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4. Verify your TradeLog data

Verify that your TradeLog® data has been imported and matched properly:

 

There are two verifications that will assure that your tax year data is complete and that all trades are properly matched:

 

A.) Verify your open positions

 

You need to compare your open positions in TradeLog® with your broker's December statement. The positions should be the same.

 

Please see Using the Open Positions Window in the Comprehensive User Guide for instructions on how to view your year-end open positions in TradeLog®.

 

If your open positions don't match your December statement from your broker then you may need to check the following:

 

  1. Make sure to take unsettled trades on the December brokerage statement into account.

     

  2. You may need to adjust for stock splits, mergers, spinoffs or ticker name changes.

     

  3. You may need to correct incorrectly matched tax lots.

 

If you have used the Match Tax Lots function during the year you may have some open positions that were not able to be matched to their proper closing transactions.

 

To view which trades have been matched with this function go to the Options menu and choose Display Matched Tax Lots. If any of your incorrect open positions contain a number in the Matched Tax Lots column you should select these records and go to the Edit menu and choose Un-Match Tax Lots.

 

B.) Reconcile your brokerage 1099 gross sales

 

Click Reports, Gains & Losses and check the 1099 Reconciliation report type.  

 

A popup box will ask you to enter your Gross Proceeds (Gross Sales) from your 1099. This report will make any necessary adjustments for option sales, open short sales from the previous tax year, and long trades marked to market for MTM users.

 

Please see 1099 Reconciliation report in the Comprehensive User Guide for more details.

 

You are now ready for step 5: Analyze your data