SPAN保證金系統概述

“標準投資組合風險分析(SPAN)”是芝加哥商品交易所(CME)創建的一種計算保證金要求的方法。全球多家清算所和交易所都使用該方法來計算期貨及期貨期權的“履約保證”(即保證金要求)。清算所會從期貨經紀商(FCM)處收取履約保證,期權經紀商則從其客戶處收取。

SPAN會使用16種假設的市場情境來評估投資組合在給定期限內(通常設為一天)在最差的情況下可能遭受的損失,進而得出保證金金額。這16種假設情境會反映期貨或期權合約底層價格的變動,對於期權,還會反映時間衰減和隱含波動率的變動。 

計算SPAN要求的第一步是將所有底層產品相同的持倉合併為一個 “商品組合”。下一步,SPAN會計算和加總某一種情境下“商品組合”內每一個持倉的風險,並將理論損失最大的情境下的風險定義為“掃描風險”。16種情境是基於“商品組合”價格掃描範圍(給定期限內底層產品的最大價格波動)和波動率掃描範圍(期權最大隱含波動率變動)得出的。

假設一個投資組合由股票指數ABC的一張多頭期貨合約和一張多頭看跌期權合約組成,底層價格為1000美元,乘數為100,價格掃描範圍為6%。   對於該給定的投資組合,“掃描風險”為情境14下的1125美元。

 

 

 

#

1 張多頭期貨

1 張多頭看跌期權

合計

情境描述

1

$0

$20

$20

價格不變;波動率在掃描範圍內上升

2

$0

($18)

($18)

價格不變;波動率在掃描範圍內下降

3

$2,000

($1,290)

$710

價格上漲價格掃描範圍的1/3;波動率在掃描範圍內上升

4

$2,000

($1,155)

$845

價格上漲價格掃描範圍的1/3;波動率在掃描範圍內下降

5

($2,000)

$1,600

($400)

價格下跌價格掃描範圍的1/3;波動率在掃描範圍內上升

6

($2,000)

$1,375

($625)

價格下跌價格掃描範圍的1/3;波動率在掃描範圍內下降

7

$4,000

($2,100)

$1,900

價格上漲價格掃描範圍的2/3;波動率在掃描範圍內上升

8

$4,000

($2,330)

$1,670

價格上漲價格掃描範圍的2/3;波動率在掃描範圍內下降

9

($4,000)

$3,350

($650)

價格下跌價格掃描範圍的2/3;波動率在掃描範圍內上升

10

($4,000)

$3,100

($900)

價格下跌價格掃描範圍的2/3;波動率在掃描範圍內下降

11

$6,000

($3,100)

$2,900

價格上漲價格掃描範圍的3/3;波動率在掃描範圍內上升

12

$6,000

($3,375)

$2,625

價格上漲價格掃描範圍的3/3;波動率在掃描範圍內下降

13

($6,000)

$5,150

($850)

價格下跌價格掃描範圍的3/3;波動率在掃描範圍內上升

14

($6,000)

$4,875

($1,125)

價格下跌價格掃描範圍的3/3;波動率在掃描範圍內下降

15

$5,760

($3,680)

$2,080

極端價格上漲(價格掃描範圍的3倍)* 32%

16

($5,760)

$5,400

($360)

極端價格下跌(價格掃描範圍的3倍)* 32%

然後,用“掃描風險”加上同商品跨月價差風險值(衡量期貨日曆價差基礎風險的值)和交割風險值(衡量可交割的持倉由於臨近到期日而上升的風險),再減去跨商品價差折抵值(由於有相關性的產品互相分散了風險而降低的保證金要求)。  將該合計值與做空期權的最低保證金要求比較(做空期權的最低保證金要求能確保對包含深度價外期權的投資組合收取了最低的保證金),取兩者中較大的值作為“商品組合”的風險。系統會用前述方法逐一計算所有“商品組合”的風險。投資組合的總保證金風險等於所有“商品組合”風險的總和減去由於不同“商品組合”間風險分散而折抵的保證金。 

計算SPAN保證金要求的軟件叫作“PC-SPAN”,可在芝商所的網站上找到。

保證金計算方法概況

簡介

計算給定持倉的保證金要求的方法很大程度上受以下三種因素影響:
 
