ETrade Fail

ETrade does not report the sale of devalued stocks on your 1099 if the stocks sell for less than the ETrade commission. Thus, if you relied on your ETrade 1099 form for all of your sales, and you sold a stock that devalued to $0, you just overpaid your income taxes. I relied on the 1099 form, and then I gathered my backup documents for my trades. I did not go through my many trades to ascertain that ETrade had reported all my sales in 2008. But, they did not. I overpaid my taxes, and I had to pay my tax consultants $150 to amend my taxes. Thank you for nothing ETrade. Jerks!

Category:

People & Blogs

Tags:

• Fail
• ETrade
• 1099
• bad
• reporting
• customer
• service

[Izzalco]

This lady is uneducated and doesn't know that since there was no proceeds, the IRS doesn't care. Thats why you file a schedule d you moron

[maxoptical]

They now have this on the web site...

Q5: I sold a worthless security in 2010. Why isn’t that

sale transaction on my Form 1099?

A5: If the commission charged was more than the

sales price of the stock, then the transaction will not be

included on your Form 1099-B. To determine your loss,

you will need to refer to your account statements and/or

trade confirmations.

[brettgt420]

You are to busy smoking to keep up with your worthless stock sales. You know this lonely smoker isn't married as no man would put up with her.  E*TARDE is one of the best online brokers out there.

[ImSoJohnDeleted]

Wow, after seeing the bad press eTrade has (and if google around you'll see there is A LOT) i'm staying far away...

[deadrepublicantv]

eTrade bought out a company called HarrisDirect which at one time was DLJDirect. I tell you, DLJDirect especially HarrisDirect had TOP NOTCH service. Any report you wanted to get off of their system was available at your finger tips. If I remember correctly they even had an end of year report that tracked your cash basis.

Well eTrade came along and shot all of that to hell. The Harris/DLJ accounts were merged into the eTrade system and its been shite since! Customer service is nonexistent!

[RDarke]

The IRS cares about GAINS... not LOSSES. If you want to try to offset your income using that information -- take how much you bought it for... minus what you got from the sale (giving you your cost basis) - and report that. You seem to think you have all the numbers (hell, you can see them on your statements)... it's really not that hard. Basic elementary school mathematics.

[wrennt]

oops i gave the wrong link that one doesnt even work anymore!

pennystockprophet(dot)com/?hop­=741990

[wrennt]

im not spamming but i found this guide to help when investing into stocks, in all honesty i think it works, well i might as well post the link lol just replace the (dot) with . etradesoldmystocksandkeptthe money. com

[ArtMah]

good job girl!!!

[12hrdesign]

Hey I'm not trying too bash you at all. But why are you with etrade? Do you even no how to trade. You don't have to file a stock on your 1090 if you lost money on it. And if your buying stocks like walmart. Othere big names. Mybe u should have a guy at edwardjones act or if your a real trader get speedtrader account and hardmontrading group margin is sweet 2k gives u 10k buyenpower. Good tools check out hcei going up big