ThinkorSwim - 1099-B

rd100 · Mar 2, 2011

For those who only traded options at ThinkOrSwim in 2010, did you receive any tax forms like 1099-B or other flavors?

TOS tells me their clearing firm Penson did not report anything to IRS since I only traded options and it's for me to figure out my gains/losses to report on Schedule D. They won't be sending me any 1099s. I understand they provide trades log in Gainskeeper that can be used for tax return preparation.

Please share your experience with TOS regarding what tax forms did you receive, if any, if you only traded options.

Thanks
rd100

grg03002 · Mar 2, 2011

yes I'm glad I only traded a couple of options before switching over to IB because that's ridiculous

trefoil · Mar 2, 2011

Don't see the problem. Gainskeeper is ridiculously easy to use, you just print it up, send it off to the accountant, he comes back with the answer, and you're done. I've always regarded 1099's from investment firms to be a waste, since all they ever did was report the gross without at all calculating the cost. Worse than useless. Gainskeeper solves that problem.

blackjack007 · Mar 2, 2011

if you trade only options, then won't receive any 1099. that's true of ANY broker not just TOS.

athlonmank8 · Mar 2, 2011

I use a custom-made program for everything created in access. Works well. Yeah 1099s are pointless. Gotta use something else.

uptickk · Mar 2, 2011

Quote from rd100:

For those who only traded options at ThinkOrSwim in 2010, did you receive any tax forms like 1099-B or other flavors?

TOS tells me their clearing firm Penson did not report anything to IRS since I only traded options and it's for me to figure out my gains/losses to report on Schedule D. They won't be sending me any 1099s. I understand they provide trades log in Gainskeeper that can be used for tax return preparation.

Please share your experience with TOS regarding what tax forms did you receive, if any, if you only traded options.

Thanks
rd100

Not sure what type of option contracts you trade but if they are 1256 contracts then just pull up your "View end-of-year report for 2010" in the tax section of their website. The total GainsKeeper Gain/Loss column is all you need.

SideTrader · Mar 2, 2011

Gainskeeper was really easy. It posts a whole trade on one line with all the info you need, date opened, date closed, cost basis, and collection from sale...including the commissions in the cost basis!!! It even has the M2M positions of any 1256 contracts you may have traded so you can report it accordingly.

spindr0 · Mar 3, 2011

Quote from trefoil:

I've always regarded 1099's from investment firms to be a waste, since all they ever did was report the gross without at all calculating the cost. Worse than useless. Gainskeeper solves that problem.

I use IB and while the trades reported in their Gain/Loss Summary Worksheet are accurate, their attempt to determine wash sales is feeble and is not to be trusted.

They even provide a disclaimer at the end indicating that it's for
informational purposes only and should be reviewed carefully accuracy and that a tax advisor should be consulted for correct reporting.

I use Tradelog (which I pay for). It would be nice if IB provided that, Gainskeeper or similar.

rd100 · Mar 3, 2011

Thanks to all for your feedback.

I did trade some regular options and also traded section 1256 contracts. I'll use Gainskeeper log to sort out the info to report on the tax return.

Thanks
rd100

magnet10 · Mar 5, 2011

how do you reconcile the 1099-b from penson with what gainskeeper shows for your futures trades? Which number is reported for tax purposes and does it need any adjustments?