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Anybody heard of topsteptrader (review)
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Anybody heard of topsteptrader (review)

  #191 (permalink)
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This is true, but if this is to be a source of income, the fine points, risks and limitations should be clear and a trader should be well aware of them in advance, to make sure they are in line with his method/psychology/risk management plan, etc.

BTW, how many live traders do you know there/how many are there at TST?

Once live, is a trader considered 'employed' by them? How are taxes handled, before/after split?


I asked them about taxes; TST treats you as a contractor. They will send you a 1099 form at the end of the year. I would imagine tax rates could be different depending on your situation. Check with your tax adviser.

Robert

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  #192 (permalink)
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Silver Dragon View Post
I asked them about taxes; TST treats you as a contractor. They will send you a 1099 form at the end of the year. I would imagine tax rates could be different depending on your situation. Check with your tax adviser.

Robert

Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.

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  #193 (permalink)
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I think they are pretty flexible and will even hire your company if you have one. You can worry about that after you pass the combine though.... first things first!


Futures Operator View Post
Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.


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  #194 (permalink)
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Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.


A 1099 is used for non-employee compensation. You pay taxes on what you are paid, not what you earn for someone else.

Disclaimer: I don't know shit about taxes.


"If I agreed with you, we'd both be wrong."
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  #195 (permalink)
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Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.

Basically as a contractor you are self employed. You are doing work for another company and are not considered a employee of the company you are working for.

This is on the website: You do not get a paycheck. Instead you can withdraw money from your account after you make a specific amount over your starting balance. I think its 5 or 10 thousand if with a 50,000 account. So, anything over 60,000 thousand you can withdraw.

Doing this from memory, but I believe with a 1099 they do not take out any taxes at all.

When I was a contractor I put 40% of the money I received from the company I was working for into a savings account for tax purposes. Trust me you will need it!

With a TST account I would put forty dollars out of every hundred I withdrew into savings account. If you dont do this you will get killed at the end of the year on taxes.

Disclaimer: The above is based on my own experience. Your situation may be different; PLEASE CHECK WITH A TAX ADVISER!

Robert

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  #196 (permalink)
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Palapa Incorporated will pay precisely and effectively, absolutely, fully, and completely, 0%, rate of taxation.... Pina Collada's on the house!!!

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  #197 (permalink)
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Regarding the "buffer", I also believe that at any point when you exit the Combine, you will receive a check for any surplus. So the buffer exists only while you are in the combine to protect against ongoing losses while you are actively trading.

That was my understanding anyway, you should check with them.

Mike

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  #198 (permalink)
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i wonder if you can still get taxed at the rate futures normally do in the US as a sub contractor for them..

dont believe anything you hear and only half of what you see

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  #199 (permalink)
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madLyfe View Post
i wonder if you can still get taxed at the rate futures normally do in the US as a sub contractor for them..

If you are referring to the 60/40, I believe not, but check with an experienced accountant that works with traders.

You might also ask here:
https://futures.io/traders-hideout/4832-tax-thread.html

Mike

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  #200 (permalink)
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A good interview from "OBX Trader", the latest funded trader at TST. I like this guy, he talks about PASR trading, and says that he really enjoys psychology books and Dr. Brett Steenbarger.



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.
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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)
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If you want
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