I am searching and searching for something positive to use and you do not answer my last question. I think it was a reasonable question as every independent contractor job I have had has based the 1099 on money paid and withdrawn. I think to lower costs is not to share risks with somebody. I think my next step is to lease a seat at the CME after I go live with Tradovate, unless I can find a reason to trade with you. Again, I am not asking for tax advice I am just wondering if I leave my profits there to increase my trade size can I? and since I am putting them at risk do you still consider that earned income for that tax year if I do not withdraw them? ES
It is in their FAQ... https://help.topsteptrader.com/hc/en-us/articles/236069127-How-are-my-profits-reported-on-taxes-
I suppose that is in the FAQ as well. Hmm, oh look, that is mentioned. Fascinating. https://help.topsteptrader.com/hc/en-us/articles/236003548-How-can-I-make-withdrawals-
So again..where does it say WHEN the numbers for the 1099 are generated FOR ME? When the money is put in the account or when I withdraw it?...It seems that TST takes there cut at the time of withdrawal. This thread is a question and answer thread by the way...It is its purpose. Post all your questions and comments about TopstepTrader here and get answered by a TopstepTrader Team Member. When a withdrawal is made, the account balance may not return to $0. When a withdrawal is requested, the funds will be removed from the account within 24 hours, and TopstepTrader® will receive its share of the profits at that time, if applicable. ES P.S. overnight I have to place you on ignore...your sarcasm is not appreciated.
Well Overnight is right, almost everything is in their FAQ. If you want some more information you can send them an email and get a fast reply. You are going on my ignore, you are a very annoying forum member, asking 100s of questions that you can find the answer for by doing some easy research like reading FAQ's or using google. Stop being so negative about everything and everyone as long as you don't understand their business and are not willing to do some research.
That's a good question. Has anyone even received a 1099 since 2010 from TST ever from trading profits?
volente... I do not think they want to publicize the answer. The question is not if EVER...it is the trigger that generates the 1099 is the question. You can make money and let it set over at TST and you do not get a 1099 until you request it and they take out their end of the profit and cut a check and send it to you (or electronic). THIS IS NOT COVERED IN THE FAQ'S Real Traders should be detail oriented and I am just shocked at the naivity of some of them here in ET. Instead I am critisized for asking question in a thread established for questions. I have A LOT MORE GOOD QUESTIONS TO HELP OTHERS HERE..but I will not, you folks on on your own. ES P. S. Earned income and withdrawn income for an independent contractor at TST is not addressed clearly. However, the IRS is very clear on this.
You are absolutely right, there is no reset when you are trading your own account, and that is why TopstepTrader was created. Our Founder, Michael Patak made it his goal to find a solution for traders to get into the industry without risking their own capital after losing $90k of his own money in the markets. While the Trading Combine is an evaluation, it is also an educational tool. Many use it to understand the markets better, develop strategy, and experience the same up-and-down emotions of a trader without losing thousands of their own dollars. The reset enables traders to refresh and practice their trading before advancing to the Funded Account, where you cannot lean on a reset. We never hope for our traders to have to reset, but we provide it as a resource for those who have a bad day, because who doesn't have one of those every once in a while.
Hi, @ElectricSavant. We aim to be as transparent as possible with our users, however, to protect the privacy of our Funded Traders we cannot share any specific information about withdrawal history. We can tell you that we give out a 1099 when a Funded Trader makes a withdrawal over $600. We never force a Funded Trader to make a withdrawal, and Funded Traders keep 100% of their first $5,000. After $5,000 is withdrawn, we take 20% on all future withdrawals. If you would like to contact a Trader Support Representative, we would be happy to speak with you directly to answer any additional questions. You can always contact us at support@topsteptrader.com or by phone at 1 (888) 407-1611. We hope this helps clear up any confusion.