Intrepid_Timer's PUBLIC Account Talk

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I read that earlier, very interesting read. I'd like to see numbers on how many people max out their TSP's contributions to 17,500 or if they opt to do the minimum for agency matching. That could make a difference. As well as people who might just have all their money go directly into G and never touch it.
 
Re: Go Figure!

Received this from an old fighter pilot friend of mine. :)

This is from Ace Jewell CDR-USN-ret, now about 88 years old, fighter pilot in 3 wars
and LSO extraordinaire. They don't make them like Ace anymore...











"Drones --will not ...be late to briefings, start fights at happy hour,
destroy clubs, attempt to seduce others' dates, purchase huge watches,
insult other services, sing "O'Leary's Balls," dance on tables, yell "Show
us your t***!!!" or do all of the other things that we know win wars!




I see no future in them.”





​





































 
I am continually amazed at how some on this board will come out and say that the big move up in equities this morning is causing their system to switch to a buy signal and then they post a buy in price for an ETF that was at least an hour earlier and well below where the big move up first became apparent. How do they do that? I want some of that action!!
 
I received two K-1 forms for investing in UVXY and SVXY in 2013. Is it necessary to use these forms on my tax return? I was blindsided by this. I only owned the funds for extremely short periods in your "sub-system". Can you comment on these investments and how the k-1 is significant.

P.S. I did not renew my yearly subscription when I saw how much IRS hassle all this frequent trading was giving me. I may do a monthly service once I more understand if IRS is going to be agressively following up on all the Scottrade bad 1099s and corrections. I had to basically ignore their 1099B and make my own schedule of gains and losses.

This may be discussed in your private forum, but I no longer have access.
 
Last edited:
For any K-1s you get you'll need to file schedule E - the IRS is only interested in any income not reported. If you are lucky you'll have some losses to take and get to reduce your AGI.
 
mmthomas said:
I received two K-1 forms for investing in UVXY and SVXY in 2013. Is it necessary to use these forms on my tax return? I was blindsided by this. I only owned the funds for extremely short periods in your "sub-system". Can you comment on these investments and how the k-1 is significant.

P.S. I did not renew my yearly subscription when I saw how much IRS hassle all this frequent trading was giving me. I may do a monthly service once I more understand if IRS is going to be agressively following up on all the Scottrade bad 1099s and corrections. I had to basically ignore their 1099B and make my own schedule of gains and losses.

This may be discussed in your private forum, but I no longer have access.
Click to expand...

I'm not a tax specialist and only received K-1's on my Roth account, so I'm not that concerned about it since it isn't taxable income. You might want to contact a tax professional. Sorry to hear you cancelled your subscription because of tax issues. If my system is followed exactly, it shouldn't generate more than around 50 trades per year, so I personally find that very doable.
 
Watch out for Monday everyone. According to this chart that was being passed around for awhile, we should be able to buy the Dow below 14000 come Monday...........:blink:

2014-03-28_12-53-53.png
 
Birchtree said:
For any K-1s you get you'll need to file schedule E - the IRS is only interested in any income not reported. If you are lucky you'll have some losses to take and get to reduce your AGI.
Click to expand...

The Broker already reported all the capitol gains. Are you saying that part of the gain the broker reported might be ordinary income? Can you please speak specifically to your experience with the two funds I mentioned.
 
Sorry I have no experience with UVXY or SVXY. Your broker will send you a copy of 1099s as well as the IRS. Unfortunately, the IRS knows everytime you use the toilet. You will have to file schedule D along with the form 8949 for individual trades, and for the K-1 activity schedule E. The more round trip trades you have the bigger the headache - in some years past it has taken me several weeks to complete my schedule D and forms 8949. I own around ten different energy master limited partnerships which generate nice dividends and the K-1s often give me losses to deduct against my ordinary income. Follow the guidance that is included in your K-1 packet - there could be advantages there. Your dividends and any capital gains should be taxed at 15% - and while you are deep in it don't forget the form 6251, the alternative minimum tax form. And if your AGI is over +$250K you'll owe an extra tax of 3.8% for the ACA. I try all year to keep a handle on my AGI.
 
Birchtree's information helped me start on the K-1. It seems that the Proshares futures ETF are taxed as commodities partnerships, with the great advantage that 60% are assumed by IRS to be long term gains, even if I only held them for 1 day. This is shown on form 6781. Also the K-1 package on the back of the second page shows the amount of basis adjustment increase to the ETF purchase price to compensate for the partnership income. So it seems I will have lower tax than if the investment was a pure ETF because of the assumed long term gain of the investment income. I still have to do the dreaded 1040X with the increased audit potential that form ensures.
 
not_too_shabby said:
So what's this about Scottrade generating 1099B's with errors? Anyone else experience this?
Click to expand...

Scottrade does not show how they calculate the changed basis for a wash sale. I have found errors; but maybe my understanding of wash sale is less that the Scottrade computer? Also the first 1099B they sent me did not include several trades with Proshares mutual funds. Corrected 1099B was sent after I had filed my 1040. Even this had Wash sale code with unexplained calculations.

I did my proshares futures EFT trades with Vanguard without reporting errors.
 
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