open position |Form 8949 Capital Gain & Wash Sales calculator software

Enter Previous Year Holding Positions


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:

  1. Collect your open positions from the previous tax yearYou can collect the positions from your brokerage December statement.
  2. Click the Baseline view under the Account List to go to the Baseline window. (For example, enter baseline positions of 2008)
  3. Click Append button in Trade tab
  4. A popup dialog box allows you to record the purchase of a security below: 
    Function
    Description
    Enter Transaction There are the following options from its dropdown list :

    Buy to Open — Buy Stock/Option to Open a Long position
    Sell to Close — Sell Stock/Option to Close a Long position
    Buy to Close — Buy Stock/Option to Close a Short position
    Sell to Open — Sell Stock/Option to Open a Short position
    Default value is : Buy to Open

    Transaction Date Select the trade date
    Account Select the account to append your trade.
    Orig Currency Original Trade Currency type .There are seven Currency types in the dropdown list: USD, EUR,CAD,AUD,JPY,HKD,GBPIf you can choose EUR,CAD,AUD,JPY,HKD,GBP as Original Currency, and the dialog box will appear as an icon ,click this button, the dialog box will extend.
    Security Name
    Enter the security name manually in the Security Name field or Select it from the Symbol dropdown list.
    Additionally, the entering process supports AutoComplete function which pops up a list of suggestions to the user based on the characters entered.
    Base Rate Domestic currency type or accounting currency type for accounting purposes. Currently IB allows customer to choose different basis currency other than USD.
    Type Specify The type of trade transaction.  Available choices are: Stock/Option/Future.
    Number Of Shares
    For every Type of Stock, this field specifies the number of shares that have been traded. For Type of Option, this field specifies the hands of options that have been traded. Normally the value of ‘1’ indicates the option of exercising 100 shares of Stock
    Price (per share) The transaction price of Stock/Option per share/unit.
    Rate
    “Rate”related to derivative product like option, future. For instance, an option has a 100 “Rate” which means an option contract is for 100 shares of the underlying stock
    Underlying Stock The stock on which an option is written, giving the option holder the right to buy or sell.
    Commission
    Enter the commission of the shares. If left blank, the commission will be calculated from the value in the Amount column (providing the Amount includes commissions and fees).
    Amount The “Amount” will ba calculated automatically since you enter the “Number of Shares”, “Price” , and “Commission”.
    Strike Price The strike price of the underlying stock in the option or future
    Expire Date the date an option or stock expires
    Notes Enter the description of the transaction.
    Trade Include In Year
    Select the checkbox to activate it and enter the specified tax year.
    Defercost Used to enter the defer loss of this appending transaction.
    Click it to cancel the appending process.
    Click it to enter another new transaction.
    Click it to finish the appending process.

    Enter information of this transaction and press the button to finish the appending progress.

  5. A new record will be displayed at the bottom of Baseline window and the icon will become icon .
    Tips:

    • Means there is no baseline position in the Baseline window
    • Means there are baseline positions in the Baseline window.

Note:

  • 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.

End of Tax Year


After all trades executed during the tax year have been imported and matched correctly, you are ready to end of tax year for the next tax year.
With this function, you can check next tax year’s baseline position include year end open position and deferloss to each washsale position.

Let’s take the Tax year 2005 as an example. Please follow steps below to End the Tax Year:

  1. Right-click the folder FY2005 under the specific account in the Account List and the following dialog box will pop up:You will see 2005 Year End Open Position & Defer Loss.
  2. Confirm your open position with your December statements from your brokerage.If there is any unmatched position, you can check these:
  3. Click on Next button and the New Year Baseline Position dialog box will show:
    The baseline position contains Open Position (long, short)Learn more about: Long, Sell to Open
  4. Click Finish to complete the progress. Then next tax year’s baseline position and defercost will display in next tax year’s (In this example, it is tax year 2006) Baseline window and data grid as the following:After end of the tax year, you will see,
    • the next tax year Baseline view icon will become icon .
    • the Finance year view icon will become icon

    Tips: Finance year view Icon means you have already done End of Tax Year.

Custom View


Now the Function Custom View has been designed to give users additional control over the display of trade data on the grid, Besides this, With it you can

  • Combine Different Accounts
  • Find trades with specific symbol, amount, etc.
  • Display all open position.
  • Find multi-legs data more flexibly
  • Run reports containing customized data.

The following will demonstrate how this function works.

  1. Right click on the specific item (e.g FY 2008 under the Account ScotTrade Jones) and select Add View> Custom.
  2. The following dialog box will pop-up:
  3. Basic Function
    1.Name
    Enter the Name of the trade view ( e.g ABC )
    2. Account Field
    Used the Arrow to select specific accounts.

    The Selected account(s) list the accounts selected.

    3. Condition List Use to customize the condition which allows TradeMax to filter the Trade data with more flexibility.
    4. Button
    Click Button to get the pop up Expression Dilalog Box below
    5. Button Click Button to delete the selected Expression data.
    6. Notes
    Notes for the trade view
  4. After you click button, the Expression Dialog Box appears as below:
    • Select the Parameter from the Trade field .
    • Select the Relation from the Relation field.
    • Enter the Value to the Value field.
  5. Basic Function
    1.Symbol
    The security name
    2. TickerMatch
    The strike price of the underlying stock in the option or future
    3. Type Security type. For instance, stocks and mutual funds, options on stocks, Single-Stock-Futures, futures, currencies etc.
    4. Date
    The Trade date of specific security
    5. Action Action name in TradeMax.

    Open Long — Buy Stock/Option to Open a Long position
    Close Long — Sell Stock/Option to Close a Long position
    Open Short — Buy Stock/Option to Close a Short position
    Close Short — Sell Stock/Option to Open a Short position

    6. Quantity Number of shares
    7. SPrice Security price
    8. OComm Original Commission
    9. O Amt
    Original Amount
  6. Each filter is comprised of one or more “conditions”. After selection, the condition List will display the conditions you selected or entered in Expression Dialog box.
  7. The default root is “And”.   To change the default root, right click AND.   A dropdown menu will appear.
    • And : Select And option to display specific expression.
    • Or: Select Or option to allow more expressions to be displayed in specific view (e.g ABC)
    • Add Expression: Click Add Expression to add another Expression.
    • Delete: Select Delete option to delete the selected expression.
  8. Click OK to continue or Cancel to cancel the process.
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