1.      産品類型;
2.      産品上市的交易所及/或管轄經紀商的主要監管機構的規則;
3.      IBKR“公司內部”要求。
 
雖然有多種計算保證金要求的方法,但這些方法大致可被分爲兩類,即基于規則的保證金要求或基于風險的保證金要求。基于規則的保證金通常會對同類型的産品應用相同的保證金比例,不同産品之間不能相互抵消風險,且會以類似的方式對待衍生品和其底層産品。從這個角度上來看,這種方法計算簡單、其假設也易于執行,但這種假設往往會高估或低估一種産品相對于其歷史業績的風險。基于規則的保證金的一個常見的例子是美國的Reg. T保證金要求。
 
相反,基于風險的保證金計算方法往往試圖使保證金能反映産品的歷史業績,承認産品間風險的相互抵消,且力求通過數學定價模型測定衍生品的非綫性風險。這些方法雖然是直覺式的,但往往涉及客戶自己難以複製的計算過程。此外,計算過程的輸入變量可能依賴于觀察到的市場行爲,這可能導致計算結果快速、大幅波動。基于風險的保證金計算方法包括TIMS和SPAN。
 
不論計算方法基于規則還是基于風險,大部分經紀商都會應用“公司內部”保證金要求。當經紀商認爲特定情况的風險敞口大于法定或基礎保證金能够保障的部分,“公司內部”保證金將提出比基礎保證金更高的要求。下文概述了最常見的基于風險的保證金計算方法和基于規則的保證金計算方法。
 
方法概述
  
基于風險的保證金
a.      投資組合保證金(TIMS) – “理論市場間保證金系統”(TIMS)是期權清算公司(OCC)創造的一種基于風險的保證金計算方法,該方法會假設一系列市場情境,在這些市場情境下投資組合中證券的價格會發生變動、持倉的價值會被重估,基于此來計算投資組合的價值。該方法會使用期權定價模型來重估期權的價值,幷通過敝公司在OCC情境基礎上假設的一系列更爲嚴苛的情境來評估投資組合的風險,這些更嚴苛的情境旨在捕捉諸如極端市場波動、集中持倉或期權隱含波動率變動等額外的風險。此外,某些證券(如粉單、OTCBB或小市值股票)可能無法進行保證金交易。估算出每種情境下的投資組合價值後,預計損失最大的情境將被用于計算保證金要求。
 
TIMS方法適用的持倉包括美國股票、ETF、期權、個股期貨、以及滿足美國證監會現成市場測試的非美國股票和期權。
 
由于這種方法的計算過程比基于規則的方法複雜得多,它往往能更準確地估計風險,進而提供更高的杠杆。鑒于TIMS能够提供更高的杠杆且保證金要求會上下浮動幷快速響應不斷變化的市場情况,這種方法主要面向成熟的交易者且要求賬戶的淨清算價值不少于110,000美元方可啓用,後期也需要將淨清算價值維持在100,000美元以上。該方法下的股票保證金要求通常在15%-30%。如果投資組合內的股票分散程度高、歷史波動性較低且常常有期權做對沖,則投資組合可能還能享受更優惠的保證金比例。
 
b.       SPAN – “標準投資組合風險分析”(SPAN)是芝加哥商品交易所(CME)專門針對期貨和期貨期權設計的一種基于風險的保證金要求計算方法。與TIMS類似,SPAN會假設一系列市場情境,在這些情境下底層證券的價格和期權的隱含波動率會發生變動,在此基礎上估算投資組合的價值,進而確定保證金要求。同樣,IBKR會在這些假設中納入公司內部的情境,以預防極端的價格波動,以及此類波動可能對深度價外期權産生的特定影響。損失最大的情境估算的值將作爲保證金要求。有關SPAN保證金系統的詳細介紹,請見知識庫文章563
 
基于規則的保證金
a.      Reg. T – 美國的中央銀行聯邦儲備委員會的職能是負責維護金融系統的穩定及防範金融市場可能出現的系統性風險。在一定程度上,這一職能是通過監管自營經紀商可向客戶提供的貸款數額來實現的(客戶可通過保證金貸款買入證券)。 
 
具體而言,即通過法規T(常被稱爲Reg. T)來監管。Reg.T規定了客戶須開立保證金賬戶,幷給出了初始保證金要求及對某些證券交易應用的支付規則。比如,對于買入股票,Reg. T目前要求客戶存入相當于其買入價值50%的初始保證金,幷允許經紀商通過貸款提供剩餘50%的資金。比如,賬戶持有人如要買入價值1000美元的證券,則必須存入500美元,但可以借入500美元以持有這些證券。
 
