Trade Activity Tax Reporting - Traders Hideout | futures io social day trading
futures io futures trading


Trade Activity Tax Reporting
Updated: Views / Replies:1,736 / 4
Created: by TonyB Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Trade Activity Tax Reporting

  #1 (permalink)
Go Bears!
Bay Area, CA - US
 
Futures Experience: Beginner
Platform: TOS, TS & MC
Broker/Data: TDA & TS
Favorite Futures: Stock, Options and now Futures (ES)
 
TonyB's Avatar
 
Posts: 514 since Dec 2010
Thanks: 227 given, 134 received

Trade Activity Tax Reporting

Hoping this might be the right forum...

As I seriously contemplate ratcheting-up my trading volume, I find myself wondering how you all record these many daily transactions for IRS purposes. As I do my taxes now, I hope there is some application or software that extracts this data and populates it directly into Schedule D / D1.

Are there any brokers out there that have such offerings? I'm contemplating a new broker now and I'm considering making this a factor in the decision-making process.

Thanks much.

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,351 given, 83,221 received


Check this thread:

https://futures.io/traders-hideout/4832-tax-thread.html

Are you talking about equities or futures?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #4 (permalink)
Elite Member
Lubbock TX
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Stage 5 Trading
Favorite Futures: CL
 
MWinfrey's Avatar
 
Posts: 1,879 since Jul 2009
Thanks: 1,449 given, 3,306 received

if you're trading futures, you don't have to record you transactions. your broker will give you a 1099 at the end of the year and that's all you need.

Reply With Quote
 
  #5 (permalink)
Go Bears!
Bay Area, CA - US
 
Futures Experience: Beginner
Platform: TOS, TS & MC
Broker/Data: TDA & TS
Favorite Futures: Stock, Options and now Futures (ES)
 
TonyB's Avatar
 
Posts: 514 since Dec 2010
Thanks: 227 given, 134 received

Thanks guys!

Futures have only been in paper money thus far, but I'm getting ready to give it a try for real. I just learned on the day I started this thread that futures don't entail the logging of every transaction! MWinfrey - thanks for confirming. Better yet, it has a favorable tax rate, 60 / 40 (short / long term), as I recall. Big Mike, I will check-out that thread now... Thank you.

Equities and options have been my bread & butter, and since I still plan to continue with those trades, I'd like a way to more easily log them on Schedule D / D1. I received this from my current broker (TDA):

I am glad you contacted us about this. I will be happy to explain how to download your gain/loss information into Turbo Tax.

Please use the following steps to download your gain/loss information into Turbo Tax.

1. Log on to your online TurboTax account and click the Federal Taxes tab at the top middle
2. Click Continue
3. Click Explore on My Own in the middle of the page
4. Click Start on the right side within the Import Your Tax Info section
5. Click the grey A financial institution radio button to the left, and then click the blue Continue button at the bottom right
6. Type GAI under I'm Looking For to highlight GainsKeeper in blue and then click the blue Continue button at the bottom right
7. Type the 9 digit account #@amtd for the Login ID and 4 digit PIN for the Password
8. Click Continue
9. If needed, click each checkbox to place a check to the left of each item listed
10. Click Import Now

Please keep in mind that this does not include dividends or interest, this information is found on your 1099. I hope that this is helpful.

Should you have any further questions, please do not hesitate to reply to this email.

Best regards,
==========

So, I have never had reason to use tax software before, but if that's the only way to have these schedules populated in a more automated fashion, I will consider it... I was hoping for a solution that did not entail such a middle man, especially a paid one that I don't otherwise need. I realize that there might be such a solution in that thread, so let me read there next...

I will say that I'm in the process of selecting another broker. Thanks to this forum, Big Mike in particular, MultiCharts is the platform of choice. With that, and their somewhat limited availability of brokers, I'm focusing on just those possibilities. And since I'd prefer a combo broker & data provider, that further shortens the list. As of this moment, MB Trading is about to get my biz. I say all of this because if there is a broker that makes "this" (tax prep) easier, that would be a factor in the decision process... Do share.

Thanks again.

Reply With Quote

Reply



futures io > > > Trade Activity Tax Reporting

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
reporting exchange time LostTrader NinjaTrader Programming 8 June 23rd, 2011 01:18 PM
Ninja platform correct reporting? Ilovetotrade NinjaTrader 9 February 19th, 2011 10:40 AM
activity volume bartime tony2604 Traders Hideout 2 August 7th, 2010 10:44 AM
Was there less activity on the ES this week? Crow Traders Hideout 4 July 18th, 2010 03:05 PM
CME enhanced the reporting of trades Silvester17 Traders Hideout 9 October 12th, 2009 01:47 PM


All times are GMT -4. The time now is 11:16 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.10 seconds with 19 queries on phoenix via your IP 54.227.51.103