How do I reconcile my tax worksheet to my tax information from Penson?
Here is how you reconcile your TOS tax worksheet to your tax information from Penson. Keep in mind that the purpose of this reconciliation is to confirm consistency of data, not to calculate the tax consequences of your trading: There are two reconciliations you can perform. The first number you need from your 1099-B is the “Proceeds from Broker and Barter Exchange Transactions” (gross value of securities sales). It is the amount reported to the IRS and does not include options. The second number you need is your “Total Options” number at the very end of the Supplemental Tax Information in your Penson tax documentation. This figure is the net of your option trades. Sales are positive numbers and buys are negative numbers, in the same way that they affect cash in your trading account. the total proceeds, which you calculate by adding the “Options Sold” value on the Penson Tax Summary that came with your 1099 to the 1099 proceeds figure to get total securities proceeds.
