IB 1099 Statements

Discussion in 'Retail Brokers' started by PXG, Feb 3, 2003.

  1. PXG

    PXG

    Hi,
    I was wondering if somebody has info on this, because IB CS didn't give me a clear answer.

    There are two 1099 forms in my U12345 (Universal) Account Page.

    1. 1099 for: S12345 (Stock account)
    2. 1099 for: U12345C (Universal account)

    The S12345 1099 form has only info about stocks.
    The U12345C 1099 form has only info about futures.

    Now my questions are:
    1.) I thought the account S12345 didn't exist any more, since IB replaced it with Universal account? (I would assume, the 1099 form for S12345 should contain info only up to the date when the account was converted to Universal, right?).
    2.) And since I trade both stocks and futures, and now my account number is U12345, there should be info about both stocks and futures on my U12345 1099 form?
     
  2. 1) Yes, it doesn't exist anymore, but for tax purposes in the year 2002 it did exist.

    2) If you traded stocks in 2002 in your universal account, your 1099 form for that account should show stock transactions.
     
  3. I just printed mine out and can see that the amounts reported in the two accounts are additive. Same thing for the monthly account statements.
     
  4. alanm

    alanm

    Quote from PXG:
    2.) And since I trade both stocks and futures, and now my account number is U12345, there should be info about both stocks and futures on my U12345 1099 form?


    In my universal account, I traded both stocks and futures. On my statements download page, I have choices for both "Form 1099" and "Commodity Account (U12345C) Form 1099". The stock trades are on the former and the profits from futures trades are on the latter.
     
  5. PXG

    PXG

    Thanks everybody for your replies.
    Well, I did compare the 1099s figures with my records, and I realized, my 1099s are not complete/ i.e. are incorrect.

    Here is the situation:
    I have U12345, which was formerly S12345.
    When I log into U12345/ My Account on IB's page, there are two 1099 forms. One says Form 1099, and the other Commodity Account (U12345) Form 1099. When I open the Form 1099, it says it is for S12345, and it gives you the Total Gross Proceeds Less Commissions for stock sales only. When I open the Commodity Account (U12345) Form 1099, it says it is for U12345, and it gives you Realized and Aggregate Futures Profit/Loss (for futures of course, only).

    So where is the problem? The S12345 1099 form gives Total Gross Proceeds for stock sales, but ONLY up to the date the account was converted to U12345. The stock sales proceeds from the date the S12345 was converted into U12345 until the end of the year are completely missing.

    I hope I explained it clearly.
    May be you should verify your 1099 figures, too.
    I am going to contact IB CS again
     
  6. alanm

    alanm

    Quote from PXG:

    So where is the problem? The S12345 1099 form gives Total Gross Proceeds for stock sales, but ONLY up to the date the account was converted to U12345. The stock sales proceeds from the date the S12345 was converted into U12345 until the end of the year are completely missing.



    I have an account S12345, in which I traded only stocks, which was converted to U12345. In this account, there is only one 1099 button, but the resulting page is actually 2 forms. The top of the page is for S12345, and contains proceeds before the conversion, and right after it is another form for U12345, with the proceeds after the conversion.

    Did you scroll down through the whole page?

     
  7. PXG

    PXG



    Thanks a lot!!! I completely missed that! Yes, it's there.
     
  8. In my old stock account 1099 they also give me a listing of my trades. Now that I am trading only futures there is no listing with the 1099, only the P/L. Why are stocks reported with detail and futures with none?
     
  9. gaj

    gaj

    they're no longer reporting details on the stocks, either.
     
  10. According to their message board they're coming out with detailed annual statements in mid-February that will list all trades.
     
    #10     Feb 5, 2003