Revised tax documents

This article explains common reasons why a revised document may be sent to you and steps to take if you’ve received one. 

Reasons for revisions to be issued

There are multiple reasons why you may receive a revised tax document:

  • Income reclassification: A distribution received into your account may have been originally classified as a capital gains distribution, qualified or non-qualified dividend, a return of capital, etc. – but the company that paid the distribution has changed how that income was classified
  • Tax identification number change: If you notified M1 that your tax identification number (SSN or EIN) is incorrect, M1 or Apex Clearing will issue a new tax document that reflects the changes
  • Cost basis correction following a wash sale: A security that was sold at a loss and repurchased within 30 days is subject to wash sale rules, which means that the loss cannot be claimed when filing your taxes. A trade subject to wash sale rules that occurs after your Consolidated 1099 has been delivered may result in a revised document being issued
  • Cost basis correction following a brokerage account transfer: If cost basis for an incoming brokerage transfer was received from your previous brokerage after your original tax document was issued, M1 or Apex Clearing may issue a new document reflecting the updated cost basis 

Receiving a revised document

You will be notified directly by M1 and/or Apex Clearing, if you receive a revised tax document. Due to the amount of time that companies can reclassify income distributions for, revised documents could be sent after the tax filing deadline. However, revised documents are often delivered in March and April, prior to the filing deadline. 

If you receive a revised tax document after you’ve filed your taxes, we recommend directing any questions you have regarding an amended return to a qualified tax professional.  

 

FAQs

Do I have to file an amended tax return? What if I already received my tax return?

Please direct all questions regarding filing an amendment to a qualified tax professional.  

Will I be reimbursed for refiling my taxes?

M1 does not reimburse any costs associated with filing an amended tax return.

What changed between my original 1099 and my new one?

To help identify what information changed between your original 1099 and a revised one, adjustments are indicated on your document with the letter “c.” 

When will my revised tax document be available to upload to TurboTax or 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.

It may take up to 48 hours after a revised tax document is received for its data to be available to import.

Was my original tax document wrong?

The original tax document that was issued to you was created with the information available at that time

My M1 account is closed, why am I getting this now?

If you received a Consolidated 1099 for an M1 account, you may receive a revised tax document. A revised tax document for your account is based on your previous account activity even if your M1 account is now closed.

Could I receive another revised 1099?

M1 cannot determine whether or not you will receive an additional revised tax document. Although revised documents are often delivered in March and April, they can be issued after the tax filing deadline. If you believe that you may receive a revised document after the tax filing deadline, you may want to consider filing an extension.

How do I qualify for a tax filing extension?

The IRS provides extensions for filing a tax return for those who need more time to file their federal returns. Information on applying for an extension can be found on the IRS website. 

 

If you have further questions, please contact us.

 

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.

 

 

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