MaStA's Account Talk

[Birchtree]

The further we go above 1500 the more power you'll see come into this market - be prepared for an old fashioned buying panic that'll take the Dow +200 points.

 

[MaStA]

The further we go above 1500 the more power you'll see come into this market - be prepared for an old fashioned buying panic that'll take the Dow +200 points.

Hey my F fund shares are doing just fine this morning as well. My TZA shares are right about where I bought them. My CAT, MCD, and WFM stocks in my roth are doing well today. It's a good day so far no matter how you look at it.

 

[sniper]

Hey my F fund shares are doing just fine this morning as well. My TZA shares are right about where I bought them. My CAT, MCD, and WFM stocks in my roth are doing well today. It's a good day so far no matter how you look at it.

same happened to me, got stopped out of tza position for no gain, but my dividend stocks in the roth ira are doing really well

 

[MaStA]

same happened to me, got stopped out of tza position for no gain, but my dividend stocks in the roth ira are doing really well

Well I kept mine. I may even buy more towards the close. I think the top is near in the short term.

 

[sniper]

good luck, i always set stop losses when ahead so the worst case scenario is a break-even, i personally hate losing when it comes to trading haha.

 

[Birchtree]

When I was much younger I used to use stops when making buys - placed under the market price. Sometimes it would take a month inorder to fill but I seldom overpaid.

 

[MaStA]

I have a basic tax question for anyone that could possibly provide me some guidance.

I have my Roth IRA and Individual trading account with OptionsHouse. I understand that as long as you do not make any withdrawals from your Roth IRA you never do anything on your taxes with your Roth IRA.

As far as my individual account I can see a form 8949 and 1040 Schedule D that is generated in some program called Maxit, but it doesn't even have my name, social, etc. on it. It just shows all of my trades and my total gain/loss.

My biggest question is, do either of these forms even get used for my taxes or are they generated to assist with the making of the 1099-B and 1099-DIV. I normally do my own taxes on H&R Block's online software and it seems really easy to input 1099's, but the schedule D one looks really confusing. This is my first year with an individual trading account so I would prefer I do not screw it up. OH's website states "Accounts with no trading activity and less than $10.00 in dividend and/or interest income will not receive a 1099." I had more than $10 in dividends, but as far as "interest" goes is this the same as capital gains/losses or interest like you would get in a savings account? What primary IRS form is used for reporting gains/losses...?

Thank you to anyone who can help me out!

 

[Birchtree]

You will need a Schedule D 1040 and Schedule D-1 or the 8949 forms to report short and long term gains. Remember, since last year every trade you made has been reported to the IRS - there is no longer any place to hide. You will need Schedule B for dividend income and Schedule E for any royalty income. It's not so bad once you get inertia and get started. The 8949 forms can be exasperating but once you've been indoctrinated they are tolerable. Just make sure your totals add up and the computer won't look further. By they way your interest is reported on 1040.

 

[MaStA]

You will need a Schedule D 1040 and Schedule D-1 or the 8949 forms to report short and long term gains. Remember, since last year every trade you made has been reported to the IRS - there is no longer any place to hide. You will need Schedule B for dividend income and Schedule E for any royalty income. It's not so bad once you get inertia and get started. The 8949 forms can be exasperating but once you've been indoctrinated they are tolerable. Just make sure your totals add up and the computer won't look further. By they way your interest is reported on 1040.

So it's not as easy as just putting in one number for your gains or losses? You have to take every trade from the 8949 and record it on your taxes? This is going to be a pain lol.

 

[Birchtree]

You include all trades on the 8949 - one page for long term and one page for short term gains. Consider yourself fortunate that you didn't have to do last year's 8949 - I had about six pages to deal with. The 8949s are submitted along with Schedule D and any other forms with the 1040. I do mine all by pencil first and them permanize to send off - I prefer paper. I know exactly where my money is located. You are welcomed to utilize my masseuse.

