Schedule D [and 1099] Availability

Posted by Vipros on January 17, 2012 (09:10AM)

Does anyone know when TK will have the Sched. D available?

Posted by OldFart on January 17, 2012 (01:06PM)

i believe IRS regulations requite it to be available at end of Feb. believe being the key word

Posted by Scofflaw on January 17, 2012 (07:23PM)

OF - I believe you are referring to 1099-Bs and it used to be a February 1st deadline along with W-2s and other 1099s.   That deadline may have changed.

Schedule D from TK is a byproduct of Maxit Tax Manager.  A nice service provided by TK but not required from the broker.  The taxpayer is responsible for preparing the Schedule D.  Some things go on a Schedule D that the broker may not be aware.  **Note** the disclaimer on the Maxit tax forms page regarding Schedule Ds.

It appears at this time Maxit Tax Manager has not finished preparoing the Schedule D as you get an error when you attempt to download them.   At least I did.  I was able to download the Maxit TXF data file into TurboTax without any problems. 

An aside or heads up, if you had any positions on partnerships like Blackstone you also get a K-1 form.  In the past, with Blackstone and there may be others  the final K-1s have been delayed until August causing the tax filer to get an filing extension or file by April 15th and then file an amendment. 

Posted by David Dusseault on January 17, 2012 (09:12PM)

All,

There are several changes impacting Brokers for the 2011 tax year in terms of 1099 reporting. As Scofflaw mentions, brokers do not prepare a Schedule D. This is something you or your tax advisor would prepare based on certain trades you made.

However, we do provide a 1099 form which lists transactions our Clearing Firm Penson is required to report to the IRS. We have an FAQ on the TradeKing site discussing  some of the reporting requirement changes located here...

https://www.tradeking.com/faqs/accounts/tax-changes#newTaxRules 

Here is some information on IRS.gov...

http://www.irs.gov/taxpros/article/0,,id=237099,00.html 

Due to these changes, the IRS deadline for Brokers to issue 1099's has been extended. You can expect 1099's to come later than usual this year, as of now we are targeting the middle of February.

Over the coming weeks we will provide additional information and will also conduct special live educational events discussing the new 1099 reporting requirements and the format of the 1099. We will also set up a dedicated phone and chat queue to assist with questions customers may have regarding data contained in your 1099. Please check back here for more information in next 2-3 weeks as to when this will be live.

As always, we encourage you to review your trade confirmations and account statements during the tax filing process. 

Regards,
Dave Dusseault
VP, Customer Service and Brokerage Operations




Posted by TK Frisbee Guy on February 15, 2012 (10:45AM)

Hello TradeKingers,


We received word from our clearing firm that they will not be meeting the original IRS deadline of February 15th for 2011 1099 availability, and have been granted a 30 day extension to issue these forms, to March 15th, 2012. They have also assured us that they will be working round the clock to make sure that 1099 information is accurately reported, and available as soon as possible.

We will be sending notification via email as your individual 1099 form becomes available under Accounts > Account Records. Certain 1099Rs, for example, are already available and if you received a tax document email, it corresponds to that form. (Select FROM date 12/31/2011 under Account Records when searching for 1099R tax forms for retirement accounts if you received an email already.)

We expect to be getting more information from Penson regarding 1099 availability, and I'll post any update as soon it's known. As for Schedule D and new form 8949, the Maxit Tax Manager will soon be publishing these 2011 versions. No notification is sent regarding Schedule D availability but we expect these to begin posting soon, and even as soon as overnight tonight. If you receive an error attempting to download your Maxit Schedule D, this is indicative of your form not yet being available for online download. I will post once I have confirmation that all 2011 Schedule Ds should then be up in Maxit.

Please note that Schedule D1 extension forms have been discontinued for 2011, and replaced by new IRS form 8949. You can find 8 facts on the new form 8949 published by the IRS here at the link below:

http://www.irs.gov/newsroom/article/0,,id=254086,00.html

I am expecting more information to come, and I'll post as soon as I get further word. Please don't hesitate to let us know at Service@TradeKing.com or 877-495-5464 if you have any account specific questions, and our online Tax Center is a great resource for general questions on reporting and new tax laws.


