FAQ |Form 8949 Capital Gain & Wash Sales calculator software

Do I need to buy TradeMax 2013 when I have to prepare tax return for Year 2012 ?


You are selling the 2013 version on the net. I need to prepare tax returns for year 2012. Do I need to buy 2012 TradeMax?If yes,How?

You needn’t buy TradeMax® 2012, TradeMax®2013 includes all the functions of TradeMax® 2012 with newly  added features. With TradeMax® 2013 you also can generate 2012 Form8949 & Schedule D-1 report by importing 2012 Trade data, after that, TradeMax’s step-by-step wizard will show you how to prepare your tax returns for the FY 2012.

Does TradeMax software also handle trading activity for Futures contracts or Commodities?


Does the TradeMax software also handle trading activity for Futures contracts or commodities?

TradeMax works with Futures and commodities as TradeMax supports Section 1256 reports under which futures and commodities are classified.So you can view your performance of commodities or futures in Section 1256 Report.

Just follow the steps below to run Section 1256 Reports:

  1. Run TradeMax and import your trade data to the specific account you setup in TradeMax.
  2. Choose the specific finance year under selected account, then right-click Trade Data folder
  3. Select Section 1256 report from its pop-up list and Section 1256 Report Tab will be generated under Trade Data directory.
  4. Click Section 1256 Report Tab.
  5. Before generating Section 1256 reports , you will be required to select your positon holding Date. (The default is the end of specific year)
  6. The stock price of the selected date will be downloaded automatically.Note: As for commodities, TradeMax will require you to enter the commodities’ amount at the year end
  7. Now, you can view your commodities’ performance in the generated Section 1256 Report.

If I import from my computer, do I need to assign header in one (like Buy/Sell) then in the next screen need I clarify that B is open to long and S is sell to close?


If I import from my computer, do I need to assign header in one (like Buy/Sell), then in next screen do I need to clarify that B is open to long and S is sell to close?

You can see unmatched transactions warning during the import procedure. TradeMax identifies transaction into 2 pairs: a Long Trade, contains Buy to Open (Open Long) and Sell to Close (Close Long); a Short Trade, contains Sell to Open(Open Short) and Buy to Close(Close Short). Not every broker is reliable when it comes to the accuracy of their statements. Many Brokers mark Open Short and Close Short as Sell and Buy. That will confuse TradeMax during the trade matching, because Wash Sale rule only allows carrying loss between Trades with same intention. Therefore, one of your options is to manually alter these trades’ action type to get the correct results and to avoid the unmatched transaction warning. Insome special cases, you can change it to Short and Close Short (e.g. 100+200 short, then a 300 Close Short). The unmatched transaction warning will disappear by such adjusting.

How can I get the data out of your software and into tax software without a lot of manual intervention?


How can I get the data out of your software and into tax software without a lot of manual intervention?

TradeMax supports exporting trade data into other software such as TurboTax, Tax Cut, Quicken, etc. One of the best ways to export data is by using Export TXF files function to other software. Our TXF file contains records with WASH SALE RULE. TradeMax provides step-by-step instructions to export trade data from TradeMax into TaxAct .

What are the unmatched trades ? How do I correct them?


What are the unmatched Trades ? How to correct them?

Unmatched Trades are generated as you manually enter or import erroneous transactions and these are displayed in RED OR GREEN. You can see unmatched trades during the importing process or in the trade grid after you have manually entered the erroneous transactions.

Example of Unmatched Trades appeared in importing process

Example of Unmatched Trades appeared in Trade Grid

Red records indicate the erroneous transaction:

a. If there is no position on hold, a close action (Sale to Close, Buy to Cover) will generate errors.
TradeMax allows you use “up” or “down” button to adjust the sequence of the transaction records traded on the same day by moving up or moving down the transaction records.

b. When an option is exercised or assigned, and the strike price of the option doesn’t match the underlying stock trade price.
c. When an option is exercised or assigned, the quantity of the option doesn’t match the underlying stock trade quantity.
d. When the option expires, the close price is not zero.
e. Missing/Inconsistent Data fields by using Qty, Price, Commission, Fees and Rate information.

