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TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)


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TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)

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  #41 (permalink)
 Topstep  Topstep is an official Site Sponsor
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Anagami View Post
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

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 Big Mike 
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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

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 Topstep  Topstep is an official Site Sponsor
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Big Mike View Post
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

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  #44 (permalink)
 trendisyourfriend 
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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?

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 Daytrader999 
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trendisyourfriend View Post
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...

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 tderrick 
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Daytrader999 View Post
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.


AJ
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 Daytrader999 
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tderrick View Post
"German Tax Authorities" sound frightening.

You bet !!

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 Big Mike 
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In prior webinars he mentioned TST will 1099 you.

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

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trendisyourfriend View Post
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

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