Best regards,

Rocco Sabino
TradeKing
Trading and Customer Support




Posted by TK Frisbee Guy on March 11, 2012 (09:31PM)

TradeKingers:


Consolidated 1099s are now available online under Accounts > Account records. You will need to select 'Tax Forms' in the "Filter By:" drop down menu and select Go to the right. The 1099s should populate below for convenient PDF download.

A few quick notes: The forms are labeled in the name of the clearing firm (Penson) and do not list TradeKing, but do list your account number. They're generated in a current version of printable Adobe PDF format, and if you have any trouble opening the file, you can download a free and up-to-date version of Adobe Reader here:

http://get.adobe.com/reader/

The Maxit Tax Manager, which imports and tracks trade data from the site, is also currently ready to generate pre-prepared 2011 Schedule D and new form 8949 extensions to the D, to show a record of Gain and Loss for the year, on both covered and non-covered securities according to the new IRS reporting rules. You're able to able to select tax lots and view trade match-ups in the Raw Trades section of Maxit, which update within a business day to be included in the Schedule D and 8949 forms that Maxit can generate. That information can also be downloaded in a TXF file, which many tax programs are able to upload if doing taxes with an electronic program, and the tax software's customer support can assist you in determining how to import that file into their specific software. You can download a Schedule D, form 8949, and a TXF file from with the Tax Forms tab of Maxit, brought up under the Accounts tab drop down menu.

If you have any questions, concerns, or would like assistance in retrieving any of these forms or documents, TradeKing Customer Support is glad to assist through Service@TradeKing.com, toll free at 877-495-5464, or via free LiveChat on our site.


Best regards,

Rocco Sabino
TradeKing
Trading and Customer Support

Posted by TK Frisbee Guy on March 29, 2012 (03:45PM)

Hello, TradeKingers,

An Update:

Consolidated 1099 forms were posted earlier this month and are available under Accounts > Account records. Recently, we explored the option of getting 1099 information (recall- this is Covered Trades and 1099 info ONLY), directly importable from Penson to Turbotax, and you can find instructions on that here.

While the 1099 information is a direct link, you'll see above instructions on also how to download a TXF file for Schedule D information from the Maxit Tax Manager, that can also be imported into many software versions of tax programs. Unfortunately, the TXF file and Schedule D brought up under the Tax forms tab of Maxit are currently down for maintenance. While that feature restoration depends in part on Maxit (a third party) they are working briskly on it, and our last estimate on timeframe was that Maxit was hoping to be ready to restore the download by the weekend.

Some of you may have received notices about corrected 1099s that will be forthcoming. If you received such an email, it's indicative of your account containing activity in 2011 that is known by Penson at this point to likely require a corrected 1099 from Penson, and this message was sent as a courtesy notification of the likelihood of a corrected 1099. The changes on a 1099 can vary from updated information from an investment like a REIT or Unit Investment Trust to corrections to newly covered information on 1099s this year like wash sales. We expect Penson to begin posting these by April 3rd, according to our last update.


Best regards,

Rocco Sabino
TradeKing
Trading and Customer Support

Posted by TK Frisbee Guy on April 04, 2012 (02:37PM)

Hello TradeKingers:


A continuing update: Penson provided CORRECTED form 1099s to approximately 60% of the accounts that are due a correction.  Penson is  working hard to deliver the remaining 1099 corrections by 4/17/2012. If still due a correction, you will be notified by email as soon as a tax form is posted online.
 
As we approach the April 17th reporting deadline, we understand the concern of clients who are uncertain as to the best approach to file taxes properly with the IRS. As an online brokerage firm, we're not able to advise you on the question of whether filing an extension or filing before a corrected 1099 is available is best for you. However, in line with the article linked above from Barron's, there is no substitute for the advice of a tax professional.

If in review of a 1099 form or CORRECTED 1099 form, you find an additional concern or error, please detail this specifically in an email to Service@TradeKing.com. We remain in constant communication with Penson to report identified issues as quickly as possible, and assist with clarifying discrepancies for clients, who are in fact not due a correction.


Best regards,

Rocco Sabino
TradeKing
Trading and Customer Support

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