Our default commissions are $2.02 per side, this is not a random number, but an average. For some traders who trade more expensive than average assets, this is in fact very useful, and they prefer to maintain default commissions. In addition to that, we offer live commissions, for some assets the cost is lower.
If you trade MES for instance, the cost with Live Commissions would be $0.83 per side. If you would like to have this rate, please contact our support team on a live chat or to our email: [email protected]
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I really am intrigued trying the new Trader Career Path with Earn2Trade. But since I am from Austria it seems to be a bit difficult to get the ITIN US tax number that is mentioned by Earn2Trade on their FAQs. Even my tax advisor says the chances are slim to zero to get such a number assigned.
When asking Helios Support I get mixed information. Some say that you can use a W8-BEN instead (which my tax advisor also suggested), some from Helios say the ITIN is mandatory.
Does anybody have some correct information regarding that tax situation for prop traders from outside the US?
What do you mean by "This sort of income is not normally subject to SE tax." So, for instance, if a trader were to profit $100,000 as a partner of E2T... would the process look like this:
1) 80/20 split: $80,000 for trader, $20,000 for firm.
(Basing Everything off Single for simplification purposes) Assuming the total taxable rate is 15% and the trader made between $41k and $459k, 60% or $48,000 would be taxed at a long term capital rate of 15% so they'd keep $40,800 while paying $7,200. (But if they were married filing jointly they'd keep the full amount, yes?)
The short term capital gains according to the Investopedia 2022 taxes would then be taxed at what, 12%(10k-41k) or 22%(41k-89k)? It would probably go off the 40% of the total gains right, so that is $32,000 that would be taxed at 12%, is that correct? So after the short term capital gains tax the 40% would now be $28,160.
3) Total Gains after the 60/40 capital gains for $80,000 would be $68,960, meaning the total tax would be $11,040 assuming the filer is single ( it looks like married filing jointly would have much more tax benefits, is that right?)
So, in this theoretical example, would this be about right?
4) Why would someone be subject to SE tax if they are a partner with your firm filing a K1? And if they were, would the SE tax be taken out before the 60/40 capital gains tax?
I appreciate any information you or anyone with experience in this department may have. I know I'd need to consult with a CPA for a more precise estimation. I was looking into turbo tax and looks like they have competent CPA's for a flat fee of $389 a year, being able to consult with the CPA's also and have them file your taxes. Has anyone ever used them for futures related business?
Although we appreciate your detailed questions and would love to help you with an answer, these are very technical and specific inquiries and would be preferable if a CPA or an American trader with experience on the matter could respond.
Regardless, we hope you find an answer quickly and an excellent rest of the year.
Earn2Trade www.earn2trade.com Become a Professional Trader. Decisions That Can Change Your Life Forever.
