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Taxes, scottrade, and a student?

post #1 of 13
1/24/09 at 9:18pm
Thread Starter 
So I need some help with my taxes.

Im 20 years old and a full time student so I basically get 100% of the federal and state tax I pay back.

What am I required to do?

I only had a couple transactions....I bought the last week of dec. sold on the 31st.
It has my total purchases(710.79) and total proceeds(255.14)...but am I just supposed to figure out the stocks that I actually sold before the years end?

Basically I spent 112.50 on agixq, sld for 60.15 and bought ddss for 115, sold for 194.99

So I lost 52.35 on agixq and made 84.99, profited like 33 dollars as far as thier concerned.

Anyone know what to do?

Thanks in advance
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post #2 of 13
1/24/09 at 9:28pm
I suck at tax laws. That's why I use turbotax and let them figure it out. It's cheaper than hiring an accountant and almost all of them just use a computer program like turbotax anyway.
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post #3 of 13
1/24/09 at 10:10pm
Quote:
Originally Posted by justinschmidt1 View Post
So I need some help with my taxes.

Im 20 years old and a full time student so I basically get 100% of the federal and state tax I pay back.

What am I required to do?

I only had a couple transactions....I bought the last week of dec. sold on the 31st.
It has my total purchases(710.79) and total proceeds(255.14)...but am I just supposed to figure out the stocks that I actually sold before the years end?

Basically I spent 112.50 on agixq, sld for 60.15 and bought ddss for 115, sold for 194.99

So I lost 52.35 on agixq and made 84.99, profited like 33 dollars as far as thier concerned.

Anyone know what to do?

Thanks in advance
I'm pretty sure your broker should have all your relevant tax information for you on their site. I know TDA does.
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post #4 of 13
1/24/09 at 11:24pm
Quote:
Originally Posted by skwerl View Post
I suck at tax laws. That's why I use turbotax and let them figure it out. It's cheaper than hiring an accountant and almost all of them just use a computer program like turbotax anyway.
Turbo tax is awesome. Whatever you do don't go to H&R block they screwed up my taxes so bad one year that I got a letter in the mail saying I owed the goverment $10,000
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post #5 of 13
1/25/09 at 3:32am
I use TurboTax and Scottrade. If you go to the Gainskeeper tab in my account. You can download a file that imports into TurboTax Deluxe or better. It figures it all out for you from there. I did my Fed and State taxes, e-filed and all in about 20 minutes, tops.
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post #6 of 13
1/25/09 at 3:57am
TD Ameritrade has the Gainskeeper link as well. Very handy for reviewing your successes and failures also.
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post #7 of 13
1/25/09 at 5:03pm
Thread Starter 
Thanks guys...I should be able to figure it out
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post #8 of 13
1/25/09 at 7:00pm
Tax Guy comes to mind.
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post #9 of 13
4/5/11 at 6:11pm

put the two trades on a IRS Schedule D, which will become part of your 1040.  Easily done, and the net transfers over to your 1040.  J Crimmins @Traders Accounting

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post #10 of 13
4/5/11 at 8:29pm

Hi Jim

 

Thanks for dropping by and sharing your expertise! thumbup.gif

 

Just pay attention to the start dates of the threads, this one is from 2009 wink.gif

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post #11 of 13
4/5/11 at 9:43pm
Quote:
Originally Posted by StockJock-e View Post

Hi Jim

 

Thanks for dropping by and sharing your expertise! thumbup.gif

 

Just pay attention to the start dates of the threads, this one is from 2009 " rel="http://files.hotstockmarket.com/images/smilies/wink.gif">wink.gif


He doesn't care about dates. He's just pimping his biz! suspicious.gif
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post #12 of 13
4/5/11 at 11:01pm

If he can answer our members tax questions, then its ok.

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post #13 of 13
5/16/11 at 1:30am

I use Scottrade. I'm a student as well. Scottrade mailed me all the necessary tax information at the beginning of the year, gave details on transactions such as cost basis, profit, etc. In other words, you won't need to be calculating all the stocks you sold and what prices, etc. Scottrade should have all this info for you. However, you might be signed up for electronic delivery (rather than mail delivery like me) so you might have to view this online instead of getting it mailed like I do.

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