2009 Gain/Loss Summary Worksheet: General Explanation
Important Note: The Worksheet has been prepared using IRS guidelines for information purposes only. It is not intended to replace any official IRS tax forms or schedules; and should not be regarded as an IRS Form Schedule D.
Interactive Broker's 2009 Gain/Loss Summary Worksheet ("Worksheet") provides the capital gains and losses for your account's year-end review. Investors of a limited number of securities will find the pairing of 2009 sell trades useful. Designed to aid with your year end reconciliation, the following securities and trades are included: Bonds, Equity Options, Fractional Shares, Index Futures*, Mutual Funds, Short Sale, T-Bills, Tender Offers, and WHIFITs.
A general explanation of the Worksheet is organized below by Parts, Columns, and Totals.
*Only cash-settled
Worksheet Parts
The Worksheet is divided into two parts. The period in which you held the position determines whether or not Short-Term or Long-Term applies.
Part 1 - Short Term Capital Gains and Losses - Assets Held One Year or Less
Part 2 - Long Term Capital Gains and Losses - Assets Held More Than One Year
Worksheet Columns
Each section contains the following seven columns to identify your trades.
| (a) Description of property | (b) Date acquired | (c) Date sold | (d) Sales price | (e) Cost or other basis | (f) Gain or (loss) | Codes |
1. (a) Description of property...shows the security symbol, name, quantity, and other information to identify the asset sold.
Example: 500 sh. DB - DEUTSCHE BANK AG-REGISTERED
2. (b) Date acquired...shows the trade date of your security's purchase.
Asset Transfers: IB has entered the date supplied by you through Position Transfer Basis. If an update was not received by year-end, then the asset transfer settlement date appears. See your monthly or annual summary for details.
Short Sales: The box is left blank if the closing trade has not been completed. For short sales included on a prior year Worksheet or 1099-B, the code ADJ is entered.
3. (c) Date sold...shows the trade date of your security's sale.
4. (d) Sales price...shows the gross security sale price, net of commissions.
Option Adjustments: For exercised call options, the writer's sale proceeds have been increased by the amount received for the call. For exercised put options, the holder's sale proceeds have been reduced by the cost of the put. See IRS Pub. 550, page 57, for details. For expired options, an amount of 0.00 is entered, followed by the Code "Ep".
5. (e) Cost or other basis...shows the total price paid for your security, plus commissions.
Corporate Actions: Adjustments have not been made for any stock splits or non-dividend distributions. See IRS Pub. 550, page 44, for details.
Mutual Funds: IB does not use an average basis for mutual funds. The First In, First Out (FIFO) method is used.
Original Issue Discount: The basis has not been increased by the amount of OID included in your income. See IRS Pub. 550, page 13, for details.
Option Adjustments: For exercised put options, the writer's basis has been increased by the amount received for the put. For exercised call options, the holder's basis has been increased by the cost of the call. See IRS Pub. 550, page 57, for details.
6. (f) Gain or (loss)...shows the calculation for each security using the tax execution methods First-In, First Out (FIFO), Last In, First Out (LIFO), or Maximize Losses (ML).
Loss: Negative amounts are identified in parentheses. For example, a loss of $2,000.00 displays as (2,000.00).
Tax Method: If no code appears in the Codes column, then FIFO applies. The other methods are noted by either LI = LIFO or ML = Maximize Losses.
7. Codes...shows various trade designations, such as: corporate actions, asset transfers, or option assignments.
Codes and Meanings Table: The last page of the Worksheet contains a table to identify each non-security symbol used.
Worksheet Totals
1. Subtotal adjustment from option assignment...shows the total amount of all sale proceeds increases or decreases made from option assignments to the assigned stock sale proceeds (see Cost or other basis details above).
The adjustments, in accordance with IRS guidelines, are added or subtracted in order for the next Subtotal line to equal the amount reported by IB on the 1099-B, box 2. Please keep in mind that IB does not report any option proceeds or adjustments to sales proceeds from assignments on the 1099s.
2. Subtotal for stocks, bonds and T-bills...shows the total non-adjusted proceeds reported for each trade under column (d) Sales price for stocks, bonds, and T-bills only. This amount should equal the 1099-B, box 2, amount.
