Topstep's Nick Dolby (Social Media and Community Coordinator) - Ask me Anything (AMA)

Anagami 

Michael, I hope you still check this thread to answer questions. Is it possible to trade for TST out of Asia after passing the Combine? I'm thinking of retiring to Thailand and trading for you out of there.

Anagami- We are a global scouting agency for traders so yes you are good to go.

mp

Tip There will be a Live AMA session on Thursday, April 4th @ 12:00 PM ET. - Quick and casual, 30 minute cap - No prepared presentation - Live screen sharing - Floor will be opened immediately to questions - Recording uploaded to AMA thread afterwards - Attend live to get your questions answered The link for the event is: https://www3.gotomeeting.com/register/449351110

Mike

Big Mike 

Tip There will be a Live AMA session on Thursday, April 4th @ 12:00 PM ET. - Quick and casual, 30 minute cap - No prepared presentation - Live screen sharing - Floor will be opened immediately to questions - Recording uploaded to AMA thread afterwards - Attend live to get your questions answered The link for the event is: https://www3.gotomeeting.com/register/449351110 Mike

Looking forward to it.

mp

I was privately discussing the following aspect with josh and he asked me to go directly to the source as it was not clear for him either. So here is my question:

Do you know the tax implications for a US resident as well as for someone outside the US. What about a wannabe trader that passes the combine and is offered the possibilty to trade real money? Will he be considered as an independant worker in terms of US taxes? Does the location change something i live Canada, province of Quebec? Are there any constraint imposed by financial regulation in Canada for this type of activity?

trendisyourfriend 

Do you know the tax implications for a US resident as well as for someone outside the US. What about a wannabe trader that passes the combine and is offered the possibilty to trade real money? Will he be considered as an independant worker in terms of US taxes? Does the location change something i live Canada, province of Quebec? Are there any constraint imposed by financial regulation in Canada for this type of activity?

Well, there's the same question for me since I'm located in Germany, and it will be a quite hard piece of work for me to explain this kind of relationship with TST to German tax authorities as well...

Daytrader999 

Well, there's the same question for me since I'm located in Germany, and it will be a quite hard piece of work for me to explain this kind of relationship with TST to German tax authorities as well...

"German Tax Authorities" sound frightening.

tderrick 

"German Tax Authorities" sound frightening.

You bet !!

In prior webinars he mentioned TST will 1099 you.

Mike

It has to be a 1099 because you're using your own computer, office space and hours are dictated by oneself.

trendisyourfriend 

I was privately discussing the following aspect with josh and he asked me to go directly to the source as it was not clear for him either. So here is my question: Do you know the tax implications for a US resident as well as for someone outside the US. What about a wannabe trader that passes the combine and is offered the possibilty to trade real money? Will he be considered as an independant worker in terms of US taxes? Does the location change something i live Canada, province of Quebec? Are there any constraint imposed by financial regulation in Canada for this type of activity?

trendisyourfriend- All funded traders are independent contractors (1099-misc). As for any tax advice, we try not to get involved with that. We recommend all traders seek the advice of their tax professional.

As for your question about Canada. We currently have a funded trader from this country.

mp