Reg. T只規定了初始保證金要求,而維持保證金要求(即開倉後繼續持有該倉位所需的資金)是由交易所規定的(對于股票,維持保證金要求是25%)。Reg. T也未規定期權的保證金要求,因爲這属于期權産品上市的交易所的管轄範圍,須經美國證監會批准。Reg.T賬戶中持有的期權還須應用基于規則的方法,即空頭被當成股票等價物處理、價差交易可减免保證金要求。最後,符合要求的投資組合保證金賬戶中的持倉無需滿足Reg. T要求。 

 

更多信息

主要的保證金相關定義

監控和管理保證金的工具

如何確定購買力

如何確定您有無從IBKR借入資金

我沒有借入資金,IBKR爲什麽要計算和報告保證金要求?

用IRA賬戶進行保證金交易

什麽是特殊備忘錄賬戶(SMA)?如何使用?

如何計算期貨和期貨期權的保證金要求?

Overview: 

期貨期權和期貨的保證金是由交易所根據SPAN保證金計算方法確定的。有關SPAN保證金系統及其計算邏輯,請參見芝商所(CME)網站www.cmegroup.com。在芝商所網站搜索SPAN,您會看到很多包括其計算邏輯在內的相關信息。SPAN保證金系統是一個通過分析幾乎所有市場情境下的假設情况來計算保證金要求的保證金計算系統。

Background: 

SPAN的運行邏輯大致如下:

SPAN會通過計算由衍生品和實物産品所構成的投資組合在給定時間區間(通常爲一個交易日)內的最壞情况損失來評估投資組合的整體風險。最壞情况損失通常是通過計算投資組合在不同市場行情下的盈虧情况來完成。該計算方法的核心是SPAN風險陣列,即一系列可顯示某特定合約在不同行情下的盈虧情况的數據。每種行情算作一種風險情境。每種風險情境的數值代表該特定合約在對應價格(底層證券價格)變化、波動率變化和時間衰减的特定組合下會産生的盈虧。

交易所會以特定頻率向IBKR發送SPAN保證金文件,接著,該等文件會被導入到SPAN保證金計算器當中。所有期貨期權,除非已經過期或是平倉,否則始終都需要計算風險損失情况,即使處于價外也沒有關係。所有情境都必須考慮極端市場波動情况下的變化,因此,只要倉位還在,該等期貨期權的保證金影響就還要被納入考量。 我們會將SPAN保證金要求與IBKR預定義的極端市場波動情境進行比較,取較大者作爲保證金要求。

Overview of Margin Methodologies

Introduction

The methodology used to calculate the margin requirement for a given position is largely determined by the following three factors:
 
1.      The product type;
2.      The rules of the exchange on which the product is listed and/or the primary regulator of the carrying broker;
3.      IBKR’s “house” requirements.
 
While a number of methodologies exist, they tend to be categorized into one of two approaches: rules based or risk based.  Rules based methods generally assume uniform margin rates across like products, offer no inter-product offsets and consider derivative instruments in a manner similar to that of their underlying. In this sense, they offer ease of computation but oftentimes make assumptions which, while simple to execute, may overstate or understate the risk of an instrument relative to its historic performance. A common example of a rules based methodology is the U.S. based Reg. T requirement.
 
In contrast, risk based methodologies often seek to apply margin coverage reflective of the product’s past performance, recognize some inter-product offsets and seek to model the non-linear risk of derivative products using mathematical pricing models. These methodologies, while intuitive, involve computations which may not be easily replicable by the client. Moreover, to the extent that their inputs rely upon observed market behavior, may result in requirements that are subject to rapid and sizable fluctuation. Examples of risk based methodologies include TIMS and SPAN.
 
Regardless of whether the methodology is rules or risk based, most brokers will apply “house” margin requirements which serve to increase the statutory, or base, requirement in targeted instances where the broker’s view of exposure is greater than that which would satisfied solely by meeting that base requirement. An overview of the most common risk and rules based methodologies is provided below.
 
