When does IB deliver it's tax forms online?

Quote from hj071:
I'm going to try importing the trade data (8949) and manually entering 1099 information into the tax software and see if it works.
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IRS instructions for Form 8949 are included in the instructions for Schedule D. It says this on page D-8:
"Instead of reporting each of your transactions on a separate line of Form 8949, you can report them on an attached statement containing all the same information as Form 8949 and in a similar format."

Apparently the Schedule D-1 has been replaced by the Form 8949. In prior years, the Schedule D-1 Worksheet provided by IB fulfilled the requirement of similar format in my opinion. If the new Form 8949 Worksheet does the same, then line-by-line reporting is being taken care of for us. Wash sales reporting will still be a problem, just as it always was.
 
Quote from hj071:

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!
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it's not a pain..it's imposible...
 
There will be a Tax Webinar this coming Monday:

Webinar: The New Kid in Town: Form 8949 Replaces the Schedule D Gain/Loss Worksheet

Registration: https://interactivebrokers.webex.com/interactivebrokers/onstage/g.php?t=a&d=713260549&SourceId=et

Date and time: Monday, March 5, 2012 4:30 pm (New York); 3:30 pm (Chicago); 1:30 pm (San Francisco)
Duration: 1 hour
Description: Beginning with the 2011 tax year, you’ll be reporting capital gains and losses on the new Form 8949, Sales and Other Dispositions of Capital Assets. Join IB’s Tax Expert Nancy Nelson as she takes you on the fascinating journey through the ins and outs, the codes and data of the new Form 8949 worksheet. This form is available March 1.
Password: ibtrading

Panelist(s):

Please Note: Nancy Nelson, Interactive Brokers

Please join early – space is limited.
Presentation will be recorded and archived on the IB website.
 
Thank you for info Dav!

on this 8949-column g adjustments to gain or loss,if any *



what this is all about? and where in my calculation should i use it?

looks like a wash sale. should i add this to basis or it's already added?
 
I got my 8949 today and what a mess. They calculated over 50 k in wash sales when I at most should have had about $2000. My 1099 was obviously wrong as well. I short the QQQ maybe did 150 trades on it in 2011. I never lost more than $300 on any trade , most of the losses were very small under $ 50. They adjusted my basis by 50K, total cluster –F—K . Schwab had no trouble handling my 8949 correctly.
I never like how they reported stuff year end but this year takes the cake.
To add punishment you cannot even import the 8949 into Turbo Tax.
 
the only way i was able to get something close to the numbers that i have in my records(based on my own log and IB monthly statements)

is to subtract basis from proceeds(got huge negative number) and then-add this number to those adjustments in column 'g'

is this how it's suppose to be done? i'm lost here.
any help is appreciated!

Thank you!
 
Bob when you have a wash sale that loss is added to the cost basis of your next trade, that process will continue for all future loss on the security until you totally liquidate the position and do not re buy after 31 days. Ib was adding wash sale adjustments of $2000 - $4000 on some trades where I only lost $100. This is totally unacceptable and will create a nightmare for me if they don’t fix it.
 
Quote from musicman:

Bob when you have a wash sale that loss is added to the cost basis of your next trade, that process will continue for all future loss on the security until you totally liquidate the position and do not re buy after 31 days. Ib was adding wash sale adjustments of $2000 - $4000 on some trades where I only lost $100. This is totally unacceptable and will create a nightmare for me if they don’t fix it.
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you right about adding wash sale to basis,but i believe that it's already added and 'g' column indicate (as it says) adjustment to your PnL(with wash sale added to basis). i see no mess here.

the other way to calculate your PnL and report it in one line, the way that it would fit into common soft like tax cut or turbotax is to ADD the total in column 'g' to your total PROCEEDS, then subtract total basis from it. make a bit more sense?
it's my guess and i'm not a pro,but looks like this is the way.
and off course you have to mail the worksheets to IRS and keep the copies for yourself.


ps-just calculated it the way i described above and everything is matches perfectly. now we have to hear from a pro at IB seminar -how to properly report all this.
 
I am an accountant so I understand how wash sales are calculated.
My report is just plain wrong – I sent IB a ticket so rather than going through the time to find out what they did wrong I will see what they say after looking at my 8949.
 
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