M1’s Guide to Tax Season

Use this handy guide to breeze through this tax season stress-free.

• Check important dates
• Find your docs
• Max out your IRA
• Filing online
• More information

You’re set up for success

The federal government taxes investment income (such as interest and dividends) and realized capital gains. M1 uses built-in tax efficiency to help reduce the amount owed on taxes automatically, but you’ll still need to file a few forms with the rest of your taxes by April 18, 2023 in accordance with the IRS tax code.

Important dates

Here’s a look ahead at your tax season schedule. As an M1 client, you may receive multiple documents from this list or none at all—depending on the type(s) of account(s) you have.

Keep in mind, these dates are subject to change based on IRS guidance. We’ll continue to update this page with the most current information.

Why not get a head-start? You can start the process of filing on this date.

This form is used to report distributions from Traditional, Roth, SEP and Beneficiary IRAs.

Who will receive a 1099-R:
Clients who made a withdrawal from an IRA account during the previous calendar year will receive a 1099-R. IRA conversions will also generate a 1099-R. Email notifications will be sent from reply@email.m1finance.com and taxnotification@apexfintechdocuments.com once this document is available.

Where to find it: A 1099-R will be made available in the documents tab if you have an applicable M1 account.

Where to find it: Our clearing firm, Apex Clearing, may issue a corrected 1099-R. If you receive a corrected tax document after you file your taxes, please consult a qualified tax professional with any questions.

This form is used to report any earnings and losses in a taxable account, such as capital gains and losses, dividends, or miscellaneous payments received in your account.

Who will receive a consolidated 1099:
Clients who sold securities or received more than $10 in dividends in a taxable account. Email notifications will be sent from reply@email.m1finance.com and taxnotification@apexfintechdocuments.com once this document is available.

Where to find it:
A Consolidated 1099 will be made available in the documents tab if you have an applicable M1 account.

Note: Our clearing firm, Apex Clearing, may issue a corrected Consolidated 1099. If you receive a corrected tax document after you file your taxes, please consult a qualified tax professional with any questions.

Please submit any requests here by April 1 to allow processing time prior to the April 18 tax deadline.

Prior year IRA recharacterizations processed between April 18 and the extended tax deadline may result in needing to file an amended tax return.

Tax filing deadline and the last day to Tax filing deadline and the last day to contribute to a 2022 IRA.

This form is used to report all contributions made to an IRA during the year. Because you can make a 2022 contribution to your IRA until April 18, 2023, your 5498 may be generated after the tax filing deadline.

This form will be sent to the IRS directly by our clearing firm and isn’t required to file your taxes.

Who will receive a 5498:
Clients who contributed to an IRA or rollover into an IRA will receive a 5498. IRA conversions will also generate a 5498.

Where to find it:
There’s no action you need to take regarding your 5498, but you’ll be able to access a copy in the documents tab if you have an applicable M1 account.

How to find your docs

Ready to get your ducks in a row? Here’s where to access your important documents. Keep in mind: not every M1 client will receive tax documents. The documents you will receive depend on the type of M1 account(s) you have.

On web:

1. Log into your M1 account.
2. Click your name at the top right.
3. Click “View Account Settings.”
4. Click the ‘Documents’ tab and make sure only ‘Tax Forms’ is selected.
5. Once that is selected, you will see the tax form(s) if they were generated for your account(s).

On mobile? Get mobile-specific instructions here.

Maxing out your IRA

The deadline to max out your 2022 IRA is Tuesday, April 18 2023 (Tax Day). For our most complete information about filing taxes for your IRA, check out our guide to tax season for your IRA.

If you would like to change the contribution year on an IRA deposit, please contact our Client Success team.

Contact us

Filing your taxes online?

You’re in luck: M1 integrates directly with TurboTax and with H&R Block to make filing your taxes easier than ever. Click on either of the buttons to get started.

Keep in mind, if you have an M1 Checking Account, you will need to manually upload any 1099-INT or 1099-MISC documents that come your way.

Click to file with:

More information

Still have questions? Here are some relevant tax-related articles written by the M1 Team.

See all tax articles

What tax documents will I receive?
Tax glossary
A guide to tax season for your IRA
M1 integration with TurboTax and H&R Block

We’re here to help.

M1 is not a tax advisor, but we can help you understand your options and take action.

Contact us

Keep building your knowledge

When it comes to your personal finances, there’s always more to learn. Here are some of our most relevant blog posts to help you continue building your money smarts.

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.