Day Trading losses with CMEG

JamesZ1 · ‎February 22, 2021

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.

DianeW777 · ‎March 2, 2021

You can do a summary of long term and then short term combinations. Make one entry for each (long term / short term). You can then send the worksheets or statement with Form 8949 after your return is accepted, attached to Form 8453.

To eliminate difficulty, make sure the date acquired reflects the correct holding period. It's not important other than to have the correct holding period for the results to be calculated accurately for tax on your return.

Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)
- Sale date can be the last date a sale occurred or 12/31/2020
- Purchase date can be 'Various'
  - When I walk through the steps, as you can see from the image below, you must select the check beside 'Something other than a date'.

If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet).

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View solution in original post

ColeenD3 · ‎February 22, 2021

You can report your trades without a 1099-B.

To visit this section of TurboTax:

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

JamesZ1 · ‎February 22, 2021

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

JamesZ1 · ‎February 22, 2021

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

WendyN2 · ‎February 22, 2021

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 · ‎February 22, 2021

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 · ‎February 22, 2021

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 · ‎February 22, 2021

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 · ‎February 23, 2021

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

JamesZ1 · ‎February 25, 2021

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

ThomasM125 · ‎February 25, 2021

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.

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tparks99 · ‎February 26, 2021

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

albevier · ‎February 28, 2021

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 · ‎March 1, 2021

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

ThomasM125 · ‎March 1, 2021

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

Income and expenses
Investment Income
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.

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Day Trading losses with CMEG