Green records indicate the closed transactions which closed (A Sale to Close, a Buy to Cover ) all your holding open position.

a. When dealing with this erroneous transaction during theimporting process, you can activate the checkbox of Short Transaction Detection, BuyCover&long /Sellshort&short Trans Detection, Reverse Same Day Transaction,  and use the Up or Down button to adjust the sequence of the trade or adjust the action, quantity to correct these errors according to the cause of the unmatched trades.

b. When dealing with the erroneous transactions in Trade Grid, you can manually adjust the action, quantity, sequence of the trade to correct these errors.

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Q: When I look at my unmatched quantity report I notice that almost all the trades that are unmatched are trades that I buy and then sell stock on same day or are trades that involve a short sale. Is there an application I can use to adjust for these trades?

Part I:Short Sale: Please verify the field called Action. If you buy share, the Action must be O/L. If you sell share, the Action must be C/L. If you short share, the Action must be O/S. If you cover a short position, the Action must be C/S.

Part II: buy and then sell stock on same day: Can you check the trading time of each transaction? Many Brokers, including Scottrade, lack of trading time on their statement. If broker’s statement indicates that you have multiple buy and sell in same day, with same trading time(00:00:00), How can TradeMax tell which one comes first? However, during the designing of TradeMax program, we have predicted this scenario and provided a solution. TradeMax’s TradeTime field is editable. You can set value in TIME field or use “up” or “down” button to adjust the sequence of the transaction records traded on the same day to tell TradeMax the sequence of trades, so those unmatched transactions can be properly matched.

One more tip: When you placed a limited price order, e.g., you wanted to sell 1000 shares at price of $10. Sometimes, your order was executed in multiple transactions, e.g. a 100 shares, a 100 shares, a 200 shares and a 600 shares. Scottrade would list 4 transactions on your statement. If your memory is confident your order was a 1000 limited price order, you should use consolidate transaction function in TradeMax to consolidate 4 transaction into 1 transaction. That will gain your benefit when IRS’s Wash Sale Rule applies.

Baseline postion has been entered, should I write in the year that buy to open trade was done or do I have to put in 2009 to obtain a 2009 tax report?


I am using TradeMax for the first time, and have manually entered the baseline position. Since this is an original baseline entry, should I write in the year that the Buy to Open trade was done or do I have to put in 2009 to obtain a 2009 tax report?

When holding baseline positions and using TradeMax for the first time, each open position must be manually entered into TradeMax prior to importing  the trade sequences for the current tax year. Manually entering the open positions after importing your current year trade data will cause trades to be mismatched. (i.e.: TradeMax cannot possibly match a sale in 2008 to a purchase in 2007 or earlier if the purchase has not been entered first.)

When appending Baseline position in the Append dialog, select the checkbox called TRADE INCLUDE IN YEAR and select 2009 when entering the FY2009 baseline. The baseline position will be viewable in the Baseline View under Financial Year 2009. If not done properly when inputting the Baseline position, the trade data cannot be viewed in Baseline view and the trade data will be mismatched. Alternately use the Trade Edit function to change a normal trade to baseline position.

If I want to upload several short-term trades on Schedule D(Not Schedule D-1) – How can I do this and efile with this?


If I want to upload short-term trades on Schedule D(not Schedule D -1) How can I do this and efile with this?

You can manually enter the short-term trades into TradeMax and then Export a TXF file to software which support Schedule D to generate schedule D.

Alternately generate a Schedule D-1 form in TradeMax based on the short-term trades data and then number this report as an attachment to Efile with Schedule D.

If I made a mistake in baseline entries – How do I deal with it?


If I made a mistake in baseline entries, how do I deal with it?