Methodology Overview
  
Risk Based
a.      Portfolio Margin (TIMS) – The Theoretical Intermarket Margin System, or TIMS, is a risk based methodology created by the Options Clearing Corporation (OCC) which computes the value of the portfolio given a series of hypothetical market scenarios where price changes are assumed and positions revalued. The methodology uses an option pricing model to revalue options and the OCC scenarios are augmented by a number of house scenarios which serve to capture additional risks such as extreme market moves, concentrated positions and shifts in option implied volatilities. In addition, there are certain securities (e.g., Pink Sheet, OTCBB and low cap) for which margin may not be extended. Once the projected portfolio values are determined at each scenario, the one which projects the greatest loss is the margin requirement.
 
Positions to which the TIMS methodology is eligible to be applied include U.S. stocks, ETFs, options, single stock futures and Non U.S. stocks and options which meet the SEC’s ready market test.
 
As this methodology uses a much more complex set of computations than one that is rules based, it tends to more accurately model risk and generally offers greater leverage. Given its ability to offer enhanced leverage and that the requirements fluctuate and may react quickly to changing market conditions, it is intended for sophisticated individuals and requires minimum equity of $110,000 to initiate and $100,000 to maintain. Requirements for stocks under this methodology generally range from 15% to 30% with the more favorable requirement applied to portfolios which contain a highly diversified group of stocks which have historically exhibited low volatility and which tend to employ option hedges.
 
b.       SPAN – Standard Portfolio Analysis of Risk, or SPAN, is a risk-based margin methodology created by the Chicago Mercantile Exchange (CME) that is designed for futures and future options.  Similar to TIMS, SPAN determines a margin requirement by calculating the value of the portfolio given a set of hypothetical market scenarios where underlying price changes and option implied volatilities are assumed to change. Again, IBKR will include in these assumptions house scenarios which account for extreme price moves along with the particular impact such moves may have upon deep out-of-the-money options. The scenario which projects the greatest loss becomes the margin requirement. A detailed overview of the SPAN margining system is provided in KB563.
 
Rules Based
a.      Reg. T – The U.S. central bank, the Federal Reserve Board, holds responsibility for maintaining the stability of the financial system and containing systemic risk that may arise in financial markets. It does this, in part, by governing the amount of credit that broker dealers may extend to customers who borrow money to buy securities on margin. 
 
This is accomplished through Regulation T, or Reg. T as it is commonly referred, which provides for establishment of a margin account and which imposes the initial margin requirement and payment rules on certain securities transactions. For example, on stock purchases, Reg. T currently requires an initial margin deposit by the client equal to 50% of the purchase value, allowing the broker to extend credit or finance the remaining 50%. For example, an account holder purchasing $1,000 worth of securities is required to deposit $500 and allowed to borrow $500 to hold those securities.
 
Reg. T only establishes the initial margin requirement and the maintenance requirement, the amount necessary to continue holding the position once initiated, is set by exchange rule (25% for stocks). Reg. T also does not establish margin requirements for securities options as this falls under the jurisdiction of the listing exchange’s rules which are subject to SEC approval.  Options held in a Reg.T account are also subject to a rules based methodology where short positions are treated like a stock equivalent and margin relief is provided for spread transactions. Finally, positions held in a qualifying portfolio margin account are exempt from the requirements of Reg. T. 

 

Where to Learn More

Key margin definitions

Tools provided to monitor and manage margin

Determining buying power

How to determine if you are borrowing funds from IBKR

Why does IBKR calculate and report a margin requirement when I am not borrowing funds?

Trading on margin in an IRA account

What is SMA and how does it work?

Overview of the SPAN margining system

The Standard Portfolio Analysis of Risk (SPAN) is a methodology developed by the CME and used by many clearinghouses and exchanges around the world to calculate the Performance Bond (i.e., margin requirement) on futures and options on futures which the clearinghouse collects from the carrying FCM and the FCM, in turn, from the client.

SPAN establishes margin by determining what the potential worst-case loss a portfolio will sustain over a given time frame (typically set to one day), using a set of 16 hypothetical market scenarios which reflect changes to the underlying price of the future or option contract and, in the case of options, time decay and a change in implied volatility. 

The first step in calculating the SPAN requirement is to organize all positions which share the same ultimate underlying into grouping referred to as a Combined Commodity group. Next, SPAN calculates and aggregates, by like scenario, the risk of each position within a Combined Commodity, with that scenario generating the maximum theoretical loss being the Scan Risk. The 16 scenarios are determined based upon that Combined Commodity’s Price Scan Range (the maximum underlying price movement likely to occur for the given timeframe) and Volatility Scan Range (the maximum implied volatility change likely to occur for options).

