When Merrill Edge closes your account and sends a check, you need to
deposit the check, then expect tax forms (like 1099-B/DIV) in early 2026, and use those forms to report gains/losses/dividends to the IRS/CRA when you file your taxes, potentially needing a tax professional for complex situations, especially if it was a retirement account or you sold investments. - Deposit it: Deposit the check into your personal bank account via mobile app, ATM, or branch.
- Keep Records: Keep a copy of the check and confirmation of deposit for your records.
2. Understand Tax Implications
- Settled Cash: The check represents settled funds from your investments or account balance.
- Taxable Events: If you sold investments to get that cash, those sales are taxable events (capital gains/losses).
- Dividends/Interest: Any interest or dividends earned are also taxable income.
3. Dealing with Tax Forms (Early 2026)
- Form 1099-B (Proceeds from Broker & Barter Exchange Transactions): Shows sales of stocks/funds.
- Form 1099-DIV (Dividends & Distributions): Shows dividends received.
- Form 1099-INT (Interest Income): Shows interest earned.
- Where to Find Them: You'll get these online (through your old Merrill Edge login if accessible) or by mail in January/February 2026. Register for online statements via MyMerrill® or Merrill Edge® websites if you haven't already.
- Provide All Forms: Give your tax preparer all the 1099 forms from Merrill Edge once you receive them.
- Explain Account Closure: Tell them the account is closed and you received a final check.
- Ask About Basis: If you don't have cost basis info, your tax agent might need to help figure it out (especially for non-FIFO/specific shares).
- Professional Help: If you had significant investments, complex sales, or it was an IRA/401(k), consult a tax professional (CPA/EA) to ensure accuracy.
5. Next Steps/Contact Merrill
- If You Can't Log In: If you can't access your old account for statements, call Merrill Edge Self-Directed Clients at 877-653-4732 for help getting your tax docs
