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:
- 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.
- Confirm your open position with your December statements from your brokerage.If there is any unmatched position, you can check these:
- Make sure to take unsettled trades on the December brokerage statement into account.
- Make sure to adjust for securities referring stock splits, mergers, spinoffs or symbol name changes.Stock Splits | Mergers | Spinoffs | Changing Symbols
- If there is anything wrong when you match your specific transaction
- 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
- 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.