Please be advised, MB Trading would like to notify its clients of various handling policies in regard to 1099 year-end statements for tax year 2007, as each product is executed and settled by different clearing agents.
For Equity accounts:
Penson Financial Services, Inc. will be delaying the mailing of customer 1099’s for 2007 until February 18, 2008. By delaying the mailing of the 1099’s this will allow Penson to capture the majority of the issues that usually require amendments to the 1099 forms. Previously, 1099’s were mailed by January 31st, however there are many 1099’s that are not accurate or complete due to the issuers not finalizing their financials and reporting of income until after January 31st. This short delay will allow for more accurate reporting on the 1099’s and eliminate the need for sending out corrected 1099’s that have caused confusion for customers in the past. Statements will also be available online through the Account Management link in the secure log in site. Please refer to the Reports Menu and select Online Tax Forms.
For Futures accounts:
Penson Financial Futures, Inc. merged with Penson GHCO at the end of June 2007. Due to the merger, all futures accounts that traded January through June will receive a 1099B from Penson Financial Futures, Inc. All futures accounts that traded July through December will receive a 1099B from Penson GHCO. All futures 1099B forms were mailed out on Tuesday, January 29, 2008.
For Forex accounts:
MB Trading Futures is not required to submit 1099 statements for off-exchange foreign currency (forex) products to the Internal Revenue Service (IRS) and as such does not provide any tax advice in the handling of reporting profit, loss, and fee treatments of its forex products. It is the responsibility of the customer for deciding on the proper handling of reporting and MB Trading Futures suggests you consult with your tax advisor on such matters. To assist you with providing information to your tax advisor, you can use the account management reports to print out the pertinent information.
If you have any questions, please feel free to contact us at your convenience.
