Taxes at IB

Discussion in 'Retail Brokers' started by roncer, Feb 3, 2007.

  1. roncer

    roncer

    Can anyone share their method of compiling a tax return from an IB account? Last year I sent in all trades and that amounted to around 500 pages! Honest.

    This year I would sure like to find a less cumbersome way to do the necessary. Any and comments much appreciated.

    Ron
     
  2. well, if you switch to futures, no need to list any trades. just yor P&L for the year, which is already supplied by your broker on the 1099.
     
  3. Sanjuro

    Sanjuro

    I use a HP duplex laser printer.
    I printed 2 pages per side on both sides.
    This can reduce the pages by 75%.
     
  4. roncer

    roncer

    Jayford,

    That's interesting about futures. I primarily trade OEX options

    currently. Does any body know the story on options?

    Ron
     
  5. roncer

    roncer

    Sanjuro,

    I have a dell laser but no knowledge on if I can or how to set up

    for printing 2 pages on both sides. But thanks for the idea I may

    find a way.

    Ron
     
  6. Sanjuro

    Sanjuro

    You cannot print both sides unless you have a duplex printer.
    The best thing you can do is print 2 pages per side reducing the pages by 50%.

    I attached a picture of my Printer Settings.

    EDIT:

    I just saved all 12 months into Excel Files. Imported all 12 Months into my $50 Tax Software and generated a PDF file and it's only 14 pages. The report generated is off my 1099 by 10 cents.

    I didn't realize it but IB actually lets you print out your Schedule from there Tax Forms of the Web Page. It says I have 99 Pages.

    The problem with IB's Schedule D is when a trade of 2000 shares gets broken up into 200/300/500/200/200/200/400 shares, IB generates 7 lines of trades just for 1 Trade. But I don't think it's worth paying $50 more just to mail in less pages.
     
  7. so this hp printer prints 2 pages on each side of the paper? so it really prints 4 pages per sheet? man i need that.how many sheets does it print per minute with this type double sided printing?
     
  8. Sanjuro

    Sanjuro

    I never really timed it but it's about 20 pages a minute normally and 10 pages a minute on duplex mode.

    I use a HP LaserJet 1320 as you can see from the picture.

     
  9. so sanjuro are you getting 4 pages per 1 page of paper?(2 pages per side)? that hp model gets ok ratings but they say its expensive. who else has those duplex printers?
     
  10. Sanjuro

    Sanjuro

    Yes, I'm getting 4 pages per 1 page of paper. It saved me the previous year when my schedule d was around 120 pages and I printed it on 30 pages.

    Look up 'duplex printer' on Amazon and you can find some $200 printers. But I would NOT buy a printer just for printing out tax returns.

    Check your local Kinkos and go print over there.

     
    #10     Feb 4, 2007