What Schwab does at tax time
that every broker should do

Every broker should follow Schwab's example and
provide a downloadable Form 1099-B data file
in a structured, industry-standard format

Structured versus Unstructured Data

Portable Document Format files contain 1099-B data but are not structured. Developing software to read PDF files with a computer program requires significant time and effort. Brokers have data in a structured form on their systems. They should deliver the data in a structured, computer-readable format.

Industry-Standard versus Proprietary

Comma-Separated Value (CSV) files have structure. But every broker implements them in a different way. Use of industry-standard structure allows tax software to import 1099-B files regardless of the source.

Downloadable versus API Only

Many brokers make structured 1099-B data available in XML or JSON format via Application Program Interface (API). Schwab goes the extra mile and makes this same data available via download. This empowers Schwab customers to use whatever tax software solution they choose, not just those programs that have an API relationship with their broker. Setting up API relationships with hundreds of brokers if not practical for many (most) tax software programs.

How the Form8949.com App Streamlines Tax Reporting for Taxpayers and Tax Preparers

At Form8949.com we convert Schwab XML files into the IRS schedules, forms, and statements needed for reporting of gains and losses. Simply sign in to the app, upload your 1099-B data files, and choose from the various reporting options. All for as little as $12.00.