Please review the lesson: Creating New Data Files in our Online Tutorial for a demonstration of this procedure.
To create a new data file:
Click File, New.
A popup dialog box will appear as follows:
Select the Tax Year you are currently working on from the drop down box.You may also type the year in the box.
Enter a Taxpayer Name - THIS MUST BE THE NAME YOU WANT TO APPEAR ON YOUR TAX FORMS. If filing jointly you only need to use the primary taxpayer name.
Examples: "John W Cooper", "Joe H Smith.", "Superstar Trading LLC", etc.
Select the type of Taxpayer ID - this will determine the appropriate IRS forms to be generated.
- Optional: enter your SSN or EIN. This field is hidden by default, check the box to Show SSN/EIN to confirm your entry.
Note: SSN/EIN numbers are encrypted in your data file. The number is visible only if the file can be opened. We recommend PASSWORD PROTECTION on your file if you have entered a SSN/EIN.
- Optional: PASSWORD PROTECTION allows you to set a password which will be required to open your TradeLog data file.
If you want to save the data file to another location on your hard drive you may do so by clicking the "Select Folder" button.
Please DO NOT select a removable drive for this as TradeLog will use this location as the default location for all TradeLog data files!
Click the OK button.
Note: if the file you just named already exists, TradeLog will ask:
A file named: “xxx.tdf” already exits.
Do you wish to over write this file?
If you answer YES to this, the existing file will be overwritten and previous data will be lost.
If you answer NO to this, you may start over and use a different file name description.
The brokerage Account Setup dialog box will appear.
This allows users to enter specific information for one or more brokerage accounts that will be maintained in the file.
Select an Import Filter and a Default Import Method from the drop down boxes.
In the Account Name field enter a descriptive name for the account.
DO NOT put the tax year in the Account Name field.
Next Identify the Account Type by selecting one of the listed options.
- Regular Cash Basis (Taxable): this is the type used for most accounts in which you will be filing a Schedule D for tax reporting.
- IRA (Non Taxable): this type is used for any investment/retirement accounts that are non taxable. These accounts will not be reported to the IRS. However, TradeLog will adjust for wash sales that occur in an IRA as required by IRS rules.
- MTM (Taxable): this type identifies files that will be filed using mark-to-market accounting method. This type is only available for users with an MTM version of TradeLog. Click here for specific details on setting up an MTM account.
NOTICE: In order to file MTM you must qualify based on federal requirements and complete IRS procedures for election of this method of filing. See our Online Tax Topics for more information.
Press OK once you have made your selections.
MTM users: As the program needs to know your MTM accounting status with the IRS, when you open a new data file there are a few additional steps to follow. Please see Mark-to-Market Accounting for details.