FAQ |Form 8949 Capital Gain & Wash Sales calculator software

Previous Schedule D forms generation possible?


Q:I began trading stocks and mutual funds in 2008.  I actively trade in some brokerage accounts and infrequently in others.Some previous Schedule D forms were prepared by my accountant; some by my wife using TurboTax.  I would like to verify prior year Schedule D accuracy.

Does TradeMax permit prior year (2008-2011) Schedule D generation?

A:Sure,with TradeMax 2012’s help,you can generate  previous Schedule D-1 forms and export to txf file to  TurboTax.
In the previous year “FY200X” ->”Trade Data&Report” filter,you can find “Schedule D-1” report.

Q:Using Excel or other software, it would be relative easy for me to create files of a specified format and type.  After summarizing brokerages A, B, C, etc., each in the same format, can TradeMax accept these files?

A:Technically, TradeMax supports every broker, known or unknown,  as long as this broker provides a statement in CSV/EXCEL format or Quicken Qif,QFX format / Money OFX format or OFX server connection. Without changing codes, TradeMax allows users to define their own templates which suit the CSV format of their broker data.

Q:Does TradeMax warn of wash sale issues prior to placing a trade?

A:If you place a wash sale trade,TradeMax will give you a warning on washsale report.

How to handle “short cover against the box” in trademax?


Q: I have a “short cover against the box” This is when I shorted the same security I was long. Instead of closing out each position normally, they simply have an entry for 10000 shares short cover against the box. How do I handle this?

A: In TradeMax there is action “BuyCover&Long”, you can manually append or import the long 10000 transaction.
In trade grid choose the long transaction, in action column dropdown list select “BuyCover&Long” as action name.
TradeMax will automatically split up the single “buy” transaction into two – one to close the short position, and another to open up a new long position.

How do I update my software?


Run TradeMax (please make sure that your internet is connected), click the “Help” button at the top-right corner of the interface, then select “Update” from the dropdown list, click “Update” button in the live update pop-up dialog box and your software will be auto-update in a few minutes.

If my 1-Year subscription expires, can I contiune to use TradeMax?


You can still use TradeMax to import and manage the trade data and view the generated reports, but you only can create new reports containing trade data from January to June.

What is included in a TradeMax one-year subscription?


Once you have subscribed to TradeMax products for one year, you can use all the functions of TradeMax described on our web sites from the very date you purchased the TradeMax products.


Priority Technical Support

Comparing with unsubscribed users,the 1-year subscription users are given an exclusive and priority technical support from a team dedicated to you. If you email us during normal business hours, we guarantee that you will receive an immediate response.


Free Access to version upgrades

Users can avail of either of these 2 options to update their software regularly:
A. Log in to our Download page to download the latest version.
B. Live update: After you run TradeMax, a Live Update dialog box will pop up, just click “update” button to upgrade TradeMax.

Trademax Report: Windows cannot access the specified device, path or file warning


Trademax Report: Windows cannot access the specified device, path or file warning

Q:Once I close Trademax and try to launch again it warns that ‘Windows cannot access the specified device, path or file’. How do I fix this?

A: The default save location on Trademax for each account is in the user’s My document-> TradeMax folder. Users must have read/write rights to work using this folder and its contents.

Please uninstall TradeMax and use the user account with read/write access to the required folder to install TradeMax using the setup file (http://www.itrademax.com/download.htm)

There are a couple of other methods that can be used:

Method I

Permission must be given to the Appdata folder in TradeMax.

Step A. Display hidden files & folders by following the steps outlined in the following link:

http://windows.microsoft.com/en-US/windows7/Show-hidden-files

Step B. 1.Go to the location C:> Users><Username> and select the Appdata folder of TradeMax.

2. Right click on the Folder and select Properties.

3. Select Security tab.

4. Choose Edit button and if prompted to, click Continue.

5. Select Add and type in ‘Everyone’ (without quotes).

6. Click on Check names.

7. Click Ok.

8. Under Group or User name select everyone.

9. Under Permissions for system check, allow full control.

Method II

Disabling all the security software temporarily and trying to connect to the remote desktop might help solve the problem.