1099-B, box 2: In general, this 1099 figure should equal the combined Parts 1 & 2 Subtotal for stocks, bonds and T-bills figure.
3. Total...shows the combined proceeds for all trades under column (d) Sales price, including option sale proceeds.
Total Option Sale Proceeds: Subtract the Total amount of column (d) from the Subtotal for stocks, bonds and T-bills of column (d) to obtain the total proceeds from all option sales.
Click here to go back to the main 2009 Worksheet article.
Note: Securities classified by the IRS as IRC Section 1256 contracts are included on the Gain/Loss Worksheet for 1256 Contracts.
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.
What’s New for the 2009 Gain/Loss Summary Worksheet
Wash Sales – If you sold a stock or security at a loss, but re-purchased within 30 days the same or substantially the same security, the Worksheet identifies the sale using code “WS” (Disallowed loss from wash sale).
Social Security Number – For security purposes, the first 5 digits of the tax identification number have been removed.
Tax Basis Declaration – Two new tax basis methods, made available January 2009, help identify gain/loss methods for trades. The optional methods Last In, First Out (LIFO) and Maximize Losses (ML) join the default First In, First Out (FIFO) on the Worksheet.
Select Gain/Loss Summary Worksheet: Considerations for details about the new features.
Click here to go back to the main 2009 Worksheet article.
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.
Username and password management for the IBKR Online Features
Overview:
IBKR Online Features provides several forums where clients can express their opinion and vote for their favorite commercial or freelance software tools, programming features and third-party tutors. In addition, the Features Poll forum allows clients to submit suggestions for future technology and service enhancements and to vote and make comments on the suggestions provided by others. While there's no assurance that any one suggestion will be enacted, those which generate the widest support via this system tend to receive the highest priority in our programming queue.
Background:
To participate in a forum, clients must first establish a username and password combination unique from that established for Account Management and trading platform access. To add, delete or modify a username or password, you'll first need to log into Account Management and go to the Settings section followed by User Settings. Once there, click the gear icon next to the words "Online Features" in the Login section. From there enter a username and password which differs from that which you use to log into your account. Then enter your account username and password to confirm.
If you have forgotten your Online Features password and/or wish to reset your username, you may do so through this same screen by re-entering your choices, then entering your account username and password to confirm and clicking on the Change button. As clients have the availability to self-manage their password in this manner there is no process in place to supply a forgotten password.
Links:
How do I determine which market data subscription is applicable for a given security?
IBKR provides account holders with a Market Data Assistant tool which assists in selecting the subscription services available for a given security (stock, option or warrant) they wish to trade. The search results show all exchanges upon which the product trades, the subscription offering and its monthly fee for both Professional and Non-Professional clients as well as the depth of market variations associated with each subscription.
To access the Market Data Assistant:
- Log in to Client Portal
- Click on the Help menu (question mark icon in the top right corner) followed by Support Center
- Scroll down and select Market Data Assistant
- Enter the Symbol or ISIN and the Exchange
- Choose a value for the optional filters: Professional/Non Professional subscriber status, Currency and Asset
- Click Search
- Review the available options and decide which subscription best meets your needs.
Find more information on the market data selections page of the IBKR website.
Links:
How to Deposit Funds Via a Full ACATS/ATON Transfer
How to deposit funds to your Interactive Brokers account via a full ACATS/ATON Transfer
For information on how to initiate a partial ACATS/ATON transfer/ please click here
For Interactive Brokers tradeable products please visit the Contract Search Engine
For a detailed description of the Full ACATS/ATON process flow please click here
For a list of the most common causes for ACATS/ATON rejects, please click here
How to Deposit Funds Via a Check
How to deposit funds to your Interactive Brokers account via a Check
Troubleshooting Client Portal Login Failures
Click on the link below which best describes your situation:
- Receiving “Invalid user name password combination” message
- Receiving “Login Failed” message upon entering security device values
- I’ve forgotten my user name and/or password
- I’m temporarily without possession of my security device
- My security device has been lost or damaged
- I’ve been issued a temporary passcode which has expired
- I’ve been issued an online security card which has expired
- I’m awaiting delivery of my physical security device and can now no longer log into my account
- I am able to log into Client Portal with my temporary passcode but not the trading platform
- I am in possession of my security device and wish to activate it
- Receiving “BAD CHARACTER” message after entering my user name
IMPORTANT NOTE: If you are unable to resolve your account access issue from the information above, please contact your local Client Services Center. Also note that for security purposes, all requests for login assistance must be initiated via telephone as it requires prior verification of the account holder's identity. A listing of Client Services Centers, contact numbers and hours of operations may be found via the following website link: ibkr.com/support
1. Receiving “Invalid user name password combination” message.
Make sure that the Caps Lock key is not on as user name is case sensitive and is required to be input in lower case format.
