IB 1099's available

Quote from Foz:



Ah, thanks. I didn't receive the email. Perhaps you didn't send it to people who closed their accounts during the year?
More...


I rec'd a mail at 8:41 = 7:41 PM NY. I suspect they are either going out alphabetically or by account number. Either way I'm towards the earlier part of the list and I would assume closed accounts are at the bottom of the totem pole. Nevertheless, here's the communique for your benefit....

Dear IB Customer:

1099 and 1042S statements for calendar year 2002 are now available. The statements may be accessed on the website under "Statements and Downloads" in the Account Management menu.

Please access this through the "Account Login" button on our home page. Forms 1099 are applicable to US taxpayers. Form 1042S applies to non-US taxpayers who received dividends on US stocks in calendar 2002. Detailed explanations about how to read the 1099 are attached to the statement. Descriptions of the 1099 are also available under "Account & Funding Info".

Please note that these tax forms do not provide a list of your particular transactions. Interactive Brokers strongly recommends that you manually print and/or download your annual account statement. This statement will be made available in early February and will provide you with all trades, as well as commissions charged. This summary can be used for gain/loss calculations.


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Interactive Brokers is providing the Form 1099 to you in an electronic format, available by logging in to the IB website at http://www.interactivebrokers.com. You have consented to receive the Form 1099 and other financial and tax statements from IB in electronic form and IB will continue to provide this information electronically for each tax year unless you withdraw this consent. In order to receive financial and tax statements electronically from IB, you must have a personal computer with an internet connection, a valid Internet e-mail address, and software allowing you to view the IB website and to read, send and receive e-mail. Please notify IB immediately in the event of a change in your e-mail address by: (i) using those procedures to change a customer e-mail address that may be available on the IB website at http://www.interactivebrokers.com or (ii) contacting IB Customer Service at help@interactivebrokers.com for further instructions.

If you want a paper copy of your Form 1099, you may simply print the 1099 from the IB website. You may also contact the IB Customer Service Department at help@interactivebrokers.com to request a paper copy of your Form 1099. You may withdraw your consent to receive financial and tax information in electronic form at any time by e-mail addressed to IB Customer Service at help@interactivebrokers.com.


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NOTE: For complete explanation of Form 1099B, please go to
http://www.irs.gov/pub/irs- pdf/i1099b03.pdf to connect to the IRS website.

 
Quote from def:

Dear IB Customer:

......Forms 1099 are applicable to US taxpayers. Form 1042S applies to non-US taxpayers who received dividends on US stocks in calendar 2002....

Never seen anything like this; they didn't separate the NON-TAXABLE dividends from those that ARE taxable. I hold a few closed-end muni funds in my account and they're being reported as "Ordinary Dividends". Well, they're not and that's pretty basic and needs to be corrected.
 
Quote from kowboy:
Where are the detailed stock sales on the downloaded 1099??
This is not sufficient for Schedule D as required by the IRS

That is not true (in practice at least).

Many active traders (including myself) routinely report only totals on Schedule D. Why kill all those trees? To draw a parallel to other businesses, you don't normally file your entire general journal with your taxes.

If the IRS wants to review the details, they'll ask you for them, and there are certainly better ways to provide them than hundreds or thousands of printed pages, the review of which would be a huge waste of their time, and therefore our money.
 
I downloaded my 1099 which had only stock trades. As I trade mainly options I had only three stock trades on the form. The reported "Gross Proceeds" for those three round trips is incorrect. It's off by about $18.00. No big deal but the point is it's wrong !

Still waiting for annual report for option trades.
 
white17: You said "round trips". You do realize that the 1099 reports sales only, right? The box 2 amount should be the total net proceeds of the sales (only), after deducting commissions.
 
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