urgent: IB 1099 for 2011 doesn't match Total P/L for 2011 Statement Period

Discussion in 'Professional Trading' started by stockcik, Mar 23, 2012.

  1. stockcik

    stockcik

    The accountant told me I have about $900 loss in 2011 but on IB Total P/L for Statement Period for 2011 shows: $271.72, it was a profit, anyone can help?

    1099 shows that:
    Covered Securities: Short-Term
    2 Stocks, bonds , etc. (gross proceeds less commissions & options premium) 203,168.18
    3 Cost or other basis 209,129.65
    5 Wash sale loss disallowed 4,308.69

    Covered Securities: Short Sales
    2 Stocks, bonds , etc. (gross proceeds less commissions & options premium) 52,472.26
    3 Cost or other basis 52,572.64
    4 Federal income tax withheld 0.00
    5 Wash sale loss disallowed 29.00

    Noncovered Securities
    2 Stocks, bonds , etc. (gross proceeds less commissions & options premium) 90,234.06
    3 Cost or other basis
    4 Federal income tax withheld 0.00
    5 Wash sale loss disallowed
    6 Covered/Noncovered Noncovered
    8 Type of gain or loss
    9 Description
    10 Profit or (loss) realized in 2011 on closed contracts 1,812.33
    13 Aggregate profit or (loss) on contracts 1,812.33
     
  2. tax statement should not be the same as the plain statement.

    because tax statement needs factor in year-around carry over(if you have some position), wash sale carry over, year end cut off etc.

    the statement is just the transactions during 2011.

    it may be the same, but lots of time particularly you have an accounts years, they are not the same. pretty normal.
     
  3. Bob111

    Bob111

  4. We have some IB clients where the IB-generated Form 8949 doesn't match their own 1099-B on basic items. This concerns us.
     
  5. I would suggest your accountant to prepare 8949 form for you and calculate p&l based on that.
     


  6. Big concern....
     
  7. why not just compute the 8949 yourself & forget the 1099-B numbers that are wrong? The IRS can't complain if your numbers match up to your trade list. As long as you can prove via your trade history your numbers are correct, there's no problem.
     
  8. Bob111

    Bob111

    exactly.. i was saying same in my previous posts...irs is shooting themselves in the footwith all this new s**t......i would leave 1099 for irs to figure it out my pnl..i know that my calculations from 8949 are right..they have to dig a bit more now...look into my 8949,to match everything.. :p :p :p
    enjoy it , irs
     
  9. Yes, when lots of numbers don't match something is wrong. First, we gave IB a A grade for generating 8949, but now take it back with the numbers not matching. We are investigating this problem.
     
  10. BSAM

    BSAM

    2011 = impossible to report stock trades???
    What I been reading is absurd!
     
    #10     Mar 24, 2012