MTM in Current Year

If you used MTM accounting in the current tax year:
  1. Use menu item: File, End Tax Year
  2. If a next year data file already exists, TradeLog will ask:
    This procedure will overwrite your existing "Next Year Data file" if it exits.
    Is that what you want to do?
    - If you answer YES to this, the existing file will be overwritten and the existing data file will be lost forever.
    - If you answer NO to this, you may rename the existing next year data file and start over using File, End Tax Year.
  3. Next you will be prompted with the following MTM question:
    "Did you use MTM accounting for the current tax year?
    - Answer YES
  4. TradeLog MTM will go out over the Internet to find year end prices for all of the open positions. If you are not connected to the Internet, or any prices cannot be found, a popup dialog box will ask you to look up the year end price for this. Enter the price into the box, and click OK.
  5. A popup dialog box will confirm that your next year data file has been prepared along with providing the name of the file. TradeLog MTM will make all of the necessary entries in your next year data file including your open positions priced at year end prices, all of your January trades, and any wash sale deferrals.
  6. You may now run the following reports and attach them to your IRS Form 4797:
    Form 4797 Attachment
    Securities Marked to Market
    Section 481 Adjustment (if this is your first year using MTM accounting)
  7. For next tax year, please open the next tax year data file that was automatically created. You may begin importing your trades from January 1 of next tax year onward.