Thinkorswim 1099b and 4797 MTM reporting

P

pandafan

Hi，I am trying to get a lump sum number （G/L）for 4797 form with MTM chosen and trader status. By using proceeds- cost basis， I get a huge number which is greater than my whole account value and makes no sense. After some investigation， I found assigned option premium was not added to proceeds when calculate the gain. TOS report this under wash sale disallowed loss. How can I separate the real wash sale from these kind of disallowed loss to get an accurate P/L？I got too many transactions to manually imput and calculate. Please help and advise. TIA
 
Assigned option premiums adjust the costs basis and should be reflected in basis and not reported as proceeds, which, from your description may have made your concern worse.
 
Guess I wasn't quite clear. eg. sold aapl 130 put @ 6 and got assigned aapl stock. Then sold aapl stock @125. 1099b reported sales:12500, cost:13000, then disallowed wash loss 600. If I use sales-cost, I will get loss $500, but it should be gain $100. So I am confused how to use 1099b to calculate the accurate P/L under MTM. Can I use account value difference between 12/31/2019 and 12/31/2019 then adjust for withdraw/deposit/dividend/interest to drive an correct number? Thanks so much
 
You should probably look into Tradelog software. It will download your raw transaction data from your account, and let you properly format it and perform the calculations you are looking for. It's not free, but it's not outrageously expensive, either. And you have to learn how to use it. Garbage in, Garbage out. Tradelog is recommended by many accountants who do trader taxes.

BMK
 
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