Tax Reporting: Where can I access account details associated with my transaction gains and losses?

Detailed information is available on your daily, monthly and annual statements accessed by logging into Account Management.

In Account Management: Click Reports>Activity.  If you click Reports>Activity>Downloads, you have the option to download daily and monthly statements using various application including Captools, Tradelog, GainsKeeper, MS Money, Excel or Quicken to facilitate your gain and loss calculations.

If you have the old Account Management layout: View the Activity Statements section of the Report Management menu. In the Activity Downloads section of Report Management, you have the option to format daily and monthly activity statements using various applications including Captools, Tradelog, GainsKeeper, MS Money, Excel or Quicken to facilitate your gain and loss calculations.

 

If you need assistance downloading your statements, please contact the Customer Service Center.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpaye

 

Tax Reporting: How Gross Proceeds Reported on 1099-B Relate to Gains or Losses

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

Tax Reporting: Is there a statement that shows my realized and unrealized profit and loss?

Yes.  This information is available by logging into Account Management and from the Reports tab selecting Activity and then Statements

In the original Account Management layout, from the Report Management menu select the Activity Statements section.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

Tax Reporting: What is the difference between realized and unrealized profit and loss?

An unrealized profit or loss (also known as a paper profit or loss) occurs when a security increases or decreases in value above (profit) or below (loss) the price paid for that security.  A realized profit or loss occurs when you sell the security. The difference between the price at which the security was purchased and the price at which the security was sold is the realized profit or loss.

For regulated futures contracts, realized profit and loss is the actual aggregate profit or loss recognized over the course of the year from transactions in commodity futures and currency futures contracts on a mark-to-market basis, and is reported in box 13 of Form 1099-B for noncovered securities.

Refer to IRS Publication 550, Investment Income and Expenses, and Publication 551, Basis of Assets for details on reporting gains and losses, including determining cost basis. Additional information is provided in the instructions to IRS Form 6781 and the Instructions to Schedule D (and Form 8949).  Consult your tax advisor for further guidance.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

 

 

Tax Reporting: What should I do if I receive an amended Form 1099?

 We often need to amend and re-issue Forms 1099 as additional information becomes available to us.  For example, an amended Form 1099 will be issued to reflect the late announcement by a mutual fund, regulated investment company (RIC) or unit investment trust (UIT) that a dividend distribution has been reclassified.   If we do revise your Form 1099, you will receive an email notification that there has been a change, and you can access the amended form by logging into Account Management and using the Tax Forms section of Report Management.

Consult your tax advisor for further guidance on reporting these amounts.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

Tax Reporting: What to do if you believe information on Form 1099 is incorrect

If your name, address, Taxpayer Identification Number or other information on a Form 1099 is inaccurate, send a correction request to Customer Service by logging in to Account Management and selecting Support to open the Mesage Center.  In the New Ticket selection box, use the drop down arrow to select Tax Correction Form and click Create.

If you are using the old Account Management layout, click the Message Center icon in the Customer Service area at the top left of the page. In the New Ticket selection box, use the drop down arrow to select Tax Correction Form and click Create.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

 

 

Tax Reporting: What to do if your consolidated form 1099 is not posted in the Tax Forms section of Account Management

First, you must determine from which account you are missing your consolidated form 1099.  Retirement account and educational savings account 1099s are sent to you by mail, if applicable. If you are missing a consolidated form 1099, verify that you sold shares of stock during the previous tax year for equities or covered a short postition opened after 2010 or that you bought or sold futures contracts during that same period or that you received an interest (including interest on free cash) or dividend payment in an account. Once you have reviewed your account activity from the previous tax year, and, you have determined that you should have received a 1099 for an account, please contact our customer service department with specific details of transactions, including the name of the security, number of shares/contracts, and the trade date. We will research the issue and will advise you once we have concluded our investigation.

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.

 

 

Tax Reporting: I am unable to log in to Account Management. How do I access my forms?

Contact our Customer Service Department, and advise the service agent you are unable to log in to Account Management.  If you have your username, we will verify your account information and customer service will create a temporary password in order for you to gain access.  If you do not have your username, you will be asked to provide additional information to our New Accounts department in order to verify the account.  Please be advised this may require additional processing time to complete the verification process.

Dividend Tax Rates

Übersicht: 

Virtually all countries apply withholding taxes when local companies seek to distribute dividends to externally based shareholders (whether those shareholders are corporate or not).  The rate at which IB is obligated to withhold for a given payment depends largely upon whether there is a tax treaty in place between the country where the dividend paying country is based and the country of residence of the dividend recipient.  .

The table below depicts certain the rates of withholding as applied by IB effective 6-1-2012.