IMPORTANT SECURITY NOTICE: If an account experiences 10 consecutive failed Client Portal login attempts within any 24-hour period, it will be locked out from login regardless of subsequent attempts using the correct user name and password combination. This lock out, intended as a security measure to prevent hackers from random attempts to guess the password, will remain in force until 24 hours have passed since the last unsuccessful log in attempt.
If you believe that your account has or is about to be been locked due to consecutive failed login attempts, you will need to contact to contact your regional Client Services Center via telephone for assistance. Note that assistance for log in matters is only provided via telephone and after the identity of the account holder has been verified.
2. Receiving “Login failed” message upon entering security device values
a. If operating with a temporary passcode, note that alpha characters are case sensitive and are required to be input in upper case format
b. If operating a security card or electronic device, note that there are no spaces between characters
3. I’ve forgotten my user name and/or password
For security purposes, all requests for assistance with a user name and/or password must be initiated via telephone and require prior verification of the account holder’s identity. Requests are to be directed to one of the regional Client Services Center.
4. I’m temporarily without possession of my security device
If you are temporarily without possession of your security device, interim access may be provided by contacting your regional Client Services Center via telephone where, once your identity has been verified, you will be provided with a temporary passcode.
The temporary passcode is a static alpha-numeric code which replaces the randomly generated code provided through your security device and which will provide full access to Client Portal and the trading platforms for 2 days. Should a lengthier period of interim access be necessary, and to obtain enhanced protection, it is recommended that you use the temporary passcode to log into Client Portal and print out the on-line security card which will operate as a replacement to your security device for up to 3 weeks.
After the expiration of the temporary passcode or on-line security card, or if you regain possession of your security device beforehand, you will need to log into Client Portal and select the menu option to re-activate your security device.
5. My security device has been lost or damaged
In the case of a lost or damaged security device, you will need to contact our Client Services Center to arrange for a replacement and to provide for interim access. As the time frame for shipping a replacement device may range form 3 to 14 days depending upon your country of residence, interim access is provided via an on-line security card. The on-line security card may be retrieved for printing or saving as an image to your desktop once a temporary passcode has been provided for Client Portal access.
6. I’ve been issued a temporary passcode which has expired
The temporary passcode is intended to provide full access to both Client Portal and the trading platforms for a period of 2 days. After 2 days, the temporary passcode may no longer be used to access the trading platforms but may be used to access Client Portal for an additional period of 10 days. The Client Portal access, however, is limited solely for the purpose of printing or saving the on-line security card.
If your window of access to Client Portal using the temporary passcode remains, you may print or save the on-line security card through which full access to both Client Portal and the trading platforms is provided for a period of 21 days. If you are unable to log into Client Portal, you will need to contact your regional Client Services Center for assistance.
7. I’ve been issued an online security card which has expired
The on-line security card is intended to provide full access to both Client Portal and the trading platforms for a period of 21 days. This time frame, while limited, is intended to provide sufficient opportunity for the account holder to either regain possession of a temporarily unavailable security device or request and receive a replacement device.
If you are unable to log in using the on-line security card, you will need to contact your regional Client Services Center for assistance and to provide information as to the status of your permanent security device.
8. I’m awaiting delivery of my physical security device and can now no longer log into my account
Depending upon your location, the physical security device should be delivered to the address of record on your account within 2 days in the case of US residents and within 2 weeks for all other accounts. It’s important to note that the permanent devices are set to automatically activate after a set time frame if not yet manually activated by the account holder. If this is the case and you encounter difficulties logging into your account, please contact our Technical Assistance Department at 1-877-442-2757.
9. I am able to log into Client Portal with my temporary passcode but not the trading platform.
If your window of access to Client Portal using the temporary passcode remains, you may print or save the on-line security card through which full access to both Client Portal and the trading platforms is provided for a period of 21 days.
