IMPORTANT: This step must be done BEFORE you file your taxes. Your data must be verified to ensure what you are reporting to the IRS is correct. If you have a multi-account file, this step must be completed for each individual account.
Note: A new function within the open positions window is available. This will allow you to check the open positions in your data file as of any date. Please click HERE for instructions.
Select the brokerage account you will be importing for by selecting the appropriate Account Tab. All trade editing must be done in the individual account tabs on multi-account files.
The open positions in TradeLog must be compared with your broker's December statement of the tax year you are working on. The positions should be the same.Click the Open button. The Open Positions as of: window will appear
Click the Year End Open Positions button.Notice that the date has changed in the Last Date field and the dialog box now states that it is displaying Year End Open Positions. TradeLog is now reporting to you what was open as of December 31 of the tax year you are working on.
Verify that the positions shown in the Year End Open Positions dialog box match with those on your December Statement.Note: Some positions might be showing on TradeLog but not on your broker's December statement in the 'Holdings as of December 31' section. The opposite could be true as well. For proper verification, look to the section 'Trades Pending Settlement.' Trades pending as a buy will be reported as a year end open position within TradeLog. Trades pending as a sell can adjust the 'Holdings as of December 31' on your broker's statement.
If the open positions do not match check the following:
- If you traded options and your broker did not record the expiring transactions, did you use the TradeLog function to properly expire the options? (See: Expire Options for details)
- If you traded options and had contracts that were exercised or assigned, did you account for this in TradeLog? (See: Option Exercise / Assign)
- Did any of the companies you traded have a stock split, merger, spinoff or ticker name change? Click the highlighted links to receive instructions on how to account for these corporate actions.
- Did you match specific tax lots with your broker? Please click here for instructions on how to account for this.
Please proceed to the next step, Reconcile 1099 Proceeds