Foreign Broker and meta trader statements for tax filing

Forum|Forum|3 years ago
March 14, 2023
1 reply
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Hi all, Just wanted to inquire as a US citizen