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bmneveu's Account Talk
- Thread starter bmneveu
- Start date
MaStA
Member
Just so you know it was really easy. I already put all of my 1099-B/1099-DIV entries in from when I had USAA at the beginning of the year and then the stuff from OptionsHouse. I'm going to be getting back a whopping $477. I claim one throughout the year instead of zero so the government gets less of my money interest free...that is why my refund is always pretty small, but it's better than owing money. 
bmneveu
Well-known member
Just so you know it was really easy. I already put all of my 1099-B/1099-DIV entries in from when I had USAA at the beginning of the year and then the stuff from OptionsHouse. I'm going to be getting back a whopping $477. I claim one throughout the year instead of zero so the government gets less of my money interest free...that is why my refund is always pretty small, but it's better than owing money.
Thanks for the heads up! I'm gonna hop on that now, finally get it knocked out.
Sold XIV @ 22.23. I might try to get back in if we dip early next week.
bmneveu
Well-known member
Just so you know it was really easy. I already put all of my 1099-B/1099-DIV entries in from when I had USAA at the beginning of the year and then the stuff from OptionsHouse. I'm going to be getting back a whopping $477. I claim one throughout the year instead of zero so the government gets less of my money interest free...that is why my refund is always pretty small, but it's better than owing money.
Looks like I have 90 trades to enter by hand. Ugh.
RealMoneyIssues
Well-known member
Why?
bmneveu
Well-known member
I'm using H&R Block's online service. I'm at the Schedule D and it's asking me to describe each asset/transaction on my 1099-B. Unless I'm doing this wrong..
bmneveu
Well-known member
That all of this is pointless because my broker already sent them a copy of my 1099-B?
Edit: And also that I'm gonna hate doing taxes for the rest of my trading career.
sniper
Active member
that sounds like a pain in the ass. i use etrade and turbotax, it does it automatically for me
MaStA
Member
By using txf files? Those files are given by OptionsHouse and supported by the paid software version of H&R Block and TurboTax, but not supported in the online web based versions unfortunately.
bmneveu
Well-known member
how much is the software? im already paying $20 for the web version because of my trades. if its not much more than that, ill just buy and download the software version.
Last edited:
sniper
Active member
i didn't get any files, when they asked what service i had, i selected e*trade, then it just asked me to log into their console with my etrade credentials. from there it just popped everything up automatically and i was done with that part.
MaStA
Member
Gotcha. I think H&R Block has this option as well, but OptionsHouse isn't listed.
MaStA
Member
Looks like any of the at home software versions supports importing txf files. Cheapest one is $20.
Income Tax Software - Tax Filing Software & Tax Preparation Software from H&R Block - H&R Block®
Customer Support - Tax Software Support Articles - H&R Block®
RealMoneyIssues
Well-known member
And OBTW, many of the tax programs (online, probably software) are free for Active Duty Military. Check into it. Turbotax was free this year for me.
MaStA
Member
I'm using the H&R Block free for military version, but I don't see where you can get any of the software versions for free.
MaStA
Member
I didn't know you used margin lol. I don't mess with that stuff since I'm good enough at screwing up with my own money let alone others. I don't trade with a ton of money in my individual account since I still feel like I'm learning and don't want to put that much on the table. I'm still a noob.
Birch should know the answer to your question though.
Birchtree
Well-known member
A 4% rate is a good rate when you consider that the tax deduction will actually lower your real cost. And if you buy stocks that provide a good dividend you can zero out your margin costs. Just make sure you can cover if you get the infamous margin call - you can cover by selling equities or pumping in more cash.
Birchtree
Well-known member
Again if you get involved in margin just be prepared to cover if the girls from the back office call - they don't play and will sell you out in a heart beat within three days. I'm going to be playing with multi-hundreds of thousands of dollars when I gain access to my margin. You don't have to use the full extent of margin available - it's like having a floating home equity line of credit. You can write checks or buy stocks. I'm currently paying 2.75% with 30 free trades per month.
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