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Hi All!

For those who use Scottrade's Options First...and especially if you had any short sales....do 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 dates....you 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?! ;-(

Cheers!
Murph
Home Fool
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Won't the revised 1099 be available to copy online?
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...Won't the revised 1099 be available to copy online?

Hi blesto!

I'm sure it will be....when they get them done. At the time of my post, Scottrade still could not tell me when that would be.

Meantime, my CPA has deadlines like most everyone else...deadlines I will not be able to make due to ST, and will thus incur the extra expense to file an extension...an expense I expect ST to pick up.

Cheers!
Murph
Home Fool
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...an expense I expect ST to pick up.

Murph,

I have a strictly Cash account with Scottrade and they had to send a revised 1099 for my less complicated account. But I did get it in time and have since filed my taxes.

It would be interesting to hear how they handle your expense if/when you need to file an extension.

Best!
blesto
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