IMPORTANT: This step must be done BEFORE you file your taxes to ensure what you are reporting to the IRS is correct. The resulting report is for your records and is not sent to the IRS, it is only for the purpose of helping ensure that TradeLog's data is accurate.
NOTE: There are a variety of challenges from reporting options trades on the 1099-B:
No 1099-B? Click HERE.
How to run the Reconcile 1099-B report
If you have multiple accounts, reconcile each account individually BEFORE generating tax reporting.
Select the appropriate brokerage Account Tab. All reconciling must be done in the individual account tabs.
Click the Reports menu, then Reconcile 1099-B button.
Using your broker provided 1099-B report, type the information required on the Form 1099-B Information pop-up. This information is essential for accurate tax filing with TradeLog.The details required will vary depending on the tax year you are working on - the image below reflects 2022 tax year settings.
See the steps below for more details:
Type Gross Proceeds reported on 1099-B. Typically, your broker provides this total on a summary section as Box or Line 1d. If your broker does not provide a total, you may have to total each subsection on your 1099-B. TradeLog needs the total of all Gross Proceeds on the 1099-B, both for covered and non-covered securities.1099-B Details: This section allows you to change the default TradeLog settings depending on your broker 1099-B. Please review your broker 1099-B and the chart of Known Broker 1099-B Reporting Problems for the specific account. There are many variations between broker 1099-B forms; don't assume all your accounts are the same.When finished, click the Run 1099 Recon Rpt button to generate the reconciliation report.To clear form values, click the Reset Form button.
The generated report will reconcile Gross Proceeds with TradeLog reported sales for Form 8949. The difference should be close to zero or positive to reduce risk of audit. Large differences should be accounted for.
Note: Only Gross Proceeds are reconciled with the 1099-B.
Follow the instructions on the Reconciliation Report for understanding the totals and any differences. If a large difference exists please review the following help topic: The report doesn't match my brokerage 1099.
Repeat the reconciliation process for each individual brokerage account.
Please proceed to End the Tax Year.