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When does IB deliver it's tax forms online?
- Thread starter Kirribilli
- Start date
Quote from heywally:
As an aside, I always try and confine my more active trading to the IRA accounts, so I don't even have to deal with the accounting and taxes.
For the cash accounts, I have moved mostly to futures, with extreme selectivity and also, (what I think will be) longer term equity holds.
I was reminded about and should probably mention re my above comment, that IRA's can be looked at by the IRS when considering wash sales:
page 60 of IRS Publication 550:
http://www.irs.gov/pub/irs-pdf/p550.pdf
hj071:
IB issues a Consolidated 1099. It contains five 1099 types:
1099-INT
1099-OID
1099-DIV
1099-MISC
It also contains four 1099-B's. Which is basically what this thread is about. There is a 1099-B for:
Covered Securities - Short-Term
Covered Securities - Long-Term
Covered Securities - Short Sales
Noncovered Securities
The 1099s are summary sheets of all transactions within a class.
You'll notice that under each 1099 type there are a number of lines starting with either a number or a number/letter combination. I am not familiar with your tax program, but there should be an entry form asking for a dollar amount versus a "box" number. The "box" number is the line number on the IB form.
In the case of the 1099-B's, once you have entered those numbers (manually) and the 8949 information (hopefully via electronic import) , your tax program should tell you if the 8949 form entries do not match the various "box" totals you entered.
Jack
IB issues a Consolidated 1099. It contains five 1099 types:
1099-INT
1099-OID
1099-DIV
1099-MISC
It also contains four 1099-B's. Which is basically what this thread is about. There is a 1099-B for:
Covered Securities - Short-Term
Covered Securities - Long-Term
Covered Securities - Short Sales
Noncovered Securities
The 1099s are summary sheets of all transactions within a class.
You'll notice that under each 1099 type there are a number of lines starting with either a number or a number/letter combination. I am not familiar with your tax program, but there should be an entry form asking for a dollar amount versus a "box" number. The "box" number is the line number on the IB form.
In the case of the 1099-B's, once you have entered those numbers (manually) and the 8949 information (hopefully via electronic import) , your tax program should tell you if the 8949 form entries do not match the various "box" totals you entered.
Jack
Thanks, JackR!
I'm going to try importing the trade data (8949) and manually entering 1099 information into the tax software and see if it works.
Normally, the software gets lost with the wash sales data and doesn't calculate it properly. At that point, you're left on your own to figure that out and manually match the trades.
What a pain!
I'm going to try importing the trade data (8949) and manually entering 1099 information into the tax software and see if it works.
Normally, the software gets lost with the wash sales data and doesn't calculate it properly. At that point, you're left on your own to figure that out and manually match the trades.
What a pain!