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. This step must be completed for each individual account.
Note: You can check the open positions in your data file as of any date. Please click HERE for instructions.
Select the appropriate brokerage Account Tab.
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 as of: window will appear
Set the Open as of date to 12/31 of the tax year you're working on.
Verify that the positions shown in the Open Positions dialog box match with those on your December Statement.Note: Some positions might be showing in 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 had contracts that were exercised or assigned, did you account for this in TradeLog? (See: Option Exercise / Assign)
- 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)
- 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. You can check the symbol in question on our Corporate Action History lists for 2023, 2022, or prior years to identify potential adjustments.
- Did you match specific tax lots with your broker? Please click here for instructions on how to account for this.
Please proceed to Reconcile 1099 Proceeds.