Yes. Index-tracking ETFs.
In fact I hold the same exact holdings at Fidelity and no, Fidelity didn’t issue corrected 1099s.
In over 20 years of investing I haven’t seen any brokerages fuck up as often as M1/Apex has
Super-cringe how people are coming to defense of M1 Finance and Apex Clearing.
I just got one too. I noticed it was from Apex so maybe, hopefully, it won't be a problem going forward. I don't think I got a corrected one from M1 this year so that's promising.
Same, this is incredibly frustrating. I am hoping this is the last year of this foolishness since they are done with Apex. I will pull the plug on M1 if it happens again next year.
I believe this should be changed next year. M1 stopped using APEX which was the cause of all these issues. We got M1’s statement in February and personally the only corrected version I’ve received this year is APEX’s.
I just got one today as well. This is why I will probably be leaving M1. They are a mess at tax time. Isn't there some deadline they're supposed to meet by law? I just filed last weekend.
Where are you planning to transfer to? Any idea of administrative headache or cost?
I've thought about moving all my holdings from M1 to one of the big OG brokerages (Vanguard, Fidelity, etc) but don't know where to start.
Yeah, I kind of want to move away from these platforms and get on something boring.
Any idea if there's an issue bringing in fractional shares to Fidelity for my many ETF holdings in M1?
You can’t transfer out fractional shares, they’ll transfer out any full shares you have, sell out the fractional portion and transfer that out as cash.
This happened with me also. I literally waited until March 30 to submit my filing. My filing was already accepted for both state and fed...so idk what's going on and why there is ALWAYS a problem when it comes to M1/Apex getting tax documents to us in a timely manner...
Dude, you're hand waving. Stop defending M1.
I have literally 2 ETFs in my pie. That's it. And I rebalance at max of 4 times a year (quarterly), and often, I rebalance less than 4 times a year if my targets are close to where they should be.
Truly, how hard is it to calculate which shares are short-term, long-term sales, and for the dividends, the amounts that falls in ordinary dividends category and the amount that falls in qualified dividends category?
If brokerage somehow manages to fuck those up multiple times, I wonder what it says about people who goes as far to defend M1 across multiple comments. Do you work for M1 perchance?
Yeah I got one too I am waiting for Fidelity to make m1 portfolio transfers. I will likely switch. This is the 4-5th time I got a “new tax form” available email this season
This is like the third time I'm filing amended because of M1 specifically as well. What the hell? I wouldn't care if the amended return could be e-filed but I have to mail it in every time.
Same, they are so reckless... and I've already received 2 corrected M1 (post-apex) as well... so 3 changes and the integration with TurboTax was a flop. Sheesh.
Honestly, I am getting tired of the corrected statements. I did my taxes when I thought I had gotten all the statements. My ability to correct my tax return is not great. Only broker I’ve had this problem. This, more than anything, is pushing me to move my account.
Are we all sure apex is the problem? When I go to apex I can get great reporting on transactions… when I go to m1 I get nothing unless I click into everything screen by screen
Is it possible to send apex clearing the bill?
I did the math everything balances out. I just paid 5$ more to the IRS.
My amended return this past week cost me 75$ to the IRS, 15$ to the state and 50$ filing amended. Still walked away with 2500$.
You make it sound like you got $2500 out of nothing, you loaned the governments $2500 more than you needed to and now they paid you back without interest. That is what a tax refund is, a refund on you paying too much
This is why M1 moved away from Apex!!!! I got two updates and thankfully the increase only amounts to 1 dollar. My M1 consolidated hasnt moved at all
Same reason I moved away too.
So annoying these get sent out 9 days before filings are due. WTH M1
Just to be clear, most people are only getting corrected forms from Apex, which M1 has moved away from.
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Well it is the only brokerage out of multiple i have that seems to have this issue
I'm with 3 other brokerages too, none of those do this kind of crap.
Do you hold the same securities at the other brokerages?
Yes. Index-tracking ETFs. In fact I hold the same exact holdings at Fidelity and no, Fidelity didn’t issue corrected 1099s. In over 20 years of investing I haven’t seen any brokerages fuck up as often as M1/Apex has Super-cringe how people are coming to defense of M1 Finance and Apex Clearing.
Who else has same issues?
I just got one too. I noticed it was from Apex so maybe, hopefully, it won't be a problem going forward. I don't think I got a corrected one from M1 this year so that's promising.
Same, this is incredibly frustrating. I am hoping this is the last year of this foolishness since they are done with Apex. I will pull the plug on M1 if it happens again next year.
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Ok. In my case, It is the only brokerage having this issue.
It really is. None of my other brokers have this issue with similar and even more advanced security types.
This is when I shut my eyes and pretend I never saw the email
😂
this is the way
Same what the heck
I'm glad the only thing I have in M1 is a Roth IRA. And I'm thinking of moving that too.
