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bump. did anyone close their account yet?

zwind said: bump. did anyone close their account yet?

No, still have my share of Sirius XM. Go BK already.

Of course, this position may last a bit longer because they are offering the lifetime membership for $399 or so, and it is given to all? new VW TDI purchasers for xx months.

I did close my account, but I can still log in it.
Interesting...

zwind said: bump. did anyone close their account yet?

zwind said: bump. did anyone close their account yet?

I happened to buy SPY on March 6, 2009 for $68 a share. I want to see whether we will be testing a new low or not... If so, I will be putting more money in!

Is there any charge to withdraw all money to my checking account via ACH?

I guess you could withdraw all you balance (including the bonus) without any trouble?

got my bonus, traded for actual stock and it doubled
should I keep this account? or should I transfer? this is my first stock account, who should I transfer it to? Are there transfer deals out there like from ING or should I just go with schwab and the like? Options express wants 50.00 to transfer out account.

no charge on ACHs.

frank10b said: should I keep this account? or should I transfer? this is my first stock account, who should I transfer it to? Are there transfer deals out there like from ING or should I just go with schwab and the like? Options express wants 50.00 to transfer out account.

no charge on ACHs.


OX has decent educational tools, but Think or Swim and Optionshouse currently offer to reimburse for ACAT transfers (direct account transfer). With an ACAT, you don't have to sell your shares and then wait for the settlement before moving the money - it is an in-kind transfer.

calwatch said: frank10b said: should I keep this account? or should I transfer? this is my first stock account, who should I transfer it to? Are there transfer deals out there like from ING or should I just go with schwab and the like? Options express wants 50.00 to transfer out account.

no charge on ACHs.


OX has decent educational tools, but Think or Swim and Optionshouse currently offer to reimburse for ACAT transfers (direct account transfer). With an ACAT, you don't have to sell your shares and then wait for the settlement before moving the money - it is an in-kind transfer.


I want to keep the shares I just want to transfer them to a differnt broker, I think. I dont want to sell them, the question is if I should keep OptionExp when i dont know, is ING or Schwab better? I dont need educational savings options-programs

frank10b said: calwatch said: frank10b said: should I keep this account? or should I transfer? this is my first stock account, who should I transfer it to? Are there transfer deals out there like from ING or should I just go with schwab and the like? Options express wants 50.00 to transfer out account.

no charge on ACHs.


OX has decent educational tools, but Think or Swim and Optionshouse currently offer to reimburse for ACAT transfers (direct account transfer). With an ACAT, you don't have to sell your shares and then wait for the settlement before moving the money - it is an in-kind transfer.


I want to keep the shares I just want to transfer them to a differnt broker, I think. I dont want to sell them, the question is if I should keep OptionExp when i dont know, is ING or Schwab better? I dont need educational savings options-programs


Schwab may be better for the retail investor, but you'll have to pay the transfer fee. Most have minimums, though, like Scottrade.

I contacted Jesus online. After trying to talk me out of closing my account, he said to email:support@optionsxpress.com.
It does not look closed to me. What do you see that indicates your acct. is closed?

szhang6 said: I did close my account, but I can still log in it.
Interesting...

zwind said: bump. did anyone close their account yet?

For closed accounts, one cannot deposit or withdraw any funds ... that's the only effect I've observed after having an account "closed" for a few months. I presume they also stop sending various sorts of e-mails, but cannot verify this in a clean environment, as I have another account open

What is the easiest way to close an account. I used the CS link and they never responded.

http://online.barrons.com/article/SB125392859854942915.html

OptionsXpress: Out of the Money By BILL ALPERT

Nice article, maybe he can start a new Agape fund

Looks like they have resorted to a new $100 promo to try to get some more people trading...

http://www.budgetcents.net/2009/11/25/100-optionsxpress-promo-2009/

Anyone have any clue on how these guys are doin' since that previous article? I could use the $100 without risking $500 of my own!

montee4 said: Looks like they have resorted to a new $100 promo to try to get some more people trading...

http://www.budgetcents.net/2009/11/25/100-optionsxpress-promo-2009/

Anyone have any clue on how these guys are doin' since that previous article? I could use the $100 without risking $500 of my own!

The trades you'd have to make eat up most of that bonus.

I noticed a new "Refer A Friend" bonus at optionsXpress (it appeared on the right side of the screen after I logged in). This one gives $200 to the referrer, vs. $100 before. And this one doesn't say anything about a $500 promotion limit per year, so people who got the $500 earlier this year might be eligible for this. Expires December 31st, 2009. The referred person needs to make 5 trades though; at $14.95 each that eats up $74.75 of the $100 bonus; so for them it's more like 5 free trades + $25.25 cash.

optionsXpress said: $200 in your account and $100 in your friend's account
Offer limited to one $200 bonus per referrer and $100 referred friend, for each unique referral resulting in a newly activated, funded optionsXpress account meeting the terms and conditions of the refer a friend program. To qualify for the $200 bonus, the referred account must maintain a per account average balance of $500 for 6 months, and the account must execute 5 trades. The $200 bonus will be deposited into the referrer and $100 into the referred accounts within 45 days after the referred friend meets the terms and conditions of the offer. To qualify, the referrer must enter the referred friend's email address through this page, and the referred friend must enter the promo code "HOLIDAY" through the new account application form when opening the new account. A referred customer can only qualify for the $100 bonus a total of one time. A customer can only qualify for a total of $1000 from this offer. Deposits of new funds or securities from existing optionsXpress accounts are not eligible for this offer. Qualified (IRA) linked and shared accounts are not eligible for this offer. This offer is valid for optionsXpress associates. This offer is not valid for non-U.S. residents, certain referring parties, and where otherwise prohibited. Customers can not exchange the $200 for other offers, cash or credit. We reserve the right at our sole discretion, to cancel, modify or suspend this offer program at any time without notice.

