IB form 8949 doesn't match Total P/L for 2012 Statement Period

Discussion in 'Retail Brokers' started by stockcik, Feb 15, 2013.

  1. stockcik


    my Total P/L for 2012 Statement Period is $750 profit
    but after I calculated on form 8949,there is a $80 loss
    :( I am so confused
  2. koolaid


    I have IB and i tell you, it is the most complicated and broken platform out there. It's all a bunch of lego blocks put together. None of their shit makes sense or is intuitive
  3. stockcik


    so which amount should I report to irs :confused:
  4. Bob111



    see my post on page 1.
    or if it's too hard-see pic on page 6

    for entertaiment-see my posts here:

    http://www.elitetrader.com/vb/showt...7&perpage=6&highlight=2011 taxes&pagenumber=1

    same problem :)

    page 12

    http://www.elitetrader.com/vb/showt...&perpage=6&highlight=2011 taxes&pagenumber=12

    ----you right about adding wash sale to basis,but i believe that it's already added and 'g' column indicate (as it says) adjustment to your PnL(with wash sale added to basis). i see no mess here.

    the other way to calculate your PnL and report it in one line, the way that it would fit into common soft like tax cut or turbotax is to ADD the total in column 'g' to your total PROCEEDS, then subtract total basis from it. make a bit more sense?
    it's my guess and i'm not a pro,but looks like this is the way.
    and off course you have to mail the worksheets to IRS and keep the copies for yourself.

    ps-just calculated it the way i described above and everything is matches perfectly. now we have to hear from a pro at IB seminar -how to properly report all this.---

    it would be a remainder for myself.how to do it(will try on weekend)
    cause i don't remember a thing from previous year.
  5. Did you have any wash sale loss carry forward from 2011 ??
    I think they actually got mine correct this year – my wash sale carry forward looks to have been correctly accounted for in 2012. I made sure I had no wash sales after November 2012 and only had the carry forward from my QQQ trades in 2011.
  6. I've got form 8949 and am trying to figure out a way to import all the data into TurboTax unsuccessfully. I have like 300 option trades to report that I really would rather not type in...
  7. gkishot


    Simply report the total amounts.
  8. I thought you had to give the details of all the trades, I didn't realize I could do that. That will save some time for sure.
  9. You have the option to save the data as a txf file , then you can simply import it to Turbo Tax.
  10. Thats the problem, I can't find where to import it to. I went to the imported files section and it only gave me the option to import w-2's and 1099's I believe. I even upgraded to the premier investing instead of the basic one, but it still says that was all it could import. Any advice on where to go?

    They made it seem like I could import the files, it said click the easy guide to import and so I walk through and then it gives me the option of typing in each individual transaction or filling them all in in a spreadsheet type format where there are several rows to speed the process up a little. Still not very quick. They don't make it easy to get in touch with them either on the site. It just takes you to FAQ and the search bar basically.
    #10     Feb 15, 2013