Baseline position is the holding open positon from the previous tax year.
If you are a new user of TradeMax and have hold open position from previous tax year, we recommend that you manually enter each position into TradeMax before you import the trade data of the current year so as to match your trades between these two years perfectly. There are two steps to entering this position details.
For example, suppose you bought some stocks in 2009 and remained open at the year end, if you import trade data in 2010 without entering the open position carried over from 2009, the trade data imported will be unmatched, even the generated reports and wash sale calculations will be inaccurate.
You can conclude a list of your open positions at year-end by checking your December monthly statement for the previous tax year. After that , you should enter these open positions to TradeMax in either of two ways.
a. Click the specific Finance Year, then click Append button in Trade Panel.
b. Select the specific Finance year and click the Baseline View under the selected finance year.
NOTE: TradeMax supports entering previous year holding position after importing the trade data, but entering before importing is recommended.
The following will tell you how to enter previous year holding position in TradeMax:
- Collect your open positions from the previous tax yearYou can collect the positions from your brokerage December statement.
- Click the Baseline view under the Account List to go to the Baseline window. (For example, enter baseline positions of 2008)
- Click Append button in Trade tab
- A popup dialog box allows you to record the purchase of a security below:
Enter information of this transaction and press the button to finish the appending progress.
- A new record will be displayed at the bottom of Baseline window and the icon will become icon .
- Means there is no baseline position in the Baseline window
- Means there are baseline positions in the Baseline window.
- Since your held positions do not belong to the current tax year, you need to select the Trade Include In Year checkbox and enter the specific tax year.
- Please do not enter or import any closed positions from any year prior to the current tax year.
- This only needs to be done once for each brokerage account. Every year thereafter, you can use the function End Of Tax Year to copy your year-end open positions to your next tax year data file.
- If you have no open positions, you can skip this step.