Forums - Penson is STILL making changing to all their 1099's. OK to file anyway?

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	Forums ›› Direct-Access Brokers ›› Retail Firms ›› Penson is STILL making changing to all their 1099's. OK to file anyway?

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RichardRimes

Registered: Oct 2005
Posts: 2528

04-08-12 04:19 PM

I would go ahead and file. Wait and see if the IRS sends you a letter then you can respond. They are actually pretty reasonable to deal with and I wouldn't worry that this would cause a "full" audit. When you respond you just provide documentation of your trades and tell them Penson is in error. I'm sure many others will be doing the same. I only traded futures and I think they are still off. oh well.

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thesniper

Registered: Aug 2007
Posts: 72

04-08-12 04:34 PM

Quote from RichardRimes:

I would go ahead and file. Wait and see if the IRS sends you a letter then you can respond. They are actually pretty reasonable to deal with and I wouldn't worry that this would cause a "full" audit. When you respond you just provide documentation of your trades and tell them Penson is in error. I'm sure many others will be doing the same. I only traded futures and I think they are still off. oh well.

You only trade futures and Penson still gave you an incorrect P/L number? I thought futures was the simplest and most error free intrument to trade as far as tax reporting?

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jackpearson

Registered: Jul 2006
Posts: 307

04-09-12 02:56 AM

Quote from RichardRimes:

I would go ahead and file. Wait and see if the IRS sends you a letter then you can respond. They are actually pretty reasonable to deal with and I wouldn't worry that this would cause a "full" audit. When you respond you just provide documentation of your trades and tell them Penson is in error. I'm sure many others will be doing the same. I only traded futures and I think they are still off. oh well.

What exactly IS a "full" audit?

My tax returns are extremely simple outside the massive amount of trades I make. I give them all the trade detail. They have everything. I don't see why I would ever be audited since they have all my trade activity. What else could they possibly ask for when they have it all?

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RichardRimes

Registered: Oct 2005
Posts: 2528

04-09-12 05:10 AM

Jack ..sounds like you give enough info upfront to be ok. Some people are just afraid that if the IRS looks at one item, say your Charitable giving on ScA, they are more likely to ask for complete records of every listed action/transaction on the 1040. I've not seen them do that. A certain % is targeted for full audits and Sc C...EIC and certain other schedules are audited more frequently.

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