fishwithwings Posted February 18, 2019 Share Posted February 18, 2019 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? Link to comment Share on other sites More sharing options...
muscleman Posted February 18, 2019 Share Posted February 18, 2019 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. Link to comment Share on other sites More sharing options...
fishwithwings Posted February 18, 2019 Author Share Posted February 18, 2019 They did last year Link to comment Share on other sites More sharing options...
muscleman Posted February 18, 2019 Share Posted February 18, 2019 They did last year That's awesome. One less reason to consider the other brokers. :D Link to comment Share on other sites More sharing options...
Jurgis Posted February 24, 2019 Share Posted February 24, 2019 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. Link to comment Share on other sites More sharing options...
fishwithwings Posted February 24, 2019 Author Share Posted February 24, 2019 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. Link to comment Share on other sites More sharing options...
Jurgis Posted February 24, 2019 Share Posted February 24, 2019 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. Link to comment Share on other sites More sharing options...
aws Posted February 25, 2019 Share Posted February 25, 2019 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. Link to comment Share on other sites More sharing options...
fishwithwings Posted February 25, 2019 Author Share Posted February 25, 2019 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. Link to comment Share on other sites More sharing options...
Jurgis Posted February 26, 2019 Share Posted February 26, 2019 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. Link to comment Share on other sites More sharing options...
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