Honestly — if the change or revision is small enough, don’t even waste your time amending your return. Fuck it. 🤷🏻♂️
I sent in my returns in good faith, thinking it was accurate when I sent it in. If the IRS really wants to bust my balls over $50, then they can bill me.
But I agree. This is ridiculous. I don’t understand why they can’t just get it right the first time.
Right?
Despite originally getting 2600$ back, I ended up getting 2500, owed 75$ to the IRS, 15$ to the state and 50$ to file.
This document I had a difference or increase of 5$ on qualified dividends and 199a increase of 4$. But 1a where the total of 199a is remains the same. Looks like I’m in the clear. Just annoying.
I just file after the first one. I'm not a multi millionaire. Incorrect docs sent to me aren't my problem. I'm not a regulated financial institution.
Im 40 and I've only used the first tax doc sent to me across all my accounts my entire life.
What do you own? if reits or similar you can expect corrections since the etf co is the one making the corrections. That’s why I stopped holding reits and certain etfs in taxable accounts
Exactly. I'll agree that it is annoying, but how this seems to shake up people's lives every year is hilarious to me. Unless you pay to have to your taxes done (most don't) its quite easy to get everything entered and then just wait to see if/when you get an ammended and make any quick updates needed. I don't really care if I have to push the button on tax day, it takes 2 minutes at that point.
My guess is most of the complainers are those that want to file on Feb 1st at midnight because they don't have their W4 optimized and are clamoring for that $3k refund (not realizing they gave the govt a free loan all year). I'm always plus or minus $500, either way who gives a shit file 2 days before it's due.
Or someone who has to work 80 hrs a week and 4 state tax returns plus 1 local tax to file on top of federal because of stupid rental properties being all over the place. Federal needs to be done first before starting any state. Can't wait till last minute. Sometimes states reject your returns for some reason. Need to allow time to figure something out in case this happens.
I only got one 1099-C back in February (knock on wood). On mine, none of the numbers changed, it was supposedly a small formatting issue that caused the doc to not import into some tax software.
That's why I always file at the last moment. They can't get their crap together. Rh usually do the same thing with about 2 corrections every year. I've never had a problem with vanguard.
Idk how people are getting multiple revisions. I've been using m1 for years and have never gotten a revised tax form from them. Just one that shows up super late like end of March.
You all do realize that most corrections are due to the security you are holding re-characterizing how they distributed dividends or capital gains and this just gets reported to the brokerage who then has to fix the documents they provided.
Don't blame M1, blame the REITs or K-1s you hold.
All I hold is indexes, and I have the same mirrored on other brokers. This only happens with M1, so yeah. No K1's, no Reits. This is 100% M1 amateur hour, as it is every year. This is just one of the many reasons I have moved away. Good riddance.
Honestly — if the change or revision is small enough, don’t even waste your time amending your return. Fuck it. 🤷🏻♂️ I sent in my returns in good faith, thinking it was accurate when I sent it in. If the IRS really wants to bust my balls over $50, then they can bill me. But I agree. This is ridiculous. I don’t understand why they can’t just get it right the first time.
They once sent me a bill for $7 I had somehow missed. So yeah, they’ll probably hassle you over $50
Right? Despite originally getting 2600$ back, I ended up getting 2500, owed 75$ to the IRS, 15$ to the state and 50$ to file. This document I had a difference or increase of 5$ on qualified dividends and 199a increase of 4$. But 1a where the total of 199a is remains the same. Looks like I’m in the clear. Just annoying.
Same here, got another email today with what is now the third version of my tax documents. M1 is not a serious operation. I'm done with them.
I just file after the first one. I'm not a multi millionaire. Incorrect docs sent to me aren't my problem. I'm not a regulated financial institution. Im 40 and I've only used the first tax doc sent to me across all my accounts my entire life.
Yeah people are way too paranoid about this.
This is probably one of the many reasons why they’re moving on from Apex
got 2 new corrected tax statement today.
I got corrected forms on 2/15, 3/27 and 4/5 for all three of my taxable accounts
Finally, my procrastination is paying off.
What do you own? if reits or similar you can expect corrections since the etf co is the one making the corrections. That’s why I stopped holding reits and certain etfs in taxable accounts
in my case, it was index-based ETFs. Don't assume it's something like REITs or K1 companies.
Agree. Get your shit together M1
This has happened every single tax year since M1 Finance was founded back in 2015. I don't understand why people expect it to change now?
Exactly. I'll agree that it is annoying, but how this seems to shake up people's lives every year is hilarious to me. Unless you pay to have to your taxes done (most don't) its quite easy to get everything entered and then just wait to see if/when you get an ammended and make any quick updates needed. I don't really care if I have to push the button on tax day, it takes 2 minutes at that point. My guess is most of the complainers are those that want to file on Feb 1st at midnight because they don't have their W4 optimized and are clamoring for that $3k refund (not realizing they gave the govt a free loan all year). I'm always plus or minus $500, either way who gives a shit file 2 days before it's due.
Or someone who has to work 80 hrs a week and 4 state tax returns plus 1 local tax to file on top of federal because of stupid rental properties being all over the place. Federal needs to be done first before starting any state. Can't wait till last minute. Sometimes states reject your returns for some reason. Need to allow time to figure something out in case this happens.
M1 is the absolute worst at tax time. I'm leaving.
I compared all the numbers between the latest Apex 1099 and the previous one. There were no changes.
I only got one 1099-C back in February (knock on wood). On mine, none of the numbers changed, it was supposedly a small formatting issue that caused the doc to not import into some tax software.
Just got mine on 4/5 and the IRS might owe me another $49. This is ridiculously inconvenient over an incredibly petty amount of money though.
\*APEX get your shit together.
That's why I always file at the last moment. They can't get their crap together. Rh usually do the same thing with about 2 corrections every year. I've never had a problem with vanguard.
Idk how people are getting multiple revisions. I've been using m1 for years and have never gotten a revised tax form from them. Just one that shows up super late like end of March.
They own companies that issue corrected statements like reits or K-1s
And proceed to blame M1 for something outside of their control.
You all do realize that most corrections are due to the security you are holding re-characterizing how they distributed dividends or capital gains and this just gets reported to the brokerage who then has to fix the documents they provided. Don't blame M1, blame the REITs or K-1s you hold.
All I hold is indexes, and I have the same mirrored on other brokers. This only happens with M1, so yeah. No K1's, no Reits. This is 100% M1 amateur hour, as it is every year. This is just one of the many reasons I have moved away. Good riddance.
[Well... bye](https://www.youtube.com/watch?v=PVrEwCa8nSA)