
Changes are indicated using the letter "c" on your revised document.
How soon can I upload the revised document to TurboTax or H&R Block?
Usually, revised tax documents are available to import within 48 hours. Currently, only M1 Retirement Accounts can be integrated with H&R Block.
Was my original tax document incorrect?
The original document reflected the information available at the time it was issued. Revisions are common due to late updates from companies making distributions, changes to account information, or cost basis corrections.
Why did I receive a revised document if my M1 account is closed?
You may receive a revised document based on activity that occurred when your account was open. Account closure does not affect your eligibility to receive revised tax documents.
Could I receive more than one revised 1099?
Yes, it is possible if additional updates or corrections are reported. Although most are issued in March and April, some may be sent later if new information becomes available.
How do I qualify for a tax filing extension?
Information about extensions is available on the IRS website. M1 cannot assist with filing or extension decisions.
M1 and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
This content was generated using artificial intelligence and is intended for informational and educational purposes only. While reasonable efforts are made to ensure accuracy, AI-generated outputs may omit key context; and should not be construed as financial, investment, legal, or tax advice. Users should independently verify all information and consult a qualified professional before making any financial decisions.
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