NOTE: This information only applies to legacy accounts held at Apex, our previous clearing firm.
Apex, our previous clearing firm, supports integration with TurboTax.
It’s important to understand how many stock transactions TurboTax Online can handle per brokerage account. Here’s a breakdown of TurboTax’s capabilities by the amount of trades made during the filing year:
- < 500 Trades You can import your Consolidated 1099 information directly to TurboTax Online by following the TurboTax Import Instructions below.
- 500 - 2,000 Trades To import your Consolidated 1099 information, you may need to switch from TurboTax Online to TurboTax CD/Download software which handles around 2,000 individual transactions per brokerage.
- > 2,000 Trades Please refer to the following articles or consult a tax advisor regarding your tax reporting options:
TurboTax Import Instructions
Here is a summary of Inuit’s on-screen instructions for TurboTax. We hope this will help you familiarize yourself with the TurboTax import function.
- After starting a new return from the File menu, select Import then From Financial Institution
- On the next screen, type “Apex” into the field titled ‘I’m looking for’ and then select ‘Apex Clearing Corporation’ and click Continue
- Next, you will be presented with a login screen:
- In the Apex User ID field, enter your account number. For example, account 3AP-12345 would enter 3AP12345 as their username.
- In the Apex Password field, enter the Tax ID number that is associated with the account. Click Continue.
- Once you select Continue and your login credentials are validated, you will be presented with a screen identifying which forms and information is available for import. You will then follow the on-screen instructions to select the information you wish to include.
Please note that Turbo Tax is the only tax software supported at this time.