Moomoo Discussion Thread

Feel free to discuss the Moomoo brokerage deal in the comments below. Under no circumstances are you allowed to share your referral link or link to your referral link in the other post. Offenders will have their referrals removed.

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MTB
MTB (@guest_1808610)
March 5, 2024 20:12

Did anyone just recieve an email “Corrected 2023 Tax Documents” from moomoo?! It looks the same as the first set then sent me. Are they crazy or what? Very nice of them to send corrected forms in March!

ShawntheShawn👈🏾
ShawntheShawn👈🏾 (@guest_1809008)
March 6, 2024 15:00

Read the comments below. Many of us received incorrect 1099s in February, we had to contact Moomoo to fix it, and we received corrected 1099s in March. If your new tax form is the same as the old one, there is no need to worry about having to file an amended return.

Tippins
Tippins (@guest_1812461)
March 12, 2024 10:41

I received two different corrected 1099s (check the statement date).
The first correction affected the dividends and other income totals but still had the incorrect cost basis. The date on this form was BEFORE I sent them my correct cost basis info, so I needed to wait.
I received the second corrected 1099 today and this one has the cost basis fixed. I was promised a corrected 1099 by 3/15, and they delivered early.

Eric
Eric (@guest_1815685)
March 18, 2024 04:31

MTB Something is wrong if your new “Corrected” form is the same as the first set they sent you. You are probably downloading the wrong file. My corrected file has different values than the original one. This is why I never file my taxes early anymore because brokerages keep dropping the ball in getting 1099-B forms accurately the first time.

Wernie_Mac
Wernie_Mac (@guest_1807791)
March 4, 2024 18:23

I closed my MooMoo account last year and haven’t been able to access my 1099 online as a result. I reached out to support, who let me know that “their vendor was in the process of mailing out physical 1099s to those who closed accounts”, and that those forms should be received by the end of March.

Cutting it a little close 😐

Chatan
Chatan (@guest_1807537)
March 4, 2024 11:57

Also received a corrected 1099 where they moved $4.59 from dividend income to miscellaneous income. Of course I’ve already filed… MooMoo once again proving how much of a shit brokerage they are…

Jimmy Johns
Jimmy Johns (@guest_1806862)
March 2, 2024 23:18

Originally had 1099-B with incorrect cost basis from transferred shares posted around 2/15. Emailed [email protected] with screenshots showing the original purchases, agent responded that the next batch would show the corrections by 3/1
Updated document arrived 3/2, shows correct basis. A bit annoying to fix, but easily doable if you have statements from your old brokerage, match up dates of share purchase between the two brokerages (minus differences for settlement time).

Tippins
Tippins (@guest_1805612)
February 29, 2024 14:27

Received the following reply today: “The cost basis for the shares missing cost has been updated based on the data provided. A corrected statement will be sent out and should be in your account no later than March 15, 2024.”

I sent them screenshots of the incorrect 1099 entries and the relevant transaction history from Fidelity earlier this week.

Seeu
Seeu (@guest_1803868)
February 27, 2024 15:05

I dont think they can FIX the tax form. Here is what they got back to me:

“ it looks as though we have not received any cost basis for the securities. If you have some of the monthly statements from when they were purchased, i can go into the system and start making the updates. If they were purchased over the past few years, you can send a few statements at a time, I can go thru them and apply the cost to the shares. ”

I just wanna say: F

Mr. Seg
Mr. Seg (@guest_1801323)
February 22, 2024 00:23

I have never sold the stocks they gave me, but they are still in my 1099. Does anyone know if I should and how to report them?

ShawntheShawn👈🏾
ShawntheShawn👈🏾 (@guest_1801394)
February 22, 2024 08:49

That’s pretty normal, just report it as it is in your 1099. Whatever you have in your 1099 now becomes your cost basis for your tax return next time after you have sold them.

The other way a brokerage may handle it is they do not report it as an income in your 1099 now, but after you have sold the stocks, they will issue a 1099 with a cost basis of 0 for those sales.

PSA: pay attention to your 1099 next time, although the stocks you received from signing-up have been reported as incomes in your 1099 this time (which again is completely fine), the brokerage may still mistakenly report a cost basis of 0 for your stock sales in which case you will be double-taxed. If that happens, you need to contact them to correct it. Mr. Seg

Mr. Seg
Mr. Seg (@guest_1801400)
February 22, 2024 09:01

Thank you, appreciate all the info!

Terp
Terp (@guest_1797868)
February 14, 2024 21:31

Got consolidated 1099 today. 14/15 of the free stocks received are listed under the income category. One single stock (F – Ford) is listed under the Dividends and Distributions page instead. The value of the stock at time received (about $12) is listed as “Qualified dividend” and in the Notes column it says “AS” which the legends says means “Promotional Share.” I don’t understand why it would be classified as a dividend instead of income, when all the other free stocks are correctly listed in the income section. Did anyone else experience the same?

David
David (@guest_1797879)
February 14, 2024 22:11

Exact same situation for my two Ford stocks. Everything else was listed under misc income.

Terp
Terp (@guest_1797883)
February 14, 2024 22:20

Are you going to ask them to correct it for the Ford shares, or include in your taxes as-is?

I’m also noticing now that the income amount they are showing for the GOOG share is about $10 more than what I wrote down as the cost basis of the share. Hmmm. I didn’t pay attention to any of the small stocks because they were so cheap and I sold them immediately. I decided to keep the GOOG share so I actually recorded that in my separate stock-tracker, including the “cost” basis. I would have thought the amount they consider as income would be the value at time the stock was received, but then it should match the cost basis. Unless this has something to do with the holding period when the free stocks were “frozen” until the 60 day mark or something? I think the promotion was along those lines. I wonder if they’re considering the income amount to be when the share was first granted, even if it was locked for some time, or vice versa. Otherwise I don’t know why what I recorded as cost basis (which definitely came from something I saw in the app) is different than what they have as the income for that share.

David
David (@guest_1797888)
February 14, 2024 22:53

I don’t have a lot of confidence that they will get it fixed correctly. Depending on how other people experience with corrections go, I might try that route.

Terp
Terp (@guest_1806808)
March 2, 2024 19:11

I received an email today (3/2) letting me know of corrected 1099. The Ford share is now listed as income instead of dividend. I hadn’t reached out to them about it so it seems to have been fixed proactively. The new 1099 is dated 2/23 so just over a week ago.

Joseph
Joseph (@guest_1797890)
February 14, 2024 22:57

yes, the value is determined when the stock was granted, which then also becomes your cost basis, which determines your gains or losses.

Joseph
Joseph (@guest_1797889)
February 14, 2024 22:56

Having them classified as dividends results in a lower tax bill than income on a 1099-misc.

ShawntheShawn👈🏾
ShawntheShawn👈🏾 (@guest_1797846)
February 14, 2024 20:43

Here is the instruction for correcting wrong information on tax statements:
https://www.moomoo.com/us/support/topic4_376?lang=en-us&from_platform=4&platform_langArea=us

No need to chat with them, just email them.

Tippins
Tippins (@guest_1797722)
February 14, 2024 16:16

For those with incorrect cost basis on their 1099:
The detailed transactions in the 1099 do have the correct Date Acquired from my other brokerage (Fidelity).

So I was able to match those dates up with the dates I bought SGOV in Fidelity and calculate the correct cost basis. (I exported my SGOV buys to a CSV, then copy-pasted from the Moomoo 1099 into the spreadsheet.)

John R🔗
John R🔗 (@guest_1799140)
February 17, 2024 14:41

Thanks for the tip. Made the correction request a lot less painful.