Analyze

Setup >> Import >> Analyze >> Reports >> Export to 3rd Party Tax Software

I. Overview:

 

Please review this section for guidance on reconciling data.  Start by selecting a tax year of interest..  Use the following filter...

 

Date Range Type: "Year & Tax Period"

Year: The current tax year

Period: All

 

 

II. Reconciliation Summary:

 

View this dialog to determine the reconciliation work needed...

 

  1. Select "Reconcile Gain/Loss"

 

  1. The following summary appears:

 

 

III. c) & f) Ungrouped Sales Reconciliation:

 

Here is an video that shows how to use the filters and determine why a trade is not grouped - Show Video.

  1. Within the dialog select "Show Details" for item "c" or "f" or

  2. Select the filter manually and choose a view...

    Screen: Groups

    Display Mode: "All Symbols..."

    Display View: "Not Grouped - ..."

 

 

Comment:

TAPro matches trades into groups using FIFO.  If trades are missing or incorrect then they are omitted from the Tax Reports and appear as ungrouped. 

 

Trades are ungrouped because they are imported with incorrect times (thus sold before opened), incorrect actions (like Sale vs. Short Sale) or they are missing.  Use TAPro to edit any trade or add missing trades (Edit/Transaction(s) - Add/Modify...)

 

Each time a trade is added or modified TAPro recalculates the groups and Tax Reports.  See the Match/Group rules at the end of this section for details.

 

 

IV. Missing Opening Trade Reconciliation:

 

  1. After step III assume you see the following:

 

 

  1. Trades "1" and "2" are "Closing" trades with missing "Opening" trades. 

  2. To confirm our assumption  use the Transactions Screen....

    Screen: Transactions

    Display Mode: "By Symbols..."

    Display View: "Positions & Corp. Events ..."

 

 

Comment:

It appears the Buys are missing.  You can add them manually.  Use  Edit/Transaction(s) - Add/Modify...

 

 

V. Missing Closing Trade Reconciliation:

 

  1. After step III assume you see the following:

 

 

  1. Trades "4" and "5" are "Opening" trades with missing "Closing" trades. 

  2. To confirm our assumption  use the Transactions Screen....

    Screen: Transactions

    Display Mode: "By Symbols..."

    Display View: "Positions & Corp. Events ..."

     

 

Comment:

It appears there are no "Closing" trades for the option.  Also notice there is a Journal Out Closing trade which brokers use to indicate an Exercise/Assign/Expire event.  Review the next set of instructions (VI) for details about how to close options in bulk (many at one time).

 

 

VI. h) Remove Reminder Transactions:

 

Reminder transactions are created during "Sync" import when there is not enough information for TAPro to automatically generate correct closing trades for options.  Here is a 1 min. video of how to manually deleted Reminders - Show Video.

 

  1. Find all Journal Out Reminder Transactions

  1. Select Show Details next to h) in the Summary dialog or use the following filter....

    Screen: Transactions

    Display Mode: "All Symbols..."

    Display View: "Reminders"

     

 

 

  1. Select and delete one at a time or select the first one, scroll to the end and use shift click to select the entire list.  Then select Delete.

 

VII. Closing Options Many At A Time Using TAPro Tools:

 

After using step VI to remove Reminders use the following tools to close options.  Here is a 1 min. video of the process - Show Video.

 

  1. Select Tools/Options - Automatic Exercise/Assign Dialog...

 

 

  1. Use Find to select the account of interest. 

  2. A dialog similar to the following appears.

  3. Use the check boxes to decide how to close the options (Exercise, Assign, Exp). 

  4. If the Expiration dates are correct (see the Required Options Information below) then the dialog will show the correct Exercise and Assign/Expiration dates.  In some cases you can edit the date in this view.

  5. When satisfied with your selection, select "Update".

 

 

Comment:

We recommend using Expire for all options because the math result is the same assuming you have the additional trades associated with an Exercise (contracted Buy) or an Assign (contracted Sale).

 

 

VIII. Closing Options Manually Using TAPro Tools:

 

After using step VI to remove Reminders use the following tools to manually close options. 

 

  1. Select Tools/Options - Manual Exercise/Assign Dialog...

 

  1. A dialog similar to the following appears...

 

 

  1. This dialog allows you to apply a basis adjustment to an opening trade if necessary.

 

 

IX. Required Option Information:

 

TAPro Option tools reference Symbol information.  If Sync import is used this information is provided.  If manual import is used then add the missing information manually The Assign/Exp date used by TAPro to Expire options comes from the data found in Edit/Symbol(s) - Add/Modify.  If an options symbol is recycled each year the data might have the date associated with the current year vs. the correct date, check this.

 

Here is a 1 min. video of how to correct an Expiration date or edit symbols - Show Video

 

 

 

X. FIFO Trade Matching/Groups Rules:

Grouped trades (tax lots) conforming with these rules will appear in TAPro Tax Reports.

General Rules:

  • Opening and Closing Trades are the Same Display Symbol

  • Opening and Closing Trades are in the Same Account

  • For each Closing Trade, an Opening Quantity is available that is not grouped

  • The Date and Time of the Opening trade <= the Date and Time of the Closing trade

  • The Tax Calendar has not expired.
    Note: If the Tax Calendar has expired then tax lots after the expiration date will not appear.  In this case update TAPro with a new license key.

 

Rules for Actions:

 

  • "Buy to Open" groups with "Sale to Close"

  • "Short Sale to Open" groups with "Buy to Close"

 

  • "Buy to Open" Call groups with "Sale to Close", "Exercise" or "Expire"

  • "Sale to Open" Call groups with "Buy to Close", "Assign" or "Expire"

 

  • "Buy to Open" Put groups with "Sale to Close", "Exercise" or "Expire"

  • "Sale to Open" Put groups with "Buy to Close", "Assign" or "Expire"

 

Additional Rules for Options:

  • To Exercise an Option, must be a Call and the Exercise Date < Assign/Exp Date

  • To Assign an Option, must be a Put and the Assign Date = Assign/Exp Date

  • To Expire an Option, The Expiration Date = Assign/Exp Date

 

XI. Summary:

 

You can also save a copy of the data, experiment then restore the saved version.  TAPro is flexible.  You can enter trades in any order and you can apply views and sorts without changing the data.  You can edit any trade from the Transaction Screen. 

 

To resolve not grouped trades try one of the following:

  1. If there is a missing opening trade, find the missing trade by looking at your statement or on-line account and manually added it to the “Transaction Screen” by clicking “Add.”

  2. If there is a “Sale” before a “Buy” there may be an  undiscovered “Short Sale”.  Use “Tools/Long/Short Sale Discovery…” to fix this.  Or manually change the "Action" of the trades from the "Transaction Screen" buy using Modify.

  3. If you trade options you may find that closing trades are missing.  This is because the file didn’t contain an “Exercise”, “Assign” or “Expire” trade to close the options.  Visit “Tools/Options…” for a list of tools to help with this either one at a time or in bulk.

Setup >> Import >> Analyze >> Reports >> Export to 3rd Party Tax Software

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