Interactive Brokers

Tax Information and Reporting

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Overview

As a broker based in the United States, Interactive Brokers is required to report information and make payment of withholding taxes to the US tax authority, the Internal Revenue Service (IRS), for all of our customers. Additionally, IB has reporting and withholding obligations to the tax authorities of other countries for certain securities.

As introducing brokers, Interactive Brokers Canada (IBC) and Interactive Brokers UK Ltd. (IBUK) may also have additional local tax reporting requirements for their customers. IBC reports information for all Canadian legal residents to the Canadian Revenue Agency (CRA) and to the Ministère du Revenu du Québec.


Definitions

When determining the country for which we are obligated to report and collect information on your behalf, the following definitions will apply.

US person or entity is:

  • US citizen (regardless of residence)
  • US legal resident or "Green Card Holder" (regardless of residence)
  • US Substantial Presence resident:
    A person who qualifies as a resident for US tax purposes because they have met the substantial presence test as defined by the Internal Revenue Code (Refer to IRS Publication 519, US Tax Guide for Aliens)
  • US formed business entity
  • US formed organization
  • US operations of a foreign entity

Canadian person or entity is:

  • Canadian legal resident
  • Canadian formed business entity
  • Canadian formed organization

Residents of other Countries

If you are a resident of, or entity formed or operating in, a country other than the US or Canada you are considered to be a foreign person or entity (non-US person).


Topics

Detailed information can be found on the tabs above, specifically:

Initial Application & Data Collection

Describes certain tax forms and certifications you will be required to complete during the account registration process, depending upon your customer type and residency status.

Tax Agency Reports

Details the agency tax forms you can expect to receive from Interactive Brokers.

Worksheets

Describes the worksheets and reports Interactive Brokers provides, including the Annual Statement and Dividend Report

Where to access your Forms and Reports

To access and print your Forms and Reports, log into to Account Management with your IB username and password, and select Tax Forms from the Report Management menu or the Reports menu.


Tax Frequently Asked Questions (FAQs)

Find answers to specific reporting questions in our Tax Frequently Asked Questions (FAQs), in the IB Knowledge Base which is in the Help & Contacts menu in the top right corner of the IB website.


View Form 8949 Worksheet using TurboTax

Log into Account Management and choose Tax Forms (Report Management or Reports). Select TurboTax TXF Format from the drop down menu and click View Report. Note that there is a limit of 3,000 transactions using this format.

Also note that the TXF import is only available on the TurboTax desktop product.

Currently, TurboTax only recognizes IRS reported wash sale adjustments and not other types of cost basis adjustments. Accounts with non-supported adjustments will be unable to download the Form 8949 Worksheet in TXF format to TurboTax.

IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.


http://www.interactivebrokers.com/en/index.php?f=tax&p=overview