Registered: Jul 2006
04-07-12 08:19 PM
There's no guarantee that any of the brokers will have correct 1099-B info for the 2011 tax year.
If you file an extension, there's still a VERY good chance that your 1099-B's will STILL not match your trading history.
At some point you have to decide whether to use your correct info from your trading history, or, file what you know is incorrect 1099-B info you receive from your brokers.
Why isn't filling out the correct info & sending it in and letting the IRS get the updates from the 1099-B whenever each broker has updates the correct way to go?
You don't have to send in the 1099-B forms from the brokers with your taxes. You just get a copy. The brokers keep sending new info to the IRS.
Why is waiting the correct route?
I've done my taxes already, but haven't sent them in, and there's a huge discrepancy between my correct numbers & the 1099-B's.
But, that doesn't mean I should match the incorrect 1099-B's.