 

Dividend Withholding Rates
  Jurisdiction #1         
Jurisdiction #2          Withholding Rate
  United States Australia 15.0%
  United States Austria 15.0%
  United States Bangladesh 15.0%
  United States Barbados 15.0%
  United States Belgium 15.0%
  United States Bulgaria 10.0%
  United States Canada 15.0%
  United States China 10.0%
  United States Cyprus 15.0%
  United States Czech Republic 15.0%
  United States Denmark 15.0%
  United States Egypt 15.0%
  United States Estonia 15.0%
  United States Finland 15.0%
  United States France 15.0%
  United States Germany 15.0%
  United States Hungary 15.0%
  United States Iceland 15.0%
  United States India 25.0%
  United States Indonesia 15.0%
  United States Ireland 15.0%
  United States Israel 25.0%
  United States Italy 15.0%
  United States Jamaica 15.0%
  United States Japan 10.0%
  United States Kazakhstan 15.0%
  United States Korea 15.0%
  United States Latvia 15.0%
  United States Lithuania 15.0%
  United States Luxembourg 15.0%
  United States Malta 15.0%
  United States Mexico 10.0%
  United States Morocco 15.0%
  United States Netherlands 15.0%
  United States New Zealand 15.0%
  United States Norway 15.0%
  United States Pakistan 30.0%
  United States Philippines 25.0%
  United States Poland 15.0%
  United States Portugal 15.0%
  United States Romania 10.0%
  United States Russia 10.0%
  United States Slovakia 15.0%
  United States Slovenia 15.0%
  United States South Africa 15.0%
  United States Spain 15.0%
  United States Sri Lanka 15.0%
  United States Sweden 15.0%
  United States Switzerland 15.0%
  United States Thailand 15.0%
  United States Trinidad and Tobago 25.0%
  United States Tunisia 20.0%
  United States Turkey 20.0%
  United States Ukraine 15.0%
  United States United Kingdom 15.0%
  United States Venezuela 15.0%
  Canada Algeria 15.0%
  Canada Argentina 15.0%
  Canada Armenia 15.0%
  Canada Australia 15.0%
  Canada Austria 15.0%
  Canada Azerbaijan 15.0%
  Canada Bangladesh 15.0%
  Canada Barbados 15.0%
  Canada Belgium 15.0%
  Canada Brazil 15.0%
  Canada Bulgaria 15.0%
  Canada Cameroon 15.0%
  Canada Chile 15.0%
  Canada China 15.0%
  Canada Croatia 15.0%
  Canada Cyprus 15.0%
  Canada Czech Republic 15.0%
  Canada Denmark 15.0%
  Canada Dominican Republic 18.0%
  Canada Dubai 15.0%
  Canada Ecuador 15.0%
  Canada Egypt 15.0%
  Canada Estonia 15.0%
  Canada Finland 15.0%
  Canada France 15.0%
  Canada Gabon 15.0%
  Canada Germany 15.0%
  Canada Guyana 15.0%
  Canada Hungary 15.0%
  Canada Iceland 15.0%
  Canada India 25.0%
  Canada Indonesia 15.0%
  Canada Ireland 15.0%
  Canada Israel 15.0%
  Canada Italy 15.0%
  Canada Ivory Coast 15.0%
  Canada Jamaica 15.0%
  Canada Japan 15.0%
  Canada Jordan 15.0%
  Canada Kazakhstan 15.0%
  Canada Kenya 25.0%
  Canada Korea 15.0%
  Canada Kuwait 15.0%
  Canada Kyrgyzstan 15.0%
  Canada Latvia 15.0%
  Canada Lithuania 15.0%
  Canada Luxembourg 15.0%
  Canada Malaysia 15.0%
  Canada Malta 15.0%
  Canada Mexico 15.0%
  Canada Moldova 15.0%
  Canada Mongolia 15.0%
  Canada Morocco 15.0%
  Canada Netherlands 15.0%
  Canada New Zealand 15.0%
  Canada Nigeria 15.0%
  Canada Norway 15.0%
  Canada Oman 15.0%
  Canada Pakistan 20.0%
  Canada Papua New Guinea 15.0%
  Canada Peru 15.0%
  Canada Philippines 15.0%
  Canada Poland 15.0%
  Canada Portugal 15.0%
  Canada Romania 15.0%
  Canada Russia 15.0%
  Canada Senegal 15.0%
  Canada Singapore 15.0%
  Canada Slovakia 15.0%
  Canada Slovenia 15.0%
  Canada South Africa 15.0%
  Canada Spain 15.0%
  Canada Sri Lanka 15.0%
  Canada Sweden 15.0%
  Canada Switzerland 15.0%
  Canada Tanzania 25.0%
  Canada Thailand 15.0%
  Canada Trinidad and Tobago 15.0%
  Canada Tunisia 15.0%
  Canada Turkey 20.0%
  Canada Ukraine 15.0%
  Canada United Kingdom 15.0%
  Canada United States 15.0%
  Canada Uzbekistan 15.0%
  Canada Venezuela 15.0%
  Canada Vietnam 15.0%
  Canada Zambia 15.0%
  Canada Zimbabwe 15.0%


Tax Reporting: How to Access Tax Forms

To access and print your Forms 1099, with the exception of Forms 1099-R and 5498, log in to old Account Management with your IB username and password, and select Tax Forms from the Report Management menu or log in to new Account Management and Click Reports > Tax Forms.

Your 1099-R and 5498, if applicable, will be sent to you directly by Principal Trust Company, the administrator of IB’s retirement accounts, via regular mail.   

IB recommends that you print your year-end statement, dividend report and Form 8949 worksheet for detail of information not reported to the IRS, but which may be necessary to prepare your federal income tax return.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

 

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