Note: Turn on all security software & Windows Firewall after checking if the remote connect is possible to ensure protection.

Transaction Amount Tolerance Value Warning Message


Transaction Amount Tolerance Value You can enter a transaction tolerance value to allow transactions to exceed amount within certain tolerances.TradeMax completes the calculation using the formula : Amount = Price * Quantity + Commision , if the abs(Amount – Price * Quantity – Commision)>tolerance value, trademax will display a warning message.
If you recieve a “Tolerance Warning” in TradeMax, Click the Tolerance Warning Records in the information bar andTradeMax Data gird will move automatically to the warning records
In TradeMax
buy amount = qty* price +commission +fee
sale amount = qty*price  – commission – fee

This warning implies that Quantitty, Price, Commission, Fee and Amount Datafields have some problems like a hidden fee not being listed in the trade data csv file.

This problem can be viewed in the warning records

TradeMax has a default tolerance value of 0.5.

In some cases, Microsoft Excel’s column number format might trigger this warning.

Consider this record #1505.

6-15-2011 Sell 700 VXX BARCLAYS BANK IPATH NEW IPATH S&P 500 VIX SHORT 24.50 $17,141.14 $2.56

Excel displays the first two digits after the decimal point under default settings.
Similarly, If the actual price is 24.491 and TradeMax is set to use xls API to import the data by default, TradeMax will read the value as 24.50.

The number of places after the decimal point can be adjusted in the Excel “Price” column format which will change it to  the first three digits after the decimal point.


Excel can format numbers any way required using the “Format Cell” feature. Select the cell with the number to be formatted and press CTRL+1 (or right mouse click > format cells) to go to the Number tab in the dialog box. Select “Number” category and change 2 digits to 3 digits. This will force Excel will show the correct value.

Once saved, the excel file can then be used to import correct datafields to TradeMax again.

Can you explain what an unmatched trade is?


Q:I don’t quite understand what an unmatched trade is.  Can you please explain?


Sure,TradeMax use matched Trades to calculate capital gain&loss.(Long/CloseLong)(Short/CloseShort)

If TradeMax reports an Unmatched Trade in the Scan Information tab(part 4), this means you can close some securities, but you do not have any open position.

Unmatched Trades may be caused by 3 conditions:
1) You do not have FY2011’s Baseline (Baseline position is the holding open position from the previous tax year).

This can be rectified by importing the Baseline function or by manually enter the Baseline one at a time.
http://www.itrademax.com/ipress/detailed-instructions/enter-baseline-positions/enter-baseline-positions.htm

2) The Trade sequence is wrong
Some times, Brokers will send one day’s trade sequence en masse, without proper chronological ordering, which will cause problems.
TradeMax allows you to adjust the sequence of the transaction records traded on the same day by moving each transaction up or down the records.
3) Some Corporate Events mightcause the unmatched Trade Error.
In-built functions like the Stock Split, Merge or the Spin-off Action will help you change the stock quantity.

For example, these are some Unmatched Transactions that can be found in a database.


Clicking on the ‘Unmatched Quantity’ (highlighted in blue), will trigger TradeMax to move the transaction to the Unmatched Records.
case 1(172967101)

This error may be caused by missing Baseline Positions. (You should have 17296710’s Baseline Position on FY2011)

You can use the Import Baseline function or manually enter the Baseline one by one.

In this case, please make note of the Split Event, since if the Sell Stock is implemented after the Split Event, TradeMax will split it 1 to 10.
Whereas, if Sell Stock is before the Split Event, you must use the Move Up function to adjust 1251 and 1376’s sequence.

Case 2(EEM)

In this case, EEM has a “Div Event” on 2011-01-05 and has the Close/Long action on 2011-02-26, which implies there may be a Baseline Position error.Please check your Monthly Broker Statement.

