Hi, I'am an international student from India on F-1 status but on OPT (Optional Practical Training - where students can work in their field of study for 1 year). I also work full-time in my field of study and trade part-time (in the morning hours). What started as investment pulled me into trading and ultimately I ended up doing around 200 trades last year. At the end after all the + and -, i ended up with a minor loss. Now i'am stuck up with "how to fill the taxes". I'am not looking for any benefits at all. My goal is to avoid any kind of hassle from the IRS. Does anybody know what all forms to fill etc..?? Any help is appreciated.. thanks, Ravi
Get the TurboTax or TaxCut programs and fill out your taxes that way. Go to HR Block if you are unsure about doing your own taxes. Don't worry about trader status or anything like that. Its relatively straightforward. Your trades are capital gains and losses. There are a number of tax guides you can get at a bookstore if you want a fuller explanation.
thanks for your reply puffy.. but what about wash-sale rules etc.. does Turbo tax take care of all that ?? thanks, Ravi
These tax programs are very detailed but I can't say if they automatically account for wash sales. On the TT website there is this wash sale FAQ. http://www.turbotax.com/articles/FAQonWashSales.html In any case, you can make manual overrides to the numbers on your tax forms, should it be needed to exclude a capital loss that falls under the wash sale rule. There's an Investor Edition of TT which has got to do this automatically.