Author Topic: Accuracy of IB's 1099?  (Read 1333 times)

fishwithwings

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Accuracy of IB's 1099?
« on: February 17, 2019, 09:29:29 PM »
Anyone take a look at their 1099 from Interactive Brokers?  Mine looks slightly off (capital gains are too high).  Anyone else run into this issue?


muscleman

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Re: Accuracy of IB's 1099?
« Reply #1 on: February 17, 2019, 10:32:09 PM »
Open a ticket with them to ask.
I am filing tax today and noticed that Turbotax seems to start supporting importing 1099 from IB now? It wasn't supported before.
« Last Edit: February 18, 2019, 06:57:34 AM by muscleman »

fishwithwings

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Re: Accuracy of IB's 1099?
« Reply #2 on: February 17, 2019, 11:14:30 PM »
They did last year

muscleman

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Re: Accuracy of IB's 1099?
« Reply #3 on: February 18, 2019, 06:57:24 AM »
They did last year

That's awesome. One less reason to consider the other brokers.  :D

Jurgis

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Re: Accuracy of IB's 1099?
« Reply #4 on: February 23, 2019, 10:15:13 PM »
IB is reporting dividends from ISTB and FLOT as qualified dividends.
Fido is reporting them as not qualified dividends.

This also shows they are not qualified dividends:
https://www.ishares.com/us/literature/tax-information/2018-ishares-distribution-summary-icrmh0219u-716296.pdf

Crap, so now I have to try to manually persuade Turbo Tax that IB's reporting is screwed up... FML.
"Before you can be rich, you must be poor." - Nef Anyo
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fishwithwings

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Re: Accuracy of IB's 1099?
« Reply #5 on: February 24, 2019, 12:32:17 PM »
IB is reporting dividends from ISTB and FLOT as qualified dividends.
Fido is reporting them as not qualified dividends.

This also shows they are not qualified dividends:
https://www.ishares.com/us/literature/tax-information/2018-ishares-distribution-summary-icrmh0219u-716296.pdf

Crap, so now I have to try to manually persuade Turbo Tax that IB's reporting is screwed up... FML.

Probably a better idea to call IB to get it fixed.  There will be a discrepancy between what you file and what the IRS will get from IB.

Jurgis

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Re: Accuracy of IB's 1099?
« Reply #6 on: February 24, 2019, 03:40:46 PM »
IB is reporting dividends from ISTB and FLOT as qualified dividends.
Fido is reporting them as not qualified dividends.

This also shows they are not qualified dividends:
https://www.ishares.com/us/literature/tax-information/2018-ishares-distribution-summary-icrmh0219u-716296.pdf

Crap, so now I have to try to manually persuade Turbo Tax that IB's reporting is screwed up... FML.

Probably a better idea to call IB to get it fixed.  There will be a discrepancy between what you file and what the IRS will get from IB.

Yeah.

So IB has "Tax form correction" option in their support section. Except that it does not work. They implemented new interface, but part of the code refers to old form and you can't submit the correction - it requires you to fill in no longer existing checkbox(es). Great programming! This company rocks! NOT.

Well, I submitted generic ticket instead. We'll see where that gets us.

BTW, they had exactly the same issue with ISTB/FLOT dividends reported as qualified in 2017 tax form. 1099-DIV got fixed/amended in March. This company rocks! NOT.
"Before you can be rich, you must be poor." - Nef Anyo
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aws

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Re: Accuracy of IB's 1099?
« Reply #7 on: February 24, 2019, 08:24:10 PM »
I wouldn't even dream of filing a return this early.  My 1099s get amended sometimes up to 20 times.  Once as late as June.  Plus I'm waiting for March 15th for k-1s anyway.  Biggest issue I had with IB was last year two days before the tax deadline they reclassified 50k of STCG to 1256 contract gain.  Made over 5k difference in my tax bill and could easily have gone by.

fishwithwings

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Re: Accuracy of IB's 1099?
« Reply #8 on: February 24, 2019, 08:50:23 PM »
IB is reporting dividends from ISTB and FLOT as qualified dividends.
Fido is reporting them as not qualified dividends.

This also shows they are not qualified dividends:
https://www.ishares.com/us/literature/tax-information/2018-ishares-distribution-summary-icrmh0219u-716296.pdf

Crap, so now I have to try to manually persuade Turbo Tax that IB's reporting is screwed up... FML.

Probably a better idea to call IB to get it fixed.  There will be a discrepancy between what you file and what the IRS will get from IB.

Yeah.

So IB has "Tax form correction" option in their support section. Except that it does not work. They implemented new interface, but part of the code refers to old form and you can't submit the correction - it requires you to fill in no longer existing checkbox(es). Great programming! This company rocks! NOT.

Well, I submitted generic ticket instead. We'll see where that gets us.

BTW, they had exactly the same issue with ISTB/FLOT dividends reported as qualified in 2017 tax form. 1099-DIV got fixed/amended in March. This company rocks! NOT.

Was this a special dividend?  I would have though reporting dividends would be pretty straightforward.

Jurgis

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Re: Accuracy of IB's 1099?
« Reply #9 on: February 26, 2019, 06:19:07 AM »
IB is reporting dividends from ISTB and FLOT as qualified dividends.
Fido is reporting them as not qualified dividends.

This also shows they are not qualified dividends:
https://www.ishares.com/us/literature/tax-information/2018-ishares-distribution-summary-icrmh0219u-716296.pdf

Crap, so now I have to try to manually persuade Turbo Tax that IB's reporting is screwed up... FML.

Probably a better idea to call IB to get it fixed.  There will be a discrepancy between what you file and what the IRS will get from IB.

Yeah.

So IB has "Tax form correction" option in their support section. Except that it does not work. They implemented new interface, but part of the code refers to old form and you can't submit the correction - it requires you to fill in no longer existing checkbox(es). Great programming! This company rocks! NOT.

Well, I submitted generic ticket instead. We'll see where that gets us.

BTW, they had exactly the same issue with ISTB/FLOT dividends reported as qualified in 2017 tax form. 1099-DIV got fixed/amended in March. This company rocks! NOT.

Was this a special dividend?  I would have though reporting dividends would be pretty straightforward.

No. ISTB and FLOT are bond etfs that pay regular dividends every month. I have no clue why IB cannot get it right second year in a row.
"Before you can be rich, you must be poor." - Nef Anyo
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"American History X", "Milk", "The Insider", "Dirty Money", "LBJ"