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Bob111

Registered: May 2002
Posts: 6410

09-19-12 03:28 PM

Quote from nkhoi:

that was what I did, never hear anything form IRS. I guess they are scared of paperwork too.

same..throw them stack of paper with my numbers..here is my calculations..if IRS disagree-i will give them a pleasure to figure out the numbers on their own. they created this mess-let them drown in it..

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Robert A. Green

Registered: Nov 2007
Posts: 656

09-19-12 04:45 PM

Quote from zigzag:

Has anything come out of this letter? With the extended deadline less than a month away, what options do I have if I still don't have an accurate 1099-B?

We issued this update.

An update note to tax preparers and traders about incorrect 1099-Bs and 2011 tax filings
http://www.greencompany.com/blog/index.php?postid=163

And, use this footnote with the return if you are using TradeLog.
Tax Return Footnote: 2011 Form 8949 and Cost-Basis Reporting Rules
http://www.greencompany.com/blog/index.php?postid=161

We haven't heard about any news from the IRS on our petition or the AICPA letter linked in the above blog.

Bottom line. It's time to file using TradeLog and reconcile in total to the last 1099-B received. The 8949 will then match the 1099-B in total and you should be okay.

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Traderham

Registered: Jan 2011
Posts: 69

10-15-12 03:43 AM

F**k, D**M, ........ADD ANY EXTREMELY OFFENSIVE WORDS.

So I filed and extension and today is Sunday night October 14, 2012. Taxes are due tomorrow. I prepare my own and have been doing for years. MTM as I'm a full time trader and all proper elections were done years ago. I'm confident in my abilities to have procrastinated this long.

Just downloaded all my tax forms tonight from IB. WHAT A MESS!!!! I was expecting it to be like last year....nice, neat, and clean. I now have to download TradeLog? DAMN! I used Tradelog years ago when I was with Tradestation and it needed it. When I switched to IB, I didn't need TradeLog as IB's schedules and worksheets (4797) were perfect.

Well....this is what I get from procrastinating. Guess this is gonna be an all nighter. As soon as I saw the mess on IB's forms, I came here and found this thread. No one to blame but myself.

TradeLog software guys must be loving this new mess.

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bidwell

Registered: Mar 2009
Posts: 6

10-15-12 04:54 AM

Though spot. I'm finishing up too.

This TradeLog YouTube video was helpful:
TradeLog Class: Reconciling 1099-B and Ending the Tax Year, Form 8949

The 4+min part right around the 32min mark was very helpful.

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Traderham

Registered: Jan 2011
Posts: 69

10-15-12 04:18 PM

bidwell, thanks for the link. Luckily, I elected MTM years ago and don't have to file a 8949. I just need TradeLog to accurately report all my trades on 4797. I still have to use a 8949 for my futures trades (I think).

Had I known about all the changes in rules, I would have started earlier to prepare for my taxes. I blindly went into it this year presuming it's the same as last year.

I may have to file a couple of days late. These boards, specially Mr. Green's posts, have been very helpful.

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