Has IB sent out the tax statements yet?

Discussion in 'Retail Brokers' started by Btruck, Feb 20, 2008.

  1. Btruck

    Btruck

    Has IB began sending out tax statements yet? Having received all of my other tax documents from various firms, I have began to wonder. This will be my first tax year with IB.

    Thanks
     
  2. Log into your IB account, look for tax forms or such. They won't send them out via USPS.
     
  3. smithi

    smithi

    the amazing thing you may find is that the online 1099 does not match your yearly statement or schedule D
     
  4. Btruck

    Btruck

    Thanks
     
  5. Btruck

    Btruck

    I believe this is because of the FIFO accounting they use with their statements/accounts.
     
  6. JackR

    JackR

    Here is a recent note from IB:

    Please note that the Schedule D Gain/Loss Worksheet which was originally provided for this account on February 5, 2008 contained an error and was removed from Account Management when identified on February 11, 2008. If you accessed this Worksheet during this time frame and printed and/or downloaded the document, we recommend that you discard that copy until such time a revised version has been made available. At this point no erroneous Schedule D Gain/Loss Worksheets are available for viewing within Account Management. If you are currently able to view this document then the correction has been made. If not, the corrected version should be made available no later than February 29, 2008.

    As a reminder, this Gain/Loss Worksheet is intended to be used solely as a guide to assist you in the preparation of your Schedule D tax form and is not provided to the IRS. We apologize for this error and recommend that you contact our Customer Service Department should you have any questions regarding this matter.


    For those of you that do options along with other equities - the IB Schedule D worksheet includes options, but IB's 1099-B total does not. IB's 1099 only includes the sales that are required to be reported on the 1099. The Schedule D worksheet is just that, a worksheet. You may or may not report a specific option trade as it may be included in the basis of a stock trade. Of course, profits and loses from option trading is reportable to the IRS, but no broker is currently required to 1099 the sale of options.

    Jack
     
  7. jacks correct. the reason 99% of the 1099 totals and the sch d's don't match up is that the sch d worksheet includes options that you must list anyway. i have trade tax software that downloads all my trades and ib's total p@l at the end of sch d-1 is accurate to the penny. REMEMBER THE IRS COMPUTER ONLY CARES THAT YOUR TOTAL SALES ARE AT LEAST AS MUCH AS THE TOTAL 1099 SALES IB REPORTS. IF THEY'RE MORE WHEN INLUDING OPTIONS IT DOESN'T MATTER
     
  8. GTC

    GTC

  9. Does each option trade need to be listed individually or can it be a single line listing since there is no 1099b for option trades? thanks
     
  10. JackR

    JackR

    #10     Feb 20, 2008