I am using Turbo Tax. Do you have to input every stock on your 1099? It says this on the Penson Financial Services form. Seems like this could get very very long if you trade frequently. Thank you.

interesting

I believe you have to input every stock that you sold and had realized capital gains or losses.   That's the only way to figure out your tax bill.   I don't think you have to include stocks that you have not sold yet.  I'm no accountant though.    If you buy Gainskeeper or other tax product they will generate the Schedule D for you.

i did. yes, it took quite awhile.. the cost of making money though.  :-)

Turbo tax can download from Penson... But Zecco or Penson has to provide us username and password for the same. Does any one know how to get that... i tried zecco username but that doesn't work.. We need Peson userID... which has to  be autogen by zecco but don't know the password...... Can any one from zecco support team help in this........

Unless you'r continuosly using a tax software that tracks all your transactions, buy, sell, dividends, splits, etc. Otherwise, yes you have to do it manually all of them. When I prepared my 2005 tax, I spent 3 days working on turbo tax manually. A tax professional asked for $359 to prepare my taxes.

Populare software that can keep track of your transactions such as Quicken and Microsoft Money.

Plan9

"07 - plus your account number  pass = ss# You need to include the Dash. Also you can not log into penson.online.com You can only import it through turbo tax or some other tax compy. I just did it and it works"

Is this true? Anyone tried it?

It works:
Username: "07-Acct#"
Password: "SSN#"

It works great. Just saved me a LOT of time. Thank you!!!

Frankrizzo:

07 - plus your account number  pass = ss# You need to include the Dash. Also you can not log into penson.online.com You can only import it through turbo tax or some other tax compy. I just did it and it works

I have tried this and I am having no luck.  I have tried with dashes, no dashes, etc.  Anyone else having problems?   

I have the similar problem and I can not login using this method.

Try firefox (instead of Internet Explorer) and I could download the file directly without any problem. Hope this will help you too.

Thanks for the info, big help, got it to download into turbo tax. However the downloaded info only shows the sales and not the cost basis or purchase dates. Do I have to enter this manually? Did Penson screw up my info?

You have to figure out on your own your cost bases and enter it manually.  At least I do not know any other solutions. That is what I did.
Pension did not screw up your info. Majority of brokers report sales total w/o your intial cost.

I am not 100% positive but I read somewhere that you could attach a worksheet (excel spreadsheet) to your return that summarizes the sales into long and short term. Of course you won't be able to e-file and will have to mail in your return, but I would consider that easier then typing in all the sales into HR Block, Turbe Tax, etc. 

I keep track of all my buys / sells in excel and just print it off at the end of the year.