ib/turbotax/tradelog?

L

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?
 
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.
 
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.
 
Big AAPL said:
your broker calculates the net profit/loss for you

one figure ... one line

easy peasy
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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?"
 
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.
 
Big AAPL said:
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.
More...
ok, thanks, so what would be the value of using tradelog?
 
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