ib/turbotax/tradelog?

Discussion in 'Taxes and Accounting' started by loyek590, Feb 27, 2015.

  1. loyek590

    loyek590

    I've been trading fx exclusively, but I have a few futures trades for 2015, so this won't affect me till 2016, but how does everybody do it now? I'm already using turbortax premier, but I have never seen ib listed as a broker you can import from. I talked by email to tradelog and they told me they don't import any forex or cash like brokers interest. No prob, I can take care of forex myself.

    so what's the easiest way to import futures to turbotax?
     
  2. Big AAPL

    Big AAPL

    If I am reading your question correctly, there is nothing to import. You simply enter your realized profit/loss from the broker supplied 1099-B.
     
  3. blakpacman

    blakpacman

    For futures, all your transactions are netted out to a gain or loss. You report the net figure provided by your broker on tax form 6781.
     
  4. loyek590

    loyek590

    yeah ok, so nothing has changed, you just use a calculator and enter it into turbo tax
     
  5. Big AAPL

    Big AAPL

    your broker calculates the net profit/loss for you

    one figure ... one line

    easy peasy
     
  6. loyek590

    loyek590

    you sure we are talking about the same thing? No stocks, just a lot of forex and a few futures. They are going to report that to me on a 1099? I can handle my forex trades, all I was asking is, "Is there a way to import futures to turbo tax, or do you have to do it manually?"
     
  7. Big AAPL

    Big AAPL

    Futures are reported to you via form 1099-B from your broker. There is a net (aggregate) profit/loss figure on that form. You simply enter that figure on the appropriate line in tax form 6781. Leave the calculator in the desk and there is nothing to import. It literally is a one line one figure entry in TurboTax. This applies to futures.
     
  8. loyek590

    loyek590

    ok, thanks, so what would be the value of using tradelog?
     
  9. Big AAPL

    Big AAPL

    None...if we are talking solely about futures taxation.
     
  10. loyek590

    loyek590

    ok, thanks for the reply
     
    #10     Feb 27, 2015