Day Trading losses with CMEG

[JamesZ1]

Hi all,
I day traded quite a bit in 2020 through CMEG which is based in Trinidad & Tobago. They do not send a 1099-B, just an account statement with all the P/L info. I have total losses of about $3,563. How do I report this in TurboTax? I don't see any option.

[ColeenD3]

You can report your trades without a 1099-B.

To visit this section of TurboTax:

1. With your return open, click the Federal Taxes tab 
   or Personal if using Home & Business
2. Then, Wages & Income
   Desktop users will then need to click I'll choose what I work on
3. Click Jump to full list or similar verbiage if you see it
4. Then, scroll down to the "Investment Income" section. 
   Online users may need to click Show more to expand the section
5. Next to "Stocks, Mutual Funds, Bonds, Other" click Start/Update/Revisit
6. When asked "Did you get a 1099-B or a brokerage statement for these sales?" select No.
7. Next, Choose the type of investment you sold, then follow the entry screens

[JamesZ1]

I don't see that option. This is what I'm given.

[JamesZ1]

Basically I am not getting the question "Did the broker send you a 1099-B?" :(

[WendyN2]

When in your return, if you select "Personal" tab, it should open you to "Personal Income" selection section - then scroll down the page a little, and you should see in bold "Investment Income". Are you not seeing this section? My apologies, I am just not sure how far you went or how you went about going there. If you did not try that route, please do and let me know and I can better advise should you need me to. 

[JamesZ1]

I don't see any tab labeled "personal." How many different versions of the software are there, it seems like everyone has a different layout....

[fanfare]

If you will not get a 1099-B, your transaction Sales Category is C or F.

Inter the transactions manually or use the summary option.

[fanfare]

check out the forum for all the problems people are having with 1099-B this year.

You might consider yourself one of the lucky ones.

[JamesZ1]

I can enter my summary manually as if it were a 1099-B. Should I do that? I know my net P/L

[JamesZ1]

I can enter my summary manually as if it were a 1099-B. Should I do that? I know my net P/L

[#11]

I can enter my summary manually as if it were a 1099-B. Should I do that? I know my net P/L

[ThomasM125]

You can enter your trades if you know the information regarding purchase date, sale date, proceeds and cost basis. When you go into the stock sale section of TurboTax, you will be asked if you have a form 1099-B, just answer no to that question and proceed.

[tparks99]

I don't have that option in TurboTax Self Employed edition.

[albevier]

You can request a 1099-B from them -- I think they charge a nominal fee in the neighborhood of $15 for running the report.

[tparks99]

I requested it and they said they don't provide country specific tax forms.

[ThomasM125]

You can enter your trades in TurboTax even if you don't have a form 1099-B by using the following menu tabs:

1. Income and expenses
2. Investment Income
3. Stocks, Mutual Funds, Bonds, Other

Indicate that you don't have a 1099-B or a brokerage statement for these sales. Then choose the I'll enter a summary for each sales category option. Then enter the proceeds, cost basis and indicate the holding period as Short Term or Long Term.