Assume a hypothetical portfolio having one long future and a one long put on stock index ABC having an underlying price of $1,000, a multiplier of 100 and a Price Scan Range of 6%.  For this given portfolio, the Scan Risk would be $1,125 scenario 14.

 

 

 

#

1 Long Future

1 Long Put

Sum

Scenario Description

1

$0

$20

$20

Price unchanged; Volatility up the Scan Range

2

$0

($18)

($18)

Price unchanged; Volatility down the Scan Range

3

$2,000

($1,290)

$710

Price up 1/3 Price Scan Range; Volatility up the Scan Range

4

$2,000

($1,155)

$845

Price up 1/3 Price Scan Range; Volatility down the Scan Range

5

($2,000)

$1,600

($400)

Price down 1/3 Price Scan Range; Volatility up the Scan Range

6

($2,000)

$1,375

($625)

Price down 1/3 Price Scan Range; Volatility down the Scan Range

7

$4,000

($2,100)

$1,900

Price up 2/3 Price Scan Range; Volatility up the Scan Range

8

$4,000

($2,330)

$1,670

Price up 2/3 Price Scan Range; Volatility down the Scan Range

9

($4,000)

$3,350

($650)

Price down 2/3 Price Scan Range; Volatility up the Scan Range

10

($4,000)

$3,100

($900)

Price down 2/3 Price Scan Range; Volatility down the Scan Range

11

$6,000

($3,100)

$2,900

Price up 3/3 Price Scan Range; Volatility up the Scan Range

12

$6,000

($3,375)

$2,625

Price up 3/3 Price Scan Range; Volatility down the Scan Range

13

($6,000)

$5,150

($850)

Price down 3/3 Price Scan Range; Volatility up the Scan Range

14

($6,000)

$4,875

($1,125)

Price down 3/3 Price Scan Range; Volatility down the Scan Range

15

$5,760

($3,680)

$2,080

Price up extreme (3 times the Price Scan Range) * 32%

16

($5,760)

$5,400

($360)

Price down extreme (3 times the Price Scan Range) * 32%

The Scan Risk charge is then added to any Intra-Commodity Spread Charges (an amount that accounts for the basis risk of futures calendar spreads) and Spot Charges (A charge that covers the increased risk of positions in deliverable instruments near expiration) and is reduced by any offset from an Inter-Commodity Spread Credit (a margin credit for offsetting positions between correlated products).  This sum is then compared to the Short Option Minimum Requirement (ensures that a minimum margin is collected for portfolios containing deep-out-of-the-money options) with the greater of the two being the risk of the Combined Commodity. These calculations are performed for all Combined Commodities with the Total Margin Requirement for a portfolio equal to the sum of the risk of all Combined Commodities less any credit for risk offsets provided between the different Combined Commodities. 

The software for computing SPAN margin requirements, known as PC-SPAN is made available by the CME via its website.

How do you calculate margin requirements on futures and futures options?

Overview: 

Futures options, as well as futures margins, are governed by the exchange through a calculation algorithm known as SPAN margining.  For information on SPAN and how it works, please research the exchange web site for the CME Group, www.cmegroup.com.  From their web site you can run a search for SPAN, which will take you to a wealth of information on the subject and how it works.  The Standard Portfolio Analysis of Risk system is a highly sophisticated methodology that calculates performance bond requirements by analyzing the “what-ifs” of virtually any market scenario.

Background: 

In general, this is how SPAN works:

SPAN evaluates overall portfolio risk by calculating the worst possible loss that a portfolio of derivative and physical instruments might reasonably incur over a specified time period (typically one trading day.) This is done by computing the gains and losses that the portfolio would incur under different market conditions.  At the core of the methodology is the SPAN risk array, a set of numeric values that indicate how a particular contract will gain or lose value under various conditions. Each condition is called a risk scenario. The numeric value for each risk scenario represents the gain or loss that that particular contract will experience for a particular combination of price (or underlying price) change, volatility change, and decrease in time to expiration. 

