Futures trades and TurboTax Elite Trader

Stock/options trader thinking about trying Forex

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!
submitted by 1000ancestors to Forex [link] [comments]

Reporting Forex Gains/Losses In Turbotax?

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.
submitted by iguesimhere2468 to tax [link] [comments]

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.
submitted by Snapta to stocks [link] [comments]

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.
  1. I have a B.S. in International Economics from Texas Tech
  2. I invest in E&P companies
  3. I have four years experience working completions[frac jobs] in the oil industry, primarily the Permian Basin/Midland-Odessa of Texas
  4. 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.
submitted by Snapta to investing [link] [comments]

How TurboTax Protects You from an IRS Audit - TurboTax Tax Tip Video How To Report Capital Gains in Turbo Tax - YouTube TurboTax Online 2020  Tax Software Review Where to enter K-1 in Turbo Tax Foreign income and tax credits - Webinar from March 27 ... Tax Treatment of Forex Income - YouTube

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 Is anyone here using TurboTax to report their futures trades? If so, what are you doing? Are you just putting in the final PnL as part of Section 1256 contracts and not reporting the indiviudal contracts? #1 Mar 29, 2009. Share. Hurricane. 768 Posts; 1 Likes; I don't use Turbo Tax but for futures contracts you only need to report as a single figure as reported on a 1099 form. This is split 60 ... 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 contracts for the year. What do I do? I have my transaction history on my computer but don't want to type it all in TT, that would take FOREVER! any suggestions? Thanks! PipMasterFlex. Post # 2; Quote; Mar 7, 2007 9:01pm ... 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. Filing taxes on forex profits and losses can be a bit confusing for new traders. In the United States there are a few options for Forex Trader. First of all, the explosion of the retail forex market has caused the IRS to fall behind the curve in many ways, so the current rules that are in place concerning forex tax reporting could change any time. Regulations are continually being instituted ... Forex trading does not receive any special tax treatment. Forex income should simply be included in your gross income along with any earned income you have. Keep detailed records to support your calculation and make sure you deduct any commissions or other direct costs that are allowable. 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. Report the gains/losses in this way: In TurboTax, open your return and follow these steps: Click on ... 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 futures and options are 1256 contracts and taxed using the 60/40 rule, with 60% of gains or losses treated as long-term capital gains and 40% as short-term. Get the best of both worlds with forex taxes: Ordinary losses in Section 988 or elect capital gains for a chance to use lower 60/40 rates in Section 1256(g) “Forex” refers to the foreign exchange market (also known as the “Interbank” market) where participants trade currencies, including spot, forwards, or over-the-counter (OTC) option contracts.

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How TurboTax Protects You from an IRS Audit - TurboTax Tax Tip Video

Import Robinhood 1099 in to Turbo Tax - Duration: 4:22. Northville Tech 14 views. New; 4:22 . Buy a stock in ETRADE app using limit order - Duration: 3:02. Northville Tech 37 views. 3:02. How to ... Learn how to handle foreign income and tax credits in T1 returns. Click a timestamp below to jump to a topic: • Enter foreign income on slips (1:52) • Enter ... **This video is not intended to be tax advice. Seek your own tax professional about your personal tax situation. ** Grab a copy of the Home Business Success ... In this video a CPA gives his thoughts on the 2020 Edition of TurboTax Online tax software. Rating is available when the video has been rented. This feature is not available right now. Please try again later. Published on Apr 1, 2011. https://turbotax.intuit.com See how TurboTax protects... Get the TurboTax software here. https://amzn.to/2GEg9s5 https://www.forbes.com/sites/kellyphillipserb/2016/03/05/understanding-your-tax-forms-2016-ssa-1099-s...

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