How to get Monthly Stmts for 2003 in IB?!

Quote from stock777:

You really think the IRS doesnt understand futures after 20+ years (or more).

You may or may not have caught a winner, but to attribute such a thing to the IRS itself is gonna cause you more problems then it solves.
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well, the IRS said I made a very substantial amt of $ in 2003 in excess of everything I ever made or own multiply by several orders. When in fact, in 2003, I had my biggest losing year in IB!

So, the only way for that to happen is for them to count the notional value of the futures contracts(???).

I was able to dl the yealry statement and successfully imported them into TradeLog.

thanks everyone. But not sure if the P&L calculations are correct. I need to double check.

Hopefully, I'll get this out of the way soon.

99
 
I still don't understand. Did you file a return or not? If so, what did you report on the return? Have you talked to the IRS about it yet, or are you just in a panic because you got a letter? If you didn't make the money, you probably have nothing to worry about, unless you didn't file. You probably simply reported it incorrectly.

OTOH, if, as I expect, you did not file a return, and you did some stock trades, the IRS got only the report of the sales (not the purchases) on the 1099 IB sent to them, and they have to assume your basis is 0 if you didn't tell them otherwise. That is, if you sold $200K of stock, they assume you made $200K.
 
I'm assuming that you did not file a return for 2003 because you had negative losses. The IRS still got data from your broker though, and its computer finally got around to processing those forms and it incorrectly concluded that you actually made money.

I wouldn't worry about it too much. Just send in the proper forms to the IRS and everything should get cleared up.
 
Quote from Htrader:

I'm assuming that you did not file a return for 2003 because you had negative losses. The IRS still got data from your broker though, and its computer finally got around to processing those forms and it incorrectly concluded that you actually made money.

I wouldn't worry about it too much. Just send in the proper forms to the IRS and everything should get cleared up.
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Yeah, that's what happened. I'm still trying to get that squared away.
 
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