The SPAN margin files are sent to IBKR at specific intervals throughout the day by the exchange and are plugged into a SPAN margin calculator.  All futures options will continue to be calculated as having risk until they are expired out of the account or are closed.  The fact that they might be out-of-the-money does not matter.  All scenarios must take into account what could happen in extreme market volatility, and as such the margin impact of these futures options will be considered until the option position ceases to exist.  The SPAN margin requirements are compared against IBKR's pre-defined extreme market move scenarios and the greater of the two are utilized as margin requirement.

IRA: Roth Conversions

Background: 


Traditional and SEP IRA owners may process a full conversion of cash or securities into a Roth IRA that has identical trading capabilities at Interactive Brokers.

An IRA Roth Conversion is a transfer of Traditional, SEP, or SIMPLE IRA assets into a Roth IRA as a rollover or conversion.

While Interactive Brokers is unable to re-designate a Traditional or SEP IRA as a Roth IRA (e.g. change the same Traditional IRA into a Roth IRA), you may still complete a Roth conversion without sending funds to another brokerage firm.  See below for methods to convert your IRA funds into a Roth IRA.  

Converting Your Funds

Internal Full Conversion Between IB Accounts

Conversion By Rollover Deposit

Conversion By Transfer

IRS Tax Reporting

Click Conversions and Recharacterizations for additional information.

 

Converting Your Funds

The IRS permits eligible IRA owners to contribute funds to a Roth IRA from a Traditional or SEP IRA.  Regardless of the conversion method used, the entire transaction is treated as a conversion.  There are three (3) conversion methods available for converting into an IB Roth IRA account:

(1) Internal Full Conversion (Cash & Securities)

(2) Rollover Deposit (Cash only)

(3) Trustee-to-Trustee Transfer (Cash only)

  1. Internal Full Conversion:  You may open a Roth IRA at IB and then request a Full (all assets) conversion of a Traditional or SEP IRA through Account Management.  All assets will be internally transferred  into the Roth IRA.  Internally processed Roth conversions submitted by 8:00 PM EST are processed the next business day.

[In Funds Management of the Traditional or SEP IRA, choose: IRA Conversion to Roth Account. Or, click  Position Transfers, then select IRA Conversion - Transfer Assets to Roth Account.]

Note: Select the funding option IRA Conversion or Re-characterization in the Funding section of the account application to perform a full conversion.  For step-by-step instructions, click here.  See Partial IRA Conversions to perform a partial conversion.

  1. Rollover Deposit:  You can receive a distribution from an IRA (Traditional, SEP, or SIMPLE) or qualified plan held outside of Interactive Brokers and roll the funds over (contribute it) to a Roth IRA within 60 days after the distribution.

[In Funds Management of the Roth IRA, choose the following deposit method: Cash Transfers.  In the Transaction List, select Deposit Cash.  In the Method List, select  Check, Wire, Automated Clearing House (A.C.H.), or Direct Rollover. Choose Rollover as the IRA Deposit Type.]

Note: Selecting Rollover designates the deposit as a "conversion contribution," provided funds originate from an IRA or qualified plan.  Select Cash Deposit instructions for step-by-step deposit instructions.

  1. Trustee-to-Trustee Transfer:  You can direct the trustee of an IRA (Traditional, SEP, or SIMPLE) or qualified plan held outside of Interactive Brokers to transfer a cash amount into the Roth IRA account at IB.  Use the IRA Transfer-In Authorization form to initiate your request.

[In Funds Management of the Roth IRA, choose the following deposit method: Cash Transfers.  In the Transaction List, select Deposit Cash.  In the Method List, select  Trustee-to-Trustee.]

Important Note: IB is not responsible for the tax reporting of any funds distributed from the Traditional or SEP  IRA held at another firm.  Customers should speak with a tax advisor before requesting an IRA distribution as withholding tax may apply.  Customers must contact the other firm to ensure that the IRA distribution is appropriately designated. 

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IRS Tax Reporting

The deposit of funds into the Roth IRA is treated by the IRS as a rollover contribution, regardless of the conversion method, and reported to the IRS on Form 5498.  Form 5498 is available by May 31 for the prior year's contributions.

The disbursement of funds from the Traditional or SEP IRA is treated by the IRS as a distribution and reported by IB on the Form 1099-R (report of the distribution).  This tax form is available by January 31 for the prior year's distributions.

For additional information on Forms 5498 and 1099-R, see US Year End Tax Forms.

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Click here to return to the Retirement Account Resource page.

Disclaimer:  IB does not provide tax advice. 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 international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser.


Glossary terms: 
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