M1 integration with TurboTax and H&R Block

M1 seamlessly integrates with TurboTax to allow you to import tax data from your Invest account(s). This article shows you how to find your M1 Invest account number(s) and how to connect your M1 account to your tax software.

 

Tax data timeline

It may take up to 48 hours after a tax document is received for its data to be available to import into TurboTax or H&R Block. If it has been more than 48 hours since your tax document has arrived, please contact our team and we will review your account.

If you receive a revised tax document, it may also take up to 48 hours to import the corrected data into TurboTax or H&R Block.

 

Finding your M1 account number(s)

To locate your M1 account number: 

  1. Navigate to your account settings
  2. Click "Accounts"
  3. The account number for each account will be displayed to the right of the account name.

 

Connecting with TurboTax

If your tax document says M1 Finance on the cover page, you will be able to import your tax document using the following steps:

  1. Start a new return in Turbo Tax
  2. Select “Federal,” then select “Wages & Income”
  3. Answer the following prompts
  4. When you get to the screen that allows you to import directly from a bank or financial institution, type "M1 Finance" into the search bar and select it from the suggestions
  5. You'll be prompted to enter your account number and document ID. This information can be located on the 1099 you receive from M1.

If you have more than one account number - you will receive one document with activity from all accounts on it.

 

If your tax document says Apex Clearing on the cover page:

  1. Start a new return in Turbo Tax
  2. Select “Federal,” then select “Wages & Income”
  3. Answer the following prompts
  4. When you get to the screen that allows you to import directly from a bank or financial institution, type "Apex Clearing" into the search bar and select it from the suggestions
  5. You'll be prompted to enter your Apex User ID and Apex password. Your Apex User ID is "10-" followed by your account number.
    Example: "10-ABC12345"
    Your Apex password is your SSN

If you have more than one account number with a tax form - you will need to add each account  individually.

Apex is required to send tax documents covering the time your taxable Investment Account was cleared by them. You will receive an additional 1099 from M1 covering the time your account has been cleared by us.

You’ll receive a consolidated 1099 for each separate account cleared by Apex Clearing during the year and a single 1099 for all Individual Brokerage Accounts cleared by M1. If you have a Joint Brokerage Account, the primary accountholder will receive a 1099.

If your taxable Investment Account was never cleared by Apex Clearing, you will only receive a 1099 from M1.

Please note: TurboTax contains data import limitations. If there are more than 500 1099-B transactions per return, we recommend utilizing the desktop version of the application. This will allow you to import up to 2,200 transactions from your 1099-B. If the total number of transactions in your 1099-B exceeds 2,200, TurboTax’s import function may not work.

 

Connecting with H&R Block 

Currently only M1 Retirement Accounts integrate with H&R Block. You will not be able to integrate Individual and Joint Brokerage Accounts cleared by M1 to H&R Block.

  1. Start a new return in H&R Block
  2. Select “Federal”, then click on “Add income"
  3. Select “Investments” and “1099-B Sale of stocks, bonds, mutual funds, and other securities”
  4. Click “Yes” for “Finished adding income?”
  5. Click “Start” and “Other” for “What’s the financial institution on this 1099-B”
  6. Type “Apex” next to “Financial Institution” and select “Apex Clearing Corporation” from the drop-down. Click “Next” 
  7. Enter your account number in the “Apex User ID" field. 
  8. Apex Password is your Tax ID (usually your social security number). Click “Import” 
  9. If the import was successful, you will see a summary of imported transactions. 

If you have more than one account number with a tax form - you will need to add each account individually. 

 

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.

 

20240215-3392873-10773462

M1 disclosures here.

Was this article helpful?
/
14 out of 17 found this helpful

Still need help?

We're here for you.

Contact us