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Traders: who does your taxes?
- Thread starter bat1
- Start date
Quote from bat1:
I did like 400+ trades in 07.
Ed
Go to your brokers web page and get the 1099(s) probably in PDF as well. You'll immediately know your realized Gain/Loss.
Call TurboTax and ask if your broker is listed, so that you can do a direct download. You might be able to use Deluxe, if not get Premium. Then do the download, and during the final "check your return for errors", you'll probably get a number of verification checks that TurboTax wants in reference to double entries. Assume it is a correct download and answer the questions as, "no double entry, or to that effect" Then you'll be done. Go to the Tax Return Sch D, and the short term and long term gain/loss should be as the 1099.
Note: online turbotax comes with free e-file. If you get the CD's mailed to you you'll end up paying $17.95 for each e-file(Fed and state)
www.edaytradertax.com
Bob Meany and Simona Dedek
IMO, best damn CPA's ever, have used them for 5 years now
Bob Meany and Simona Dedek
IMO, best damn CPA's ever, have used them for 5 years now
Quote from Dr. Zhivodka:
Estimated quarterlies suck to no end ..especially if you made more this year than last. So your April 15th payment is fucking huge.
How do you get your quarterly estimate payment to be due on April 15th? I could be wrong, but last time I checked, it was due on April 1.
does anyone know if amended returns make you more likely to get audited?
I'd be interested in hearing people's experiences with amended returns.
I'd be interested in hearing people's experiences with amended returns.
<I>IF you made say 200k in 2007 then you would have to pay 110% of your tax liability in quartly estimates for the next year not to incur any interest. SO if your tax bill for 2007 was $60,000 then your estimated tax bill for 2008 would be $66,000 total or $16,500 per quarter.
Now suppose in 2008 you made 10 million, your estimated tax payments for each quarter of that year would still be ONLY $16,500.</I>
Would the same happen if you had a really bad year? In other words:
If I made 200k in 2007, but as of June 2008 I had lost 200k. Would I still be required to pay 110% of my tax liability in quarterly estimates for the next year? Could one get away with it if one is able to document their YTD trades showing a 200k loss?
Thanks in advance.
Josef
Now suppose in 2008 you made 10 million, your estimated tax payments for each quarter of that year would still be ONLY $16,500.</I>
Would the same happen if you had a really bad year? In other words:
If I made 200k in 2007, but as of June 2008 I had lost 200k. Would I still be required to pay 110% of my tax liability in quarterly estimates for the next year? Could one get away with it if one is able to document their YTD trades showing a 200k loss?
Thanks in advance.
Josef
hey josef..is google search on shabbat or something?
http://www.fairmark.com/capgain/capgain.htm
http://www.irs.gov/taxtopics/tc409.html
What about capital losses?
Capital losses are used first to offset capital gains. If there are no capital gains, or if the capital losses are larger than the capital gains, you can deduct the capital loss against your other income â up to a limit of $3,000 in one year. If your overall capital loss is more than $3,000, the excess carries over to the next year. In other words, you treat the extra portion as if it were an additional capital loss in the following year.
Example: In 2007 Ted had a $4,000 capital gain, and a capital loss of $11,400. He used $4,000 of the capital loss to offset the capital gain: that left a net capital loss of $7,400. He claimed $3,000 of the loss on his 2002 return. The effect was to reduce his taxable income by $3,000. Ted was in the 28% bracket, so the loss decreased his 2007 income tax by $840. The remaining $4,400 of capital loss carried over to his 2008 return. In 2008 he had a $500 capital gain and no capital losses except for the carryover. So he used $500 of the $4,400 carryover to offset the gain, leaving a capital loss of $3,900. Once again, Ted deducts $3,000 of the loss â and carries over the remaining $900 to 2009.
http://www.fairmark.com/capgain/capgain.htm
http://www.irs.gov/taxtopics/tc409.html