 

[MaStA]

I bought a decent amount of TZA shares in extended hours at 10.53. We shall see how this trade plays out.

 

[sniper]

Good luck man (but not too good cause i'm still in S fund)

 

[MaStA]

Good luck man (but not too good cause i'm still in S fund)

No luck needed. The market has been struggling to climb higher and is due for a pullback. It will either happen now or it won't.

 

[InsaneZane1]

I bought a decent amount of TZA shares in extended hours at 10.53. We shall see how this trade plays out.

Good luck with that. My brother-in-law bought a bunch of shares of that when it was in the $15-$16 range. Needless to say, he's down a LOT. Personally, I think the best you can hope for is a short-term gain on that one. Otherwise, I think it's going to keep sliding down over the longer run.

 

[MaStA]

Good luck with that. My brother-in-law bought a bunch of shares of that when it was in the $15-$16 range. Needless to say, he's down a LOT. Personally, I think the best you can hope for is a short-term gain on that one. Otherwise, I think it's going to keep sliding down over the longer run.

Well of course TZA is for a short term gain. Someone can correct me if I'm wrong, but I don't think people by leveraged ETFs with the intention of keeping them for the long term. So if your brother-in-law bought TZA in hopes to keep it for a long time you might want to tell him that wasn't a good idea.

 

[jkenjohnson]

Well of course TZA is for a short term gain. Someone can correct me if I'm wrong, but I don't think people by leveraged ETFs with the intention of keeping them for the long term. So if your brother-in-law bought TZA in hopes to keep it for a long time you might want to tell him that wasn't a good idea.

I just got burned on TZA. Was down about 7% and sold. Can't fight the trend - which seems to be up up and away.

 

[MaStA]

I just got burned on TZA. Was down about 7% and sold. Can't fight the trend - which seems to be up up and away.

True, but here lately the market hasn't been moving much in either direction. I'll put a stop in place and life goes on. It seems the steam is running out though, but as we know anything can happen. The government can announce that they are borrowing another $100 Billion from China and we could skyrocket...anything is possible.

 

[bmneveu]

"Our clearing firm, Apex, has informed us that there will be a slight delay in sending the 2012 consolidated 1099 tax forms. They have filed for an extension to provide the 1099s on orbefore 3/15/13. We are working closely with Apex to expedite the delivery of the forms and make them available as soon as possible. This delay is affecting not just us, but all Apex correspondents. We will notify you when your 1099s are available."

You use OptionsHouse too, right? Just got that sweet little message while in live chat with them. He later said he thinks the forms will be out by the end of the month...

 

[jkenjohnson]

I just got burned on TZA. Was down about 7% and sold. Can't fight the trend - which seems to be up up and away.

Got back into TZA yesterday at the 52 week low. You still have a position in TZA?

 

[MaStA]

"Our clearing firm, Apex, has informed us that there will be a slight delay in sending the 2012 consolidated 1099 tax forms. They have filed for an extension to provide the 1099s on orbefore 3/15/13. We are working closely with Apex to expedite the delivery of the forms and make them available as soon as possible. This delay is affecting not just us, but all Apex correspondents. We will notify you when your 1099s are available."

You use OptionsHouse too, right? Just got that sweet little message while in live chat with them. He later said he thinks the forms will be out by the end of the month...

Yes I do use OH and this is a bit irritating since I want to get my taxes filed and over with lol. Hopefully I do my taxes correctly since this is my first year filing with an individual account. I think I have a couple of "wash" sales which I think means I don't get to write off losses from the trades since I re-bought the same stock within 30 days of an initial loss or something like that. I don't know how I file that in the online tax software I am using exactly...hopefully I figure it all out.

Got back into TZA yesterday at the 52 week low. You still have a position in TZA?

I am still holding my TZA position. I'm getting a bit worried, but I'm hoping I can at least get my money back at some point in the near future.