6. End the tax year

 
End current tax year - make adjustments for next year:
 
  • Please see the lesson: Ending the Tax Year in our Online Tutorial for a video discussion of how to use this function in TradeLog.
 
Please make sure that you have imported a full 13 months worth of data prior to running the End Tax Year function (January 1 through January 31 of the next tax year). January of the next tax year trades are required for properly calculating wash sales. Do NOT import January of next tax years trades if you have elected MTM for this tax year.
 
After all trades executed during the tax year have been imported and matched correctly, you are ready to run the End Tax Year function to "close the books" on your data file for the current year. 
 
MPORTANT: Before ending the tax year it is important to complete the verification process to ensure your trade history is accurate in TradeLog. In step 4 you should have already verified your open positions at year end. Now it is necessary to reconcile TradeLog with your brokerage provided 1099B.
 
Note: If you have multiple accounts, you should reconcile each account individually BEFORE combining files. This will make it easier to identify any possible discrepancies.
 
Reconcile your brokerage 1099 gross sales:
 
  • Please see the lesson: Reconciling Your 1099B in our Online Tutorial for a video discussion of how to use this function in TradeLog.
 
  1. Click Reports, Gains & Losses; Tax Forms
     
     
     
  2. Under REPORT TYPE click Reconcile 1099-B. A yellow pop-up box will ask you to enter the Gross Proceeds (Gross Sales) from your 1099; total Gross Proceeds are reported in Box 2 on the 1099b. Look this up and enter the number in the yellow box like the example below.
     
     
  3. Click OK to generate the report. Below is a sample Reconciliation report. The difference shown here in the 1099 is $0.00
     
    Note: A difference of a few pennies is acceptable. If the difference is greater than a few dollars, please view our instructions on how to fix this. (See: The report doesn't match my brokerage 1099)
     
 
 
Repeat the reconciliation process for each individual brokerage file.
 
Note: If you have multiple brokerage accounts, you must combine the separate data files for the tax year into one combined data file so that TradeLog can calculate wash sales across accounts. Instructions will be provided with your choice below.
 
Select an option below to proceed with step-by-step instructions:
 

6. End the tax year

End the tax year - One brokerage account
End the tax year - Multiple brokerage accounts