When does IB deliver it's tax forms online?

Discussion in 'Retail Brokers' started by Kirribilli, Feb 13, 2012.

  1. Kind of late, isn't it?
     
  2. IB-AN

    IB-AN Interactive Brokers

    Not given the recent IRS changes with respect to reporting requirements.

    Starting this year, the IRS is requiring that brokers report cost basis information as well as holding period and gross proceeds for securities deemed 'covered'. This includes stock positions acquired after January 1, 2011 and will expand to other security products over the next two years.

    In addition, the IRS requires that brokers report information on Wash Sale transactions which, by definition, require that trades through January 30, 2012 be considered. This provides an approximate two week window to process the 1099s which are scheduled to be made available February 15, 2012.

    I think you'll find that this is the date most brokers will be delivering this tax information.
     
  3. Thanks much.
     
  4. How is the reporting impacted by my adjusting the average price of a stock in TWS to match my own records? How does IB know which shares I sold when it's only a sale of a portion of a stock I own? FIFO, LIFO, average cost . . .?
     
  5. Kensho

    Kensho

    I see the 1099 is available. However I don't see the Schedule D, when will that become available?
     
  6. JackR

    JackR

    Kensho:

    I think that IB will be providing the Form 8949 Worksheet to us on or about 1 March.

    From the IB web site:

    Form 8949 is a new 2011 IRS Form replacing the old Schedule D-1 as detail support for Schedule D. The Form 8949 worksheet shows trade details for all securities (stocks, options, single stock futures and bonds). Taxpayers will report transactions on Form 8949 in one of six sections consistent with the requirements of Form 8949:

    Part I-A: Short-term transactions reported on Form 1099-B with basis reported to the IRS
    Part I-B: Short-term transactions reported on Form 1099-B but basis not reported to the IRS
    Part I-C: Short-term transaction for which you cannot check box A or B
    Part II-A: Long-term transactions reported on Form 1099-B with basis reported to the IRS
    Part II-B: Long-term transactions reported on Form 1099-B but basis not reported to the IRS
    Part II-C: Long-term transaction for which you cannot check box A or B

    The IB 8949 worksheets report transactions in this required format. All attempts have been made to tie the information on these worksheets to your Form 1099-Bs; however discrepancies may exist. All proceeds are reported net of commissions.


    There is also a note that says:
    Due to IRS reporting changes, links to TurboTax® software products are unavailable. We are currently working with them to re-implement this resource. This is not good!

    Jack
     
  7. Bob111

    Bob111

    turbotax iwas a piece if s**t soft from very beginning. no surprise here. IB probably have nothing to do with this. i still don't understand, why we have to pay for some third party soft to prepare our taxes. why US gvt,pissing away trillions of dollars can't come up with simple soft,available for every one for free? that's not all..why to i have to pay again to mail my taxes to the gvt? IRS and USPS both owned by gvt,aren't they?
     
  8. They should provide an all in one form I can just staple to my tax return, I just hope it matches the 1099 .
     
  9. nkhoi

    nkhoi Moderator

    be thankful they are not that efficient.
     
  10. DAV

    DAV ET Sponsor

    1099s were posted on the 15th, except for a few special cases.
     
    #10     Feb 21, 2012