If you are unable to log into Client Portal, you will need to contact your regional Client Services Center for assistance.
10. I am in possession of my security device and wish to activate it.
To activate either a replacement device or one which was temporarily unavailable and which required issuance of a temporary passcode, you will need to log into Client Portal and select the reactivate security device menu option. Once reactivated, neither the temporary passcode nor on-line security card will remain operable.
11. Receiving “BAD CHARACTER” message after entering my user name.
Re-enter your user name and make sure that you do not include any spaces or characters which are not either alpha or numeric (e.g. !@#$%^&*(.,”:...etc.).
Why am I required to provide a W-8 if I am not a US citizen or resident?
As IB LLC is a carrying broker domiciled in the U.S., it is required to report information and, in certain instances, make payment of withholding taxes to the U.S. tax authority, the Internal Revenue Service for all account holders. To certify oneself as a non-U.S. person, a Form W-8 is requested at the time of application and is required to be re-certified every three years thereafter. If IB does not receive the W-8 or the account holder fails to re-certify the W-8 in a timely manner, then the account holder is presumed to be a US person and, absent a W-9, may then be subject to back-up withholding taxes on interest, dividends and substitute payments in lieu, as well as gross proceeds.
By certifying yourself as a non-U.S. person through a properly completed W-8, your U.S. withholding is limited to dividends issued by US corporations. Note that 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.
Funding for IB INR Accounts
Overview:
Interactive Brokers provides IB India INR account holders the ability to deposit and withdrawal both cash and positions via a tool made available through the secure Account Management application and may be accessed via the Funds Management within the Cash Transfers page.
INR IB INDIA DEPOSIT TYPES
The deposit notification allows IB to efficiently identify your incoming funds for proper credit to your account. It also provides detailed banking instructions for your specific deposit method.
Cheque Deposits:
Cheques are the most common method of payment and accounts for about 90% of the payments in India.
Please note Cheque deposits should be made payable to:
Interactive Brokers (India) Private Limited
Mail to: Interactive Brokers (India) Private Limited
A-605, Dynasty Business Park
151 Andheri Kurla Road, Andheri East, Mumbai 400059 India
National Electronic Funds Transfer (NEFT/Wires):
This is an account-to-account batch based electronic settlement mechanism using a deferred net settlement method.
Real-Time Gross Settlement (RTGS/Wires):
RTGS is a payments mechanism where inter-bank payment instructions are settled real time. RTGS are used for transactions above 100,000.00 INR. The wire instructions are as follows:
Beneficiary Bank Account Name: Interactive Brokers (India) Private Limited
Beneficiary Bank Account Number: 030-251318-902
Beneficiary Address: A-605, Dynasty Business Park
151 Andheri Kurla Road, Andheri East, Mumbai 400059 India
Beneficiary Bank: Hongkong and Shanghai Banking Corp (HSBC)
HSBC’s Bank Code: HSBC0400002
Further Credit to: Your IB account number/Your IB account title
DEPOSIT RESTRICTIONS/HOLDS:
Cheque Deposits:
There is a 7th business days hold available on the 8th business day with the exception of Bank Cheques which are guaranteed and credit immediately. For a check to quality as a Bank Cheque the cheque must contain one of the following descriptions: Treasurer’s Cheque, Cashier’s Cheque, Teller’s Cheque, Banker’s Cheque or Official Cheque.
Wire Deposits (NEFT/RTGS):
These deposits credited to your account immediately upon arrival. Funds may not be withdrawn for 3 business days following receipt.
To make a withdrawal of funds, complete a withdrawal request on the Cash Transfers page in Account Management/Funds Management. The first cash withdrawal in any one month is free. A fee will be charged for each additional withdrawal. A withdrawal request will be processed only if the customer has sufficient available funds and equity in excess of the initial margin requirement. Available funds are defined as the lower of trade or settlement date funds. If a withdrawal request is rejected, the customer may re-enter the withdrawal request once there are sufficient funds and equity in excess of the initial margin requirement. In accordance with anti-money laundering regulations, all withdrawals will be sent in the name of the account holder.
INR IB INDIA WITHDRAWAL TYPES
Detailed withdrawal instructions are provided when sending funds from your IB account.
