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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: wilywilly who wrote (8901)

3/29/2012 2:23:56 PM

From: Q.

1 Recommendation Read Replies (1) | Respond to of 9012

Thanks, Wily, that is a help.

Looking at the IRS instructions, it seems that it will be a good work-around to:

do turbotax with just a one-line summary on the 8949
file electronically that way
then mail a form 8453 that has IB's PDF file printed as a hardcopy.

The IRS instructions seem to be clear that it's okay, and the experiences you mentioned are encouraging, too.

Regarding why IB says it can't generate TXF files for some accounts, the ticket reply mentioned the issue was some "codes" that IB includes on the 8949 are not accepted by TurboTax. I looked at the PDF for my 8949, and only two "codes" appear in column b for me. Those codes are:

W (for wash sale) and B (for basis).

Did your 8949 have both of these codes?

I'm guessing that code W is pretty common, so if there's a problem it must be code B. FWIW, the IRS instructions say this about code B:

IF . . .THEN enter this code in column (b) . . .AND. . .

You received a Form 1099-B (or substitute statement) and the basis shown in box 3 is incorrect. . . .

Enter the basis shown on Form 1099-B (or substitute statement) in column (f).

If the correct basis is higher than the basis shown on Form 1099-B (or substitute statement), enter the difference between the two amounts as a negative number (in parentheses) in column (g).

If the correct basis is lower than the basis shown on Form 1099-B (or substitute statement), enter the difference between the two amounts as a positive number in column (g).