IB Tax Documents

Lets hope IB will be able to do better next year with error corrections in some of the schedule "D"s. Is IB the only broker providing a schedule D to their customers? IB is the only broker I have that does, so I am not complaining. But, of course IB has to be made aware of these errors if improvements are to be made.

Catoosa
 
Give IB a break for causing me over a hundred hours of work in a computerized world? Give me a break! They are causing untold customers -- perhaps in the hundreds if not thousands -- to spend weeks finding errors in their database. And they won't provide any assistance. The basic responses I got after several attempts to get them to run a database check was that their data is correct; it is my problem.

Would be interested in hearing about positive experiences with other brokers -- if such exists.
 
Quote from ScaleOut:

Give IB a break for causing me over a hundred hours of work in a computerized world? Give me a break! They are causing untold customers -- perhaps in the hundreds if not thousands -- to spend weeks finding errors in their database. And they won't provide any assistance. The basic responses I got after several attempts to get them to run a database check was that their data is correct; it is my problem.

Would be interested in hearing about positive experiences with other brokers -- if such exists.
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exactly.it doesn't make a difference for customer, if IB only a broker,who provide Sch D,if Sch D is wrong. you have to spend same amount of time to find error,like you spend on prepare your own from scratch.

As joeyata1 said, the important thing is that the proceeds of sales match on 1099 form from IB. And as long as P/L is correct, you can ignore IB's Sch-D if you don't like it.
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sure you can ignore it, until IRS ask for it. then-if you provide copy of Sch D from Ib -you will be in big trouble, because numbers on 1099 and Sch D did not match.
 
I've been down the same road past two years, the IB 1040 is most likely correct.

Strip out the option trades, don't forget to add in the bond/notes etc.. they will match. Use tradelog if you want the easy path, they don't factor in the notes/bonds but it makes life a lot easier if you have a ton of transactions.

http://www.armencomp.com/tradelog/
 
Quote from Opra:
...the important thing is that the proceeds of sales match on 1099 form from IB. And as long as P/L is correct, you can ignore IB's Sch-D if you don't like it...
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The 1099 is the only tax form a broker is required to provide, and IB's 1099 has always been correct for me. The Schedule D-1 is a freebie. I appreciate their trying, but I found it to be totally useless, so I toss it.

I track my performance daily and monthly using Excel. At year end I feed the monthly data to TradeKeeper and print out the Schedule D-1, and I am done. It only took about an hour this year.
 
Quote from Bob111:

sure you can ignore it, until IRS ask for it. then-if you provide copy of Sch D from Ib -you will be in big trouble, because numbers on 1099 and Sch D did not match.
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Anyways, if you think IB's Sche D is not accurate, then don't use it that's all. Use what you used last year, ie. your own sche D.
 
Quote from rwk:

The 1099 is the only tax form a broker is required to provide, and IB's 1099 has always been correct for me. The Schedule D-1 is a freebie. I appreciate their trying, but I found it to be totally useless, so I toss it.

I track my performance daily and monthly using Excel. At year end I feed the monthly data to TradeKeeper and print out the Schedule D-1, and I am done. It only took about an hour this year.
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I do the same with spreadsheet, with a section of it resembling the format of Sch D. At the end of the year, just put in the year, broker info and long and short term (two sections), print out as attachments and I am done too.

Good record keeping goes a long way here.
 
Hi,
I am posting for the first time. Sorry if I do anything wrong here.

Anyway, the reason that I've decided to post here is that I've found mistakes in the way IB generates Sch D. I've spent quite a few hours figuring it out and I hope that other people can benefit.

I figured that IB misreported Sale Price on Sch D for all acquired companies. If the shares were purchased in more than one lot (which is the case most of the time) IB reports Sale Price for the whole amount multiple times instead of breaking it into lots. For example, IB reported on Sch D:

148 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 5250.00 2,207.68 12.32
1 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 5250.00 14.91 0.09
1 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 5250.00 14.91 0.09
100 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 5250.00 1,491.50 8.5
100 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 5250.00 1,491.24 8.76

instead of

148 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 2,220.00 2,207.68 12.32
1 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 15.00 14.91 0.09
1 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 15.00 14.91 0.09
100 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 1,500.00 1,491.50 8.5
100 sh. SUMX - SUMMA INDUSTRIES [CA] 10/3/2006 11/14/2006 1,500.00 1,491.24 8.76

Pay attention to column 4 - Sale Price.

Another minor issue. If the comissions are not even and need to be rounded to the nearest penny, IB is not doing it correctly when Sch D is generated. There are several transactions where cost basis/proceeds are different by a penny between Year End Statement and Schedule D.

Hope this can save you some time.

Take care!
 
I actually found a single missing trade (Timber execution) that was throwing off my totals. The p&l was right since this trade resulted in a zero profit.

Look for missing trades if the total sells seems off.

Also , the excel output of sched d was totally farked, while the pdf was not too bad , other than this missing trade.
 
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