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Earn2Trade - Orianna Foucault (Director of Support) - Ask Me Anything (AMA)


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Earn2Trade - Orianna Foucault (Director of Support) - Ask Me Anything (AMA)

  #571 (permalink)
 
Earn2Trade's Avatar
 Earn2Trade 
 
Posts: 201 since Jul 2018
Thanks Given: 9
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k7ler View Post
HELLO

A want to see if there this any update future about if you eurex data provide support challange ??? and why you have remove eurex exchange ?? also there micro contract now with low margin can support many trader time zone thanx you

Hey k7ler,

Sadly, Eurex was a large cost increase in the data fees which most people didn't want to bear, and the company also couldn't afford.

Earn2Trade
www.earn2trade.com
Become a Professional Trader. Decisions That Can Change Your Life Forever.
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  #572 (permalink)
renegade2022
Carinthia, Austria
 
Posts: 2 since Mar 2022
Thanks Given: 0
Thanks Received: 0

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?

  #573 (permalink)
Howard Roark
Oslo Norway
 
Posts: 438 since Aug 2018
Thanks Given: 389
Thanks Received: 529



renegade2022 View Post
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?

Seriously?

It will likely take you 6 months to pass for a monthly cost of $90 = 90 x 6 = $540.

And to gain what exactly?

  #574 (permalink)
 
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 Earn2Trade 
 
Posts: 201 since Jul 2018
Thanks Given: 9
Thanks Received: 299


renegade2022 View Post
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?


Hello renegade2022,

Thank you for your interest in the Trader Career Path, a W8-BEN is necessary to receive payments.

Earn2Trade
www.earn2trade.com
Become a Professional Trader. Decisions That Can Change Your Life Forever.
Follow me on Twitter
  #575 (permalink)
 
Successlife's Avatar
 Successlife 
Any part of the world.
 
Experience: Master
Platform: Iq feed- Ensign
Trading: ES
Posts: 67 since Jul 2009
Thanks Given: 2
Thanks Received: 14

Hi I like to know about many are close to use BOTS or need more than X time in the trade. What is this in Earntotrade ? - Thanks you

  #576 (permalink)
 
Earn2Trade's Avatar
 Earn2Trade 
 
Posts: 201 since Jul 2018
Thanks Given: 9
Thanks Received: 299


Successlife View Post
Hi I like to know about many are close to use BOTS or need more than X time in the trade. What is this in Earntotrade ? - Thanks you

Hello Successlife,

As long as the trading platform that you select allows it, you can use bots. Please use them bearing in mind the risks of such systems.

The Trader Career Path and the Gauntlet Mini? only allow intraday trading. The Gauntlet? allows overnight.

Earn2Trade
www.earn2trade.com
Become a Professional Trader. Decisions That Can Change Your Life Forever.
Follow me on Twitter
  #577 (permalink)
 
FundedTrader82's Avatar
 FundedTrader82 
Miami, Florida, USA
 
Platform: Ninja Trader 8
Trading: Futures
Posts: 29 since Apr 2021
Thanks Given: 51
Thanks Received: 26

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.

2) 60/40 capital gains: Based on the 2022 taxes for long term gains, according to Investopedia: https://www.investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp

(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?





Earn2Trade View Post
Hello again Miwi,

We do not know what this website is and where it gets the information from, but it is definitely incorrect. Thank you for showing us.

About your second question, the trader joins Helios as a limited member/partner of their trading firm. This means that at tax time, the trader receives a K1 statement where the trading PNL passes through with the normal benefits. For instance, on Futures, it's the 60/40 capital gains as normal. This sort of income is not normally subject to SE tax.

While Helios will issue you a K1 statement, they are not tax advisors, so please check with your CPA to ensure what is the specific situation for you.


  #578 (permalink)
 
Earn2Trade's Avatar
 Earn2Trade 
 
Posts: 201 since Jul 2018
Thanks Given: 9
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lewtamarilla View Post
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.

2) 60/40 capital gains: Based on the 2022 taxes for long term gains, according to Investopedia: https://www.investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp

(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?

Hello lewtamarilla,

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.
Follow me on Twitter
  #579 (permalink)
 shokunin 
Manchester, United Kingdom
 
Experience: Advanced
Platform: Sierra Chart
Broker: Optimus Futures, Rithmic, Denali
Trading: ES
Posts: 85 since Jul 2020
Thanks Given: 6
Thanks Received: 157

I have a question about the $550 Daily Loss Limit. Will any of the following cause the account to fail?

Scenario A
Day Start = $25000
Trade 1: +$750. (P&L = $25750)
Trade 2: -$600. (P&L = $25150)
Day End = $25150

Scenario B
Day Start = $25000
Trade 1: +$750. (P&L = $25750)
Trade 2: -$300. (P&L = $25450)
Trade 3: -$300. (P&L = $25150)
Day End = $25150

Scenario C
Day Start = $25000
Trade 1: +$750. (P&L = $25750)
Trade 2: +$100. (P&L = $25850). Trade 2 moves against me $600 before closing in profit. Total P&L is always positive on the day.
Day End = $25850

Scenario D
Day Start = $25000
Trade 1: +$750. (P&L = $25750). Trade never has any loss, but it experiences an in-profit pull-back of $600 (goes to +$700, pulls back to +$100, then closes at +$750).
Day End = $25750

Thank you.

  #580 (permalink)
 shokunin 
Manchester, United Kingdom
 
Experience: Advanced
Platform: Sierra Chart
Broker: Optimus Futures, Rithmic, Denali
Trading: ES
Posts: 85 since Jul 2020
Thanks Given: 6
Thanks Received: 157



tr8er View Post
Your account balance was never at/below $ 24450.--, so where should be a problem? Of course all 4 are OK

That is what I think a Daily Loss Limit means. It is how Rithmic define "Loss Limit" in their risk parameters; setting "Loss Limit" to $500 would only liquidate at $24500.

However, Earn2Trade's website states:
A daily loss limit is the maximum amount an investor can lose on their total asset amount or a specific trade per day.

Hence asking for clarification.


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