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Hi All!

For those who use Scottrade's Options First...and especially if you had any short NOT use the 1099 unless you check it out thoroughly and in detail first!

To date, I have found short sales reversed in cost basis versus proceeds, missing trades, bad name it.

When I called, the lady on the phone acknowledged the mess, saying that over 2400 accounts were affected. Supposedly 1200 of the 2400 were being sent a revised 1099 early this week. Lucky me, I'm in the second 1200....and they are not sure when they will issue a revised form.

Meanwhile, it is possible ( and quite laborious ) to construct correct profit/loss info from the account activity log. Of course, until the IRS receives the right info from OptionsFirst, that info is really only useful in estimating one's eventual tax...unless you like audits. ;-)

Can you say tax return extension?! ;-(

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