Tax Information and Reporting

Year-end Reports


Your Annual Statement and other reports are available to view and print by logging in to Account Management or Client Portal and clicking Reports > Activity or Reports > Tax > Tax Forms. Year –end reports are available for 5 years after issuance online.


Year-end reports are available the following after the dates below:

  • Annual Statement available February 1
  • Dividend Reports available February 15
  • Consolidated 1099 available February 15
  • WHFIT Statement available March 15
  • Form 2439 -- as required -
    90 days after the year-end of the reporting entity
  • Worksheet for Form 8949 available March 1
  • Canadian NR-4 available March 31

For Retirement Accounts:

  • Form 1099-R available January 31.
  • Form 5498 available May 31.



Annual Statement


The Annual Statement shows unadjusted realized and unrealized gains and losses, trade detail for account gain and loss for stocks, options, bonds, single stock futures, futures and futures options on a First In, First Out (FIFO) matching basis or the specific method of tax recognition you selected, corporate action adjustments, detail of dividends received, fees, detail of interest received, margin interest paid, payments in lieu paid and received and stock loan fees paid and received.




Using TurboTax® with IBKR tax information


Log in to Account Management or Client Portal, select Settings > Account Settings > Reporting and then Configure Third-Party Services. When you select "Enable" for TurboTax you will generate a Token and Query ID to use in TurboTax.

When logged into TurboTax search for Interactive Brokers on the Federal Taxes > Wages & Income tab. Enter the Token and Query ID you generated in IBKR Account Management or Client Portal to retrieve Form 1099 data directly from your IBKR account.

Notes: Form 1099B (futures and 1256 contracts) is not currently supported by TurboTax.




Gain/Loss Worksheet for 1256 Contracts


The Gain/Loss Worksheet for 1256 Contracts provides detail on mark-to-market profit and loss for sales of equity options, futures (excluding single stock futures) and future options in your account.

Futures contracts may be eligible for special gain or loss recognition treatment under Internal Revenue Code Section 1256. Generally, these gains or losses are allocated 60% to long-term capital gains and 40% to short-term regardless of the holding period. Special rules also apply to foreign currency contracts subject to these US tax provisions.

A contract that qualifies for section 1256 treatment is:

  • any regulated futures contract,
  • any foreign currency contract,
  • any non-equity option,
  • any dealer equity option or
  • any dealer securities futures contract

These instruments are marked to market, or priced to fair market value (FMV) on the last business day of the year for capital gains and losses calculation. Capital gains from trading Section 1256 contracts are reported on the consolidated 1099, specifically on the Form 1099-B for noncovered securities, discussed above.

The rules surrounding transactions for special gain and loss recognition treatment under section 1256 are complex. For more information, please refer to IRS Publication 550, Investment Income and Expenses, and the Instructions to IRS Form 6781. We also strongly recommend that you consult your tax advisor for this area of law.


Note:

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.