Question

Forex

Forum|Forum|3 years ago
March 12, 2023
1 reply
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Where in TurboTax do I report my gains/losses for forex. The broker informed me that they don't send out 1099s unless there was interest earned. I have not withdrawn any money from my account, although I have made money.

TurboTax Self Employed Online

P

PattiF

From @DaveF1006:

To report forex trading under Section 988, then you can import the data from your broker directly with a program such as GainsKeeper. or enter the information manually into TurboTax as Miscellaneous Income:

Click Federal Taxes -> Wages & Income and scroll down to Less Common Income
Go to the last selection, Miscellaneous Income and click Start
Go to the last option, Other reportable income and click Start
When it asks, "Any other reportable income?" say yes and then type in a description and the amount to report it on your tax return.

Be sure to indicate in the description that this is a total of your Forex trades and enter an amount for either a gain or a loss. If you lost money, report it with a negative number. For an example if you lost $12,000, enter this as -$12,000. Be sure to keep your documentation regarding the forex trades if the IRS requests proof.

For more information about reporting Forex accounts, please see this discussion in TurboTax.

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