Fidelity Investments Import Instructions:
TradeLog® supports two different methods of importing your trade history from FIDELITY (select a method for detailed instructions):
NOTES:
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Fidelity's P&L statement grossly overstates the disallowed wash sale loss amount. The statement erroneously totals up each and every wash sale that occurs throughout the year.
See: How wash sales affect me. That is just one reason why you should NEVER rely on broker provided P&L statements for your taxes. See: Trader Tax Misconceptions - Broker provided G&L reports.
If you or your accountant used the Fidelity P&L statement to file your previous year's tax return, then you may have losses that were disallowed for last year and these losses may be attached to shares that you no longer own. There is no method in TradeLog® to make an such an adjustment to recoup these losses. You will need to consult a tax advisor or CPA that understands the wash sale rule who can assist you in the proper method of recouping these erroneous disallowed losses. You may or may not have to amend you previous year's tax return.
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Cusips - Fidelity occasionally replaces some stock trades and expired option trades older than one month with cusip numbers, rather than using the stock ticker symbol or option description. These cusip numbers must be changed in TradeLog® to the appropriate stock ticker symbol (ie: DELL) or TradeLog® option long format (ie: DELL DEC07 30 CALL) for all options.
Any easy way to identify what stock or option is represented by the cusip is to look up the trade on your monthly statement to see what you actually traded.
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Options traders - Fidelity uses stock descriptions when identifying options, and these must be changed to the underlying stock ticker symbol using Edit, Change Stock Descr to Ticker Symbol
(ie: CONTINENTAL AIRLS MAR07 50 CALL must be changed to CAL MAR07 50 CALL)
This way TradeLog® can properly calculate wash sales between CAL stock trades and CAL option trades.