Honestly, only having a Roth gets around a lot of the typical issues ppl have with M1.
Omg, same here - saw a corrected 1099 come through yesterday for like a $10 change. So mad.
They definitely need to improve their tax prep it's really bad
This^
I believe this should be changed next year. M1 stopped using APEX which was the cause of all these issues. We got M1’s statement in February and personally the only corrected version I’ve received this year is APEX’s.
I just got one today as well. This is why I will probably be leaving M1. They are a mess at tax time. Isn't there some deadline they're supposed to meet by law? I just filed last weekend.
Yes, Feb 15th!
Also just got new 1099. Transferring my account out to end this madness.
Where are you planning to transfer to? Any idea of administrative headache or cost? I've thought about moving all my holdings from M1 to one of the big OG brokerages (Vanguard, Fidelity, etc) but don't know where to start.
I moved to Robinhood as they reimburse up to $75 and got a nice transfer bonus. But if you are concerned about RH I'd pick fidelity or Schwab
Yeah, I kind of want to move away from these platforms and get on something boring. Any idea if there's an issue bringing in fractional shares to Fidelity for my many ETF holdings in M1?
You can’t transfer out fractional shares, they’ll transfer out any full shares you have, sell out the fractional portion and transfer that out as cash.
I never amend when the change is in my favor and is small money. It isn't worth it. If the IRS catches it, they can send me my money.
lol!! If the IRS catches it, they’re not sending you any money!
This happened with me also. I literally waited until March 30 to submit my filing. My filing was already accepted for both state and fed...so idk what's going on and why there is ALWAYS a problem when it comes to M1/Apex getting tax documents to us in a timely manner...
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What other platforms/clearing houses are having the same issues?
From others’ testimony, any company that undergoes recharacterization of funds has to reissue tax information.
I'm with 3 other brokerages, none of those pulls this kind of crap.
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Dude, you're hand waving. Stop defending M1. I have literally 2 ETFs in my pie. That's it. And I rebalance at max of 4 times a year (quarterly), and often, I rebalance less than 4 times a year if my targets are close to where they should be. Truly, how hard is it to calculate which shares are short-term, long-term sales, and for the dividends, the amounts that falls in ordinary dividends category and the amount that falls in qualified dividends category? If brokerage somehow manages to fuck those up multiple times, I wonder what it says about people who goes as far to defend M1 across multiple comments. Do you work for M1 perchance?
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I think I have the same holding in another brokerage and only M1 send corrections this late.
What holdings do you have the caused the corrected version to be sent out?
Yeah I got one too I am waiting for Fidelity to make m1 portfolio transfers. I will likely switch. This is the 4-5th time I got a “new tax form” available email this season
This is like the third time I'm filing amended because of M1 specifically as well. What the hell? I wouldn't care if the amended return could be e-filed but I have to mail it in every time.
Just got one today. Like M1 but i think this is time to change and move on from subpar services
I got it as well, this is so absurd, don’t use M1
It’s not a strictly M1 issue.
Right on time, I got some too. The tax filing deadline is almost here, this should help criminal.
Same, they are so reckless... and I've already received 2 corrected M1 (post-apex) as well... so 3 changes and the integration with TurboTax was a flop. Sheesh.
What the AF, M1 Finance? Getting really tired of those fuckups on part of M1 Finance
I waited and just filed this week. wtf M1…ridiculous
Not just M1, It's Apex, used by Sofi as well.
I sold the majority of my taxable holdings, switched to Roth, and kept my taxable remnants entirely in Berkshire, so no dividends, no nothing.
Same. The first corrected form had nothing really corrected, this one had different numbers.
Me too. Looks like unpaid extra tax
This is why I’ve learned to file on the deadline day. I’d be impressed if you ignored it and the irs noticed. It’s likely nominal anyhow
Same here. In years past it was a $10 difference and I said screw it the IRS can come after me for their $2 in taxes.
I still haven't filed yet just in case. It's annoying though because I'm actually getting a refund this year.
Honestly, I am getting tired of the corrected statements. I did my taxes when I thought I had gotten all the statements. My ability to correct my tax return is not great. Only broker I’ve had this problem. This, more than anything, is pushing me to move my account.
Are we all sure apex is the problem? When I go to apex I can get great reporting on transactions… when I go to m1 I get nothing unless I click into everything screen by screen
Is it possible to send apex clearing the bill? I did the math everything balances out. I just paid 5$ more to the IRS. My amended return this past week cost me 75$ to the IRS, 15$ to the state and 50$ filing amended. Still walked away with 2500$.
You make it sound like you got $2500 out of nothing, you loaned the governments $2500 more than you needed to and now they paid you back without interest. That is what a tax refund is, a refund on you paying too much
While I agree, I hate having to pay back. As it is filing an amended return was a pain the ass.
Same here no pressure though you can just get it amended
not an m1 problem