phinez

Hi, is there anyone who is with Interactive broker & filing tax on their own? Interactive Broker Tax statements 1099 & 8949 sent to IRS has Wash Sale disallowed even for MTM 475 traders (I have filed MTM 475 & 3115 in prior 2 years). On Turbo Tax Form 4797 for MTM 475 traders, they asked for Gross Sales & Cost Basis. I am not sure where to find this number on IBKR statements that correctly include Wash Sale. Anyone had experience?

Hi Brain Thanks for the clarification - understanding proper tax filing for a new trader is definitely a learning curve (on top of trading itself) ! As someone who holds a 9-5 job, starting out with part time trading, what has been the most common/ tax efficient route taken on filing tax for someone who will meet the golden rule vs someone who does not? If I do not meet the golden rules, what is then the option?

Thank you so very much @wklodge This is really helpful. Will do more research on this.

Found this thread super helpful for someone new to trading on Hot Keys (need time get up the learning curve with memorizing hot keys) Is everyone using SD or is there other lower cost and similar quality devices to consider (see @Norm mentioned Razer Tartarus v2) SD now has a 32 keys device - is 15 keys more than enough or would you all recommend going with 32 keys? Thanks in advance for helping a new trader here.

Thanks much @wklodge for the additional info. Looks like the best option is to seek a consultation with GreenTraderTax now to prep for next tax filing What is the difference between filing as sole proprietor vs an entity? what are the key benefits/disadvantages of each? Just going through the list of golden rules, it looks like I could possibly meet all of them even with a 9-5 job but of course, like many said, its subjective and they can possibly still reject given I have a full time job. I am curious for those who hold a full time job and trade for income as well, what is the best tax benefit option out there or if not, what should we anticipate - ie. is it capital tax gain rate on any trade income?

Hi everyone, wanted to revisit tax topic as a PDT for someone who holds a 9-5 job. 1. I probably had missed the filing deadline on TTS/MTM for 2020 tax year (many sources i read says I need to elect this when I filed for 2019 tax year - a few months back) - please correct me if im mistaken/ that has changed? I didn't get into PDT until after filing tax 2. Can i still elect TTS/MTM for 2021 if I hold a 9-5 day job? what kind of challenges should I anticipate? I am sure there are PDT here who still hold a full time job? Appreciate all for your help.