Below are two methods to correct the baseline entries errors without uninstalling TradeMax or restarting it.

a)Edit the Baseline Record

1. Open the baseline view you edited by clicking it, select the erroneous transaction record.

2. Right click the selected record, select Trade Edit from its pop-up list or Click “Edit” Tab in Trade Panel, a dialog box will pop up, you can edit this record.

b) Delete Baseline Record

  1. Select the specific Financial Year under which you set up the baseline view.
  2. Open the baseline view you edited by clicking it, select the errant transaction records.
  3. Right Click the selected data, select Trade Delete from its pop-up list or Click “Delete” tab in Trade Panel.

Does TradeMax handle multiple currencies across multiple portfolios and accounts ?


I am a Non-USD trader who is managing 5-6 accounts for my family and I trade Equities, Options, Futures etc. Does TradeMax handle multiple currencies across multiple portfolios and accounts?

TradeMax supports individual view and combined views, which mean you can setup different accounts to import your data files from different brokers to calculate your capital gains. TradeMax also supports combining different accounts into a new view, with the function, you can handle all of your trade data in a combined account.
As for foreign currencies, TradeMax supports the following foreign currencies such as EUR, CAD, AUD, JPY, HKD, GBP, CHF. After you import your trade data into TradeMax, TradeMax supports running various reports for tax purpose with your base currency.

Registration


To use the TradeMax application, you need to register it properly.

TradeMax is a downloadable software which runs on your PC and is licensed as an annual subscription. The purchase of a single user license entitles you to free upgrades for a period of one year from the date of purchase.

You may purchase TradeMax securely online or by postal mail or fax to receive the registration code.

However, you can also install a free trial version which can only generate report from data range 1/1 to 6/30 and can’t export to pdf and Excel. When TradeMax is on trial version or about to expire within a month, it allows you to update the Registration through a simple process (as explained below).

Important: In order to send your regcode, you must provide your email address correctly.

You can purchase TradeMax using several different methods:

  • Credit Card online
    • Click the “buy now” button on the remind register dialog box

      -OR-

    • Click “Help Button”->”Purchase”
  • Credit Card Order by Phone:If you have no credit card Click here to see how to order by fax US and Canadian customers may also order by callingToll Free (US and Canada only): 1-877-353-7297

    Standard (International): 1-(952) 646-5331

    This hotline is only for ordering.

  • Credit Card Order by Fax:Our Toll Free Fax Number in the US is 1-800-442-3172.Internationally you can fax us at +1 952-646-5604
  • You can also purchase by Check, Bank/Wire Transfer or Cash.Just follow the order link, you can choose payment method from the dropdown list.US check and cash orders can be sent to our US office at:

    RegNow/Digital River

    9625 West 76th Street

    Eden Prairie, MN 55344

    United States of America

    Product ID

    Product Product ID
    TradeMax Premier Edition 19796-1
    TradeMax Deluxe Edition 19796-2
    TradeMax Standard Edition 19796-3
    TradeMax Basic Edition 19796-4

How to register

After you purchase, you will receive a full edition download link & “Registration Name ” & “Registration Code” to remove the trial version’s limit.

  1. Click the Help Arrow on the upper-right corner of the main window
  2. Select the Register option and a Register dialog box will popup:
  3. Copy and paste the Regname and the Regcode in your oder confirmation mail you received and then press Register Button.The above screenshot (a sample) is cut from Order confirmation Email. The user should copy and paste the Regname and Regcode highlighted in red.

    Attention:This code entitles you to free update for a period of one year after the date of purchase.

Update to TradeMax

You have to get a new code when your subscription for updates and support have expired.

Click the Help Arrow on the upper-right corner of the main window and select Update option.

Attention:

Before installing a new version, make a backup of your current database through the following process:

  • Create a new folder in Windows.
  • Launch the TradeMax application.
  • Select the File > Save As (Backup) menu option.
  • Save the backup file.
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