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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (491405)6/29/2009 12:26:17 AM
From: i-node  Read Replies (1) of 1574307
 

My kids savings account which earned 0.18 dollars interest was substantial and required a 1099 but the options traders who,collectively, made billions in profits do not require accountability.....bull shit!!

A bank account on which the earnings were "0.18 dollars" does not require a 1099. You may have gotten one but it wasn't required.

In addition, you are not required to file schedule B to detail interest income unless it exceeds $1,500.

You also make an error in assuming that options traders make billions. The money that is made on options is mostly made by professionals who are using options as hedges or other ordinary income vehicles. And generally within corporations, which eliminates any 1099 requirement at all.

And finally, there is the issue of what is more likely to be missed, an option transaction or interest income, and it far more likely interest on a bank account will be overlooked than it is an option transaction will, since options transactions involving gains are usually handled by professionals whereas many 1099s for interest/dividends are handled by inexperienced individuals just filing their own taxes. Not 1 return in 100 will have any option transactions at all. It just isn't an area involving high abuse.
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