Case 3 (F)

If you do not have enough stock, executing a Close action will cause an Unmatched Error.
In this case, 2400 shares were bought, whereas 2410 are to be sold, which is not possible. Hence TradeMax give you a warning.
Please check the trade history (Income reinvestment can help add 10 shares and thus avoid the error).

Case 4

In this case , the Trade sequence is wrong. Sometimes, Brokers  submit one day’s trade sequence without time ordering it and this will cause the problem.
If your Broker’s Trade History provides a Trade Time column, you can import it into TradeMax and it will automatically sort the sequence by the Trade Time.
Alternately, TradeMax allows you to adjust the sequence of the transaction records by moving up or moving down  each transaction. (Select record[134] and use the Move Down function to move it under record[136])

————————————————————————————————————

Red records which indicate the Error Transactions occur under the following conditions:

a. When there is no position on hold, and a Close action(Sale to Close, Buy to Cover) is exercised.
TradeMax allows to adjust the sequence of the transaction traded on the same day by moving a transaction record up or down.

b. When an option is exercised or assigned and the strike price of the option does not match the underlying stock trade price.
c. When an option is exercised or assigned and the quantity of the option does not match the underlying stock trade quantity .
d. When the option expires and the Close Price is not zero.
e. If there are Missing/Inconsistent Data fields while using Qty, Price, Commission, Fees and Rate datafield in an operation.

Green records indicate closed transactions which closed (via a Sale to Close or a Buy to Cover) all your holding open positions.

A .Dealing with this wrong transaction is a simple importing process. Activate the checkbox of Short Transaction Detectionand BuyCover&long /SellClose&short Trans Detection, and run a Reverse Same Day Transaction. Use Up or Down button to adjust the sequence of the trades or adjust the action. Use Quantity to correct any errors according to the cause and nature of the unmatched trades.

B. While Dealing with the wrong Transactions in Trade Grid, manually adjust the action, quantity and sequence of the trades to correct these errors.

Is it possible to add additional forex rates to TradeMax?


Q: Is it possible to add additional forex rates to TradeMax or does it only accommodate the currencies that are preloaded? I need additional currencies like DKK, KRW, BRL, IDR, INR, MXN, NOK, NZD, PLN, SEK, THB, TRY, TWD, ZAR.

A: TradeMax has aleady supported add additional currencies as forex currency which still in Beta.You can use follow way to add your additional currency.

In Security tab ,Security tree select Currency folder

In Currency Grid right click mouse in menu select append

In type dropdown list choose currency

Now you can input your additional currencies in the Symbol Name

For Example:ZAR

Now,Goto Forex Rate tab,click download button,currency ZAR now in the download list

Select Begin & End Date,click on Next, and your ZAR Forex will download to local

After forex downloaded,close TradeMax & open it again

In Forex Tab,you can find currency ZAR Forex is now in the database

How to check 1099 Gross sales in TradeMax


This value(1099 Gross Sales) allows you to reconcile the Total Sales amount in TradeMax to your brokerage provided 1099-B Gross Sales amount and shows any necessary adjustments to the TradeMax Total Sales such as for open short sales and option sales.

  1. After you download the price of the security in a set time range, select the specific finance year (.i.e. FY2006) under the selected account,then click Trade Data& Report < Add Report < Daily Account Value.
  2. The Daily Account Value option will automatically add to the sub-menu under Trade Data & Report.
  3. In Daily Account Report,there will a lot of Statistics information under chart report.
    Include 1099 Gross sales Value,short open position total sales,
    Short Term Total Sales,Long Term Total Sales
    Start Date Market Value,End Date Market Value,Max Account Value Drop Down
    Realized Total profit,Average Profit per trade
    Realized Total Loss,Average loss per trade
    Realized net profit,Average net Profit per trade
    Mark to Market Total profit(loss),Mark to Market Average Profit(loss) per trade

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