Hey everyone. I have a discrepancy with my 1099 and what is shown on the Ally Invest website. So apparently the tax lot allocation method I chose (HIFO and LIFO) sometime in 2021 was only for online viewing purposes and not for actual tax reporting. So now my 1099 reports a $4000 gain instead of what is shown on their website and what I was planning, which was a tax loss harvest of a -$4000 loss.
I've used some margin on the account and I am skeptical that their system is calculating it right or even if I am missing funds on my account since it looks like it reflects their online website and not what is even being reported.
Does anyone have any insight on this and if there's anyway to get it resolved or compensated which is probably really unlikely? I just contacted them through chat and they said there's no way to change the tax lots and that my account is calculated correctly. Really fed up with their mickey mouse investing website and planning to move my account over to a new brokerage after this.
Leave a Reply