4. Verify your TradeLog data

 
Verify that your TradeLog data has been imported and matched properly:
 
IMPORTANT: Please perform this step BEFORE you file your taxes. You must verify that the data within TradeLog is correct to ensure that what you are reporting to the IRS is correct.
 
There are two ways to verify that the data within TradeLog is correct, the tax year is complete, and all trades are properly matched:
 
1) Verify your open positions
 
  1. The open positions in TradeLog must be compared with your broker's December statement of the tax year you are working on. The positions should be the same.
     
    Click the Open button. The Open Positions as of: dialog box will appear:
     
     
  2. Click the Year End Open Positions button.
     
     
    Notice that the date has changed in the Last Date field and the dialog box now states that it is displaying Year End Open Positions. TradeLog is now reporting to you what was open as of December 31 of the tax year you are working on.
     
     
  3. Verify that the positions shown in the Year End Open Positions dialog box match with those on your December Statement.
     
    Note: Some positions might be showing on TradeLog but not on your broker's December statement in the 'Holdings as of December 31' section. Look to the section 'Trades Pending Settlement.' Trades pending as a buy will be reported as a year end open position within TradeLog.
 
If the open positions do not match check the following:
 
- Did any of the companies you traded have a stock split, merger, spinoff or ticker name change? Click the highlighted links to receive instructions on how to account for these corporate actions.
 
- Did you match specific tax lots with your broker? Please click here for instructions on how to account for this.
 
- If you traded options and had contracts that were exercised or assigned, did you account for this in TradeLog? (See: Option Exercise / Assign)
 
- If you traded options and your broker did not record the expiring transactions, did you use the TradeLog function to properly expire the options? (See: Expire Options for details)
 
2) Reconcile your brokerage 1099 gross sales
 
  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)
     
     
You are now ready for step 5: Analyze your data