I caught a mistake on my 1099 form from Apex Clearing (SoFi) - what now?

This is actually pretty common with brokerages, especially during tax season. When you receive an incorrect 1099 form from a financial institution like Apex Clearing (SoFi), you should definitely contact them directly to point out the error. They have an obligation to provide correct tax information to both you and the IRS. Call their customer service line or use their support chat to explain the discrepancy. Be sure to have your account information and documentation of the correct dividend amounts ready (your monthly statements will be helpful here). They should investigate the issue and, if they confirm the error, issue a corrected 1099 form, which is usually marked as "CORRECTED" at the top. Keep in mind that the IRS also receives a copy of your 1099, so it's important to get this fixed before filing to avoid a potential mismatch that could trigger questions from the IRS later.

I went through something similar with my investment accounts last year. After trying to get it fixed through customer service calls for weeks, I finally used taxr.ai (https://taxr.ai) to help me document and resolve the discrepancy. Their AI tool analyzed my monthly statements, compared them to the 1099, and generated a detailed report showing exactly where the error was. I uploaded my 1099 and monthly statements, and it automatically highlighted the discrepancies. The report they created was super helpful when I contacted Apex Clearing again - having everything documented in a professional format seemed to speed up the process. They issued a corrected 1099 within a week after I sent them the report.

Just wanted to follow up - I tried taxr.ai after seeing this recommendation and it was super helpful! Uploaded my documents from Vanguard (had a similar issue with incorrect dividend reporting) and the tool found FOUR other errors I hadn't even noticed. The report it generated was really detailed and professional-looking. When I called Vanguard with the report, they immediately understood the issue and started the process for a corrected 1099. The customer service rep actually thanked me for providing such clear documentation. Got my corrected form yesterday - much faster than I expected during tax season!

If you're still having trouble getting through to someone at SoFi/Apex after trying the regular customer service channels, I'd recommend using Claimyr (https://claimyr.com). I had a nightmare trying to get through to someone at TD Ameritrade about a similar 1099 issue last month - was on hold for HOURS. Claimyr basically calls the company for you and waits on hold, then calls you when they get a real person on the line. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c. I was skeptical but desperate after spending my entire Saturday on hold. They got me connected to a TD agent in about 40 minutes when I had been trying unsuccessfully for days.

After seeing this thread yesterday, I decided to try Claimyr for my own issue with E*TRADE (had been trying to get through for 3 days). I was pretty skeptical about the whole thing, especially since I'm usually the one to call companies directly. I'm actually really surprised at how well it worked. Set it up in about 2 minutes, went to grab lunch, and got a call back about an hour later with an E*TRADE rep already on the line. The rep had the authority to help with my 1099-B correction and started the process immediately. Honestly wish I'd known about this service earlier - would have saved me so much frustration during past tax seasons. Getting tax docs corrected is stressful enough without having to waste hours on hold.

Just FYI - I work in financial services (not for SoFi). The reason these errors happen often is because of late reclassifications of dividends from their original classification. Sometimes what was initially reported as a qualified dividend gets reclassified as return of capital or something else after the initial 1099 was issued. Definitely follow up with them, but don't assume it's necessarily an error in the traditional sense. They might explain that some adjustments were made based on final classifications that weren't available when you received your monthly statements.

I literally just went through this exact situation with Apex/SoFi last week! Called their support line (855-774-7634) and after explaining the issue, they confirmed there was an error with how some of my dividend reinvestments were calculated. They were actually pretty helpful once I got through to someone who understood the issue. Took about 5 days to get the corrected 1099, which they sent both electronically and by mail. Make sure you check your spam folder too because their email notifications sometimes end up there.

Thanks everyone for all the helpful advice! I called SoFi/Apex this morning using the number Freya shared (855-774-7634) and surprisingly got through in about 20 minutes. The rep was able to pull up my account and immediately saw the discrepancy I was talking about. Turns out it was actually a system error on their end where some dividend reinvestments from Q4 were double-counted in the qualified dividend total. They've escalated it to their tax document team and said I should expect a corrected 1099 within 7-10 business days via email and mail. The rep also mentioned they've had quite a few similar cases this tax season, so it seems like this might be a broader issue with their system. Really glad I caught this before filing! Will update once I receive the corrected form.

This is such a helpful thread! I'm dealing with a similar situation with my Schwab 1099-B where the cost basis looks completely wrong on some of my stock sales. Reading through everyone's experiences here gives me confidence that these errors can actually be resolved. I'm definitely going to try that taxr.ai tool that AstroAdventurer mentioned to help document the discrepancies before I call Schwab. Having a professional report seems like it would make the conversation so much smoother than trying to explain everything over the phone. Also really appreciate Sergio sharing that direct phone number and the update about the double-counting error - it's good to know these financial institutions are aware they're having system issues this tax season and are equipped to handle corrections efficiently.