John, your findings may not be the same as mine. I have been shorting stocks since 1972 but did not start checking for this problem until the IRS wrote me a nasty letter for the 2002 tax year. As a result, I have been checking all of my accounts for this problem each tax year. It is obvious that the IRS is matching up what is reported on the 1099 with what is reported on the schedule D.
now all tax forms on all of my IB accounts are gone.. "There is an error while processing your request"
In one of my IB accounts, I traded only stocks with no short over-the-year positions. 1099's sales proceeds and IB generated schedule D-1's total sales still did not match.
I guess we can assume that one or more of the IB employee/supervisor/management types that frequent ET has taken note of this thread and has asked some questions of their programmers/QA staff. Stand by for amended 1099's and Schedule D1's. Even if there are no errors in IB's work, they could provide a little bit more of an explanation of things on the Tax Forms page. It might even reduce the calls to Help and the number of Trouble Tickets input. Jack
Congress enacted some last minute tax law changes meaning that the current 1099 may be inaccurate. Brokers know this but they had to issue anyway to comply with the Jan. 31 deadline. New ones will be issued in a few weeks. It does not affect all brokers but from what I understand it affects most. I haven't spoken with IB yet to see if they are included.
Donât know about congress, but nothing is match so far on my tax forms(doing taxes by myself with IB for last few years without any problems). nothing..PnL is wrong(way higher than sum of IB's monthly PnL's), proceeds did not match between 1099 and 1040. no yearly statement(promised to be available on jan 31 of 2007, according to IB, delayed to EOD of Feb 5, 2007, but still not there ....everything as usual..
At least one problem that I identified on my statmements is that Corportate Actions show a PnL of 0.00 on my monthly statements. However, they properly show the gain from the involuntary sale on the IB generated D-1. So, PnL on the D-1 is higher than the monthly indicates. There might be other issues too. That's just one that I noticed.
I have discovered that on my Dell laser printer I can multiple up to 2 to 4 pages per sheet of paper. My question is would the IRS mind or allow going up to 4 pages on one side of a sheet as I have over 300 pages to send in? What a relief these new tax forms are at IB. It's easy to see where you did well and where you ran amuck in your trading, etc.
roncer, I have heard the paper-forms get scanned at IRS at some point. I am not very sure how legible your 4-page on 1 side (or 8 pages on both sides) will be after scanning. Note that you may not be able to send your schedule-D form provided by IB as is if it does not have wash-sale adjustments or if does not match with your 1099.
GTC, Yeah I think I will do the main page full size and then go to 2 pages per sheet on 1 side for the rest as I don't think I can do 2 sided printing on my machine. But 150 or so pages isn't too bad.