NEFT Bank Wire Transfer:
Requests submitted by 14:00 ET will be sent 18:00 ET, under normal circumstances. Funds normally credit one or two business days, depending on the time of settlement.
RTGS Bank Wire Transfer:
Requests submitted by 14:00 ET will be sent 18:00 ET, under normal circumstances. Funds normally credit one or two business days, depending on the time of settlement. This transfer system is only for transactions greater than 100,000 INR
RTGS Broker Wire Transfer:
Requests submitted by 14:00 ET will be sent 18:00 ET, under normal circumstances. Funds normally credit one or two business days, depending on the time of settlement. This transfer system is only for transactions greater than 100,000 INR
TRANSFER OF ASSETS:
Stock Transfer Form:
Fill-out and fax the Transfer of Assets form to 00852-2509-4102 (Hong Kong)/0041-41-726-9599 (Zug) or attach a scanned document by setting up a ticket message via Account Management-Message Center. Assets transfers have a 2 to 5 business day turn around.
INR INTEREST RATES:
Benchmark Rate: India SBI Prime (Prime lending rate of the State Bank of India)
Use cases where assistance with system access is required
Overview:
Please click on the use case below which best describes your login issue for guidance as to how to proceed:
I. No Access to Account Management or TWS
1. I forgot my User Name and/or password
2. I am temporarily without possession of my security device
3. My security device is lost or damaged
4. My temporary passcode has expired
5. My on-line security card has expired
II. Partial Access (Account Management only)
1. I am able to log into Account Management with my temporary passcode but not the trading platform
III. Full Access to both Account Management and TWS
1. I am in possession of my security device and wish to activate it.
For security purposes, all requests for assistance with a User Name and/or password must be initiated via telephone and require prior verification of the caller’s identity. Click here for a list of IB’s regional Customer Service center contact numbers.
If you are temporarily without possession of your security device, interim access may be provided by contacting your regional Customer Service center via telephone where, once your identity has been verified, you will be provided with a temporary passcode.
This temporary passcode is a static alpha-numeric code which replaces the random code supplied by your security device and which will provide full access to both Account Management and the trading platforms for 2 days. Should a lengthier period of interim access be necessary and to obtain enhanced protection, it is recommended that you use the temporary passcode to log into Account Management and print out the on-line security card which will operate as a replacement to your security device for up to 3 weeks.
After the expiration of the temporary passcode or on-line security card, or if you regain possession of your security device beforehand, you will need to log into Account Management and select the menu option to re-activate your security device.
In the case of a lost or damaged security device, you will need to contact our Customer Service center to arrange for a replacement and to provide for interim access. As the time frame for shipping a replacement device may range form 3 to 14 days depending upon your country of residence, interim access is provided via an on-line security card. The on-line security card may be retrieved for printing or saving as an image to your desktop once a temporary passcode has been provided for Account Management access.
The temporary passcode is intended to provide full access to both Account Management and the trading platforms for a period of 2 days. After 2 days, the temporary passcode may no longer be used to access the trading platforms but may be used to access Account Management for an additional period of 10 days. The Account Management access, however, is limited solely for the purpose of printing or saving the on-line security card.
If your window of access to Account Management using the temporary passcode remains, you may print or save the on-line security card through which full access to both Account Management and the trading platforms is provided for a period of 21 days. If you are unable to log into Account Management, you will need to contact your regional Customer Service center for assistance.
The on-line security card is intended to provide full access to both Account Management and the trading platforms for a period of 21 days. This time frame, while limited, is intended to provide sufficient opportunity for the account holder to either regain possession of a temporarily unavailable security device or request and receive a replacement device.
If you are unable to log in using the on-line security card, you will need to contact your regional Customer Service center for assistance and to provide information as to the status of your permanent security device.
If your window of access to Account Management using the temporary passcode remains, you may print or save the on-line security card through which full access to both Account Management and the trading platforms is provided for a period of 21 days.
If you are unable to log into Account Management, you will need to contact your regional Customer Service center for assistance.
To activate either a replacement device or one which was temporarily unavailable and which required issuance of a temporary passcode, you will need to log into Account Management and select the reactivate security device menu option. Once reactivated, neither the temporary passcode nor on-line security card will remain operable.