I checked my 1099-INT on Optionsxpress (I "closed" the account, but I can still login and see statements/tax forms), but it only listed $0.12 of interest for 2009, vs $500.12.

I can wait for adjustments since that sometimes happens and I won't be filing until the beginning of April. However, I was wondering if the $500 should be reported as interest income or something crazy like an adjustment to the basis of the one option I traded and expired (which could make things slightly more complicated).

Did they forget to include $500 bonus on the 1099-INT?

vrovner said: Did they forget to include $500 bonus on the 1099-INT?

From mine, it looks like yes--more specifically, they have not included it in box 1 interest on the 1099-INT.

I'd be interested to hear what others have on their 2009 1099's with regards to the $500 bonus.

I'm not too surprised. IIRC, they did not include any of the $100 referral bonuses on any 2008 1099-WHATEVER (which makes me think they might not have reported them to the Big Brother either).

If this is true, wohoo! You go OE!

yes, the $500 should be factored into your ADJUSTED cost basis ...

also, 1099-MISC would ordinarily NOT get filed below $600 (this was $500). However, that does NOT mean you don't report it. It just means, there's no requirement for the payer to file a 1099-misc.

Optionsxpress did not send me a 1099 in 2008 for a $100 bonus either.

Not included in the interest section for me, either.

OX is not considering the bonus as income. Rather, I was told the funds are considered a deposit they made on your behalf, and not reportable. DK if this is accurate, though.

I got my 1099 today and the $500 was not reported. It really seems like it should be reported as 1099I, but whatever. Hopefully they don't change their mind on the classification.

vstrt said: yes, the $500 should be factored into your ADJUSTED cost basis ...

also, 1099-MISC would ordinarily NOT get filed below $600 (this was $500). However, that does NOT mean you don't report it. It just means, there's no requirement for the payer to file a 1099-misc.


I understand the reporting guidelines of >= 600 only but strange that they already have a combined 1099-INT/DIV/MISC with 0.00 shown on MISC. Wondering if there is anythying in it for them to not report, or conversely whether it costs them anything to report it, as they already do go through and choose not to....

Yes looks like we need to report the amount.

I do not recall getting anything by snail mail on tax forms from them, are they (and all financial institutions) really allowed to go fully electronic even for tax docs like these ? Makes it easy to miss looking at online 1099 esp w/just an email reminder to do so ...

vstrt said: yes, the $500 should be factored into your ADJUSTED cost basis ...

also, 1099-MISC would ordinarily NOT get filed below $600 (this was $500). However, that does NOT mean you don't report it. It just means, there's no requirement for the payer to file a 1099-misc.


Adjusted cost basis of what? I didn't buy and sell my OX account.

I have the same question as WalStMonky. How do we do cost basis? What line of my 1040 does this go under? Also since OE didn't send anything to IRS and I have nothing from OE either do I send a hand written (or typed note) along with my return stating what that additional income of $500 on my return is from (if we e-file how do we communicate the same)? I am trying to figure out how else will this information be communicated to IRS if we just add $500 to our income but don't document how it came about. I am sure IRS won't complain about us reporting it.

Can anyone help? Sorry for the apparently dumb questions!

delete

Just report it as if there was an extra $500 on your 1099-MISC. Use the address and payee information from the 1099 they gave you. That's what I did. There's no way you're going to get in trouble for reporting income accurately just because the payer isn't reporting it correctly.

newbietx said: I have the same question as WalStMonky. How do we do cost basis? What line of my 1040 does this go under? Also since OE didn't send anything to IRS and I have nothing from OE either do I send a hand written (or typed note) along with my return stating what that additional income of $500 on my return is from (if we e-file how do we communicate the same)? I am trying to figure out how else will this information be communicated to IRS if we just add $500 to our income but don't document how it came about. I am sure IRS won't complain about us reporting it.

Can anyone help? Sorry for the apparently dumb questions!



I'm not saying you should do this and I'm not a "professional" of any kind. So, this simply stated for your entertainment ONLY. You should consult a tax professional for advice.


With that said,

Cost basis is easy. It's exactly what you paid for a security (i.e. stock, bond, mutual fund) plus brokerage and exchange fees. Adjusted cost basis is any adjustments made to your original basis in the security. This can take your basis UP or DOWN, depending on your adjustments.

An easy example for ADJUSTED basis would be an investor who buys a rental property for 50k. He spends an additional 20k in improving the property before he puts it up for sale at 100k. His basis would be adjusted upward (contingent upon IRS rules for adjustment) by approx. 20k.

You should check with your accountant on how to report your adjusted basis in securities purchased or sold @ OE to account for the $500 credit. TurboTax is fairly straightforward and I've personally never encountered problems in reporting my adjusted basis when using it.

$500 was not reported on my 1099 as well .



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