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Broker 1099-B Reporting Problems

Brokerage 1099-B forms are not consistent across the industry, and many contain serious errors.

1099-B Cost Basis Reporting has created a big mess since 2011. These problems are huge for active traders who may have reports that are hundreds and even thousands of pages long. TradeLog has created this page dedicated to problems reported as taxpayers attempt to reconcile 1099-B with accurate Form 8949 calculations.

PLEASE NOTE:
Due to the above mentioned problems, in many cases it will be impossible to reconcile your 1099-B to Form 8949.

Contents:

2014-2016 TradeLog 1099 Reconciliation Table

The chart below is designed to help you identify how your broker reports options as well as referencing known problems - which are explained in detail below.

Is your broker not listed? We only list brokers that we have been able to confirm by reviewing their reporting. If you have questions about your broker's 1099-B reporting and you have an active TradeLog subscription, then please send your 1099-B and your TradeLog data file with your questions. Click here to submit that information.

Broker TradeLog Reconciliation Settings Known Problems
(Click for Details)
1. Sales Adjusted for Option Premiums 2. Broker Reported Gain/Loss INSTEAD OF the Actual Proceeds for Short Options 3. Broker Reported Options Opened Prior to 2014
Apex Yes No Yes
BOA
Merrill Lynch
No No Yes
Charles Schwab Yes No No
E*Trade Yes No Yes
Fidelity Yes Yes No
Interactive Brokers Yes No Yes
Optionshouse - Apex Yes No ?
OptionsXpress Yes Yes 2014-No 2015-Yes
Scottrade Yes No No
TD Ameritrade Yes Yes Yes
TradeKing Yes ? No
Tradestation Yes Yes Yes
Vanguard Yes Yes No

2014-2016 1099-B Problems


2013 1099-B Problems

The following problems affect 1099-B reporting in general because of differences in IRS rules.

Interactive Brokers

TradeStation

Have you seen a 1099-B problem not listed above? Submit an online support request and let us know!


2012 1099-B Problems

Below is a list of known issues or facts that we have had reported about various broker 1099-B reports for the 2012 tax year. Please be aware of these factors if you are having difficulties reconciling your trade history. Remember, brokers have been asked to do something almost impossible in what they have to report, therefore there are many differences and some areas are matters of interpretation. Our goal is to help you be aware of why your 1099-B may report things they way it does, and try to help resolve reconciliation challenges.

E*TRADE

Fidelity

Lightspeed Trading

Interactive Brokers

TD Ameritrade

Taxpayer options:

  1. Consider filing an extension until the broker is able to provide a corrected 1099-B.

TradeStation

Have you seen a 1099-B problem not listed above? Submit an online support request and let us know!


2011 1099-B Problems

Below is a list of known issues or facts that we have had reported about various broker 1099-B reports. Please be aware of these factors if you are having difficulties reconciling your trade history. Remember, brokers have been asked to do something almost impossible in what they have to report, therefore there are many differences and some areas are matters of interpretation. Our goal is to help you be aware of why your 1099-B may report things they way it does, and try to help resolve reconciliation challenges.

Charles Schwab

Etrade

Fidelity

Interactive Brokers

OptionsXpress

Penson

TD Ameritrade

TradeStation

Have you seen a 1099-B problem not listed above? Submit an online support request and let us know!