I've read that I go to Federal taxes - Wages & income - I'll choose what I work on - Less common income - Misc income 1099-A 1099-C - Other reportable income. But what about entering the gains/losses on every trade? Is it simple to manually enter the information into whatever form it gives me, or is it practically necessary to use some type of accounting software to help me do that? My broker, Forex . com has records of trades, but I'm not sure how to enter them. Will I need to do any calculations or just copy the info over into Turbotax? Note, I haven't gotten this year's version of Turbotax yet, just trying to understand this. I've reported cryptocurrency gains and losses before, but not Forex, and with that, I could import the data.
Hi I have never traded Forex but traded stocks and options for a long time. I guess what's appealing is the ability to trade 24/7. - How different or similar are Forex trades treated on taxes? Easy to import from brokerage to turbotax? - Even though it's 24/7 aren't there times or days of bad bid/ask spreads and slow volume? - Any links to guide for people who want to switch from stocks to forex trading? thanks!
Need advice on which online broker to use. Please advise!
I want low cost trades, currently use Edward Jones and get raped. I started with EJ because I started a Roth there, and will keep it there. It just is not good for short term trading. I want my money to be quickly accessible so I can disengage it / Reengage it to capture gains/avoid losses. I would want lowest fees. I don't mind commission per trade being around 10 bucks, so the 5-12usd range is fine. I ONLY do straight stock trades. No options/mutual funds/forex I think... as I am a newbie.... I would also need easy documentation for tax purposes. This will be my first year paying capital gains/loss on my trading activity. I want that to be as smooth as possible. I will be getting a CPA for taxes this year, previously used TurboTax and did it myself. I will have between 2500-10000usd in the account. I do some light day trading. (1-2 trades max a day, usually 1-2 trades every 1-2 weeks, AKA not a lot but still in short term range.) I started because of the following reasons. I have a B.S. in International Economics from Texas Tech. I invest in E&P companies. I have four years experience working completions[frac jobs] in the oil industry, primarily the Permian Basin/Midland-Odessa of Texas. I have a lot of time on my hands while at work that doesn't interfere with my work quality and I can still watch/act on the market movements. So far I think TradeKing is my best bet but not sure. Maybe Cobra Trading Any advice is welcome!! Please help! Hoping this was the right subforum, also posting in Investment e: I have robinhood but was told it took 2-3 days for funds to clear trades. This doesn't work for me as sometimes I enteexit on the same day. e2: I am going to be calling a good friend with 4 years experienced for JP Morgan today to clear up some confusion I believe is here due to terminology. Will update thread when I can more clearly explain myself. I looked up margin accounts, PDT, and margin trading. As far as I know, I am not a margin trader, I do not trade on margin, nor have I done so. I have the cash backing up all trades I made. All trades I made/make have the equity/cash inside my brokerage account to back them up. e3: I have a cash account, I want to stay cash account. PDT will apply to me. I do not have the funds to enter into margin trading nor the desire. I am probably just needing to decide between tradekings and tradestation. They all seem the same cost wise just need to look into their tools and layouts and which one I enjoy. Thanks for the help everyone.
I need advice on which brokerage is best for me, PLEASE HELP
I want low cost trades, currently use Edward Jones and get raped. I started with EJ because I started a Roth there, and will keep it there. It just is not good for short term trading. I want my money to be quickly accessible so I can disengage it / Reengage it to capture gains/avoid losses. I would want lowest fees. I don't mind commission per trade being around 10 bucks, so the 5-12usd range is fine. I ONLY do straight stock trades. No options/mutual funds/forex I think, as I am a newbie, that I would also need easy documentation for tax purposes. This will be my first year paying capital gains/loss on my trading activity. I want that to be as smooth as possible. I will be getting a CPA for taxes this year, previously used TurboTax and did it myself. I do some light day trading. (1-2 max a day, usually 1-2 every 1-2 weeks, AKA not a lot but still in short term range.) I started because of the following reasons.
I have a B.S. in International Economics from Texas Tech
I invest in E&P companies
I have four years experience working completions[frac jobs] in the oil industry, primarily the Permian Basin/Midland-Odessa of Texas
I have a lot of time on my hands while at work that doesn't interfere with my work quality and I can still watch/act on the market movements.
So far I think TradeKing is my best bet but not sure. Maybe Cobra Trading Any advice is welcome!! Please help! Hoping this was the right subforum, also posting in Stocks e: I have robinhood but was told it took 2-3 days for funds to clear trades. This doesn't work for me as sometimes I enteexit on the same day.
Forex tax questions for US residents that use offshore brokers
Hey everyone, I use an offshore broker but am a US resident so Im wondering how those in my situation file their taxes? Do you use a CPA or a tax program like turbotax? And if you do use a CPA, I was advised to find one that specializes in filing taxes for forex traders but am having a hard time finding one in my area(Orange County), any tips? Thanks in advance!
To report forex trading under Section 988, then you can import the data from your broker directly with a program such as GainsKeeper. or enter the information manually into TurboTax as Miscellaneous Income:. Click Federal Taxes -> Wages & Income and scroll down to Less Common Income; Go to the last selection, Miscellaneous Income and click Start TurboTax is the easy way to prepare your personal income taxes online. Try it for FREE and pay only when you file. TurboTax online makes filing taxes easy. e-File online to receive your tax refund faster. Choose easy and find the right product for you that meets you individual needs. TurboTax und Spot Forex Registriert seit Feb 2008 Status: Mitglied 9 Beiträge Nachdem ich 3 Tage gerade gelesen habe über steuern auf Spot F... TurboTax and Spot Forex 4 replies. Trading Discussion / Reply to Thread; Subscribe; Turbotax Post # 1; Quote; First Post: Mar 7, 2007 8:56pm Mar 7, 2007 8:56pm isufreak24 Joined Jun 2006 Status: Member 57 Posts. Hi there, i have a ? about turbotax. I am reporting my forex profits under section 1256 "Contracts and Straddles" on TT. The thing is, it wants me to report ALL of my forex ... Andrea turbotax forex Salvatore has the same thing sound decisions. Plenty of web sites that deal with and others of its trading in the way of forex brokers will re-draw multiple time zones are providing 2 strategies while trading you’re smart people think to much in the processes all the traders are able to recognize what the data means in relative to wait until the price range with 6% ... Section 988 taxes FOREX gains and losses like ordinary income, which is at a higher rate than the capital gains tax for most earners. An advantage of Section 988 treatment is that any amount of ordinary income can be deducted as a loss, where only $3,000 in capital gains losses can be deducted. Section 988 gains or losses are reported on Form 6781. Here is how to report in TurboTax: in Federal ... Forex traders should receive 1099 forms from their US-based broker at the end of the year like stock and futures traders do. No matter in what country your forex broker is based or what tax-related reports they provide, you could pull up reports online from your accounts and seek the help of a tax professional. No matter what you decide to do, don't fall into the temptation of lumping your ... TurboTax and Spot Forex Post # 1; Quote; First Post: Mar 15, 2008 3:32pm Mar 15, 2008 3:32pm nvkx21 Joined Feb 2008 Status: Member 9 Posts. After spending 3 days straight reading about taxes on spot forex and finding that every other document contradicts the last or contradicts itself, I've got to ask this... My situation couldn't be simpler... I received a 1099-B from my broker for ... Hallo, ich habe eine. Über turbotax. Ich melde meine Forex-Gewinne unter Abschnitt 1256 quotContracts und Straddlesquot auf TT. Die Sache is... Importing the Data. If you've elected to report forex trading under Section 988, then you can import the data from your broker directly into TurboTax with a program such as GainsKeeper.
How To Report Capital Gains in Turbo Tax - YouTube
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