Dear Tax/TurboTax Experts,
I had investments at Ally Invest in year 2020.
I imported to TT my Ally Invest tax forms from Apex Clearing, and found my tax liability was $600+.
However, the Form 1099 Composite in my Ally Invest account, I see both Ordinary and Qualified Dividends only at $15.95, and a Form 1099-B amount of -$22.95 for Realized and Aggregate loss on contracts.
After I hand key the $15.95 in to TT, my tax liability hardly changed.
Why the large discrepancy?
Thank you!
Go to Federal Taxes>Wages & Income>Import Summary and open the import from Ally. It will tell you what it got.
I wouldn't trust any imported data without checking. TT has had a problem with importing Ally 1099-INTs for three years and doesn't seem to care.
Dear Jkwilson,
Really appreciate your prompt advice!
Is Ally Invest the only institution that TT has had problems importing the tax docs?
I am NOT familiar with taxes and have relied on TT for many years. What do I do with a 1099 Consolidated?
Thank you so much!
Help with figuring out when you will be able to import your 1099 has been provided by clicking here. Also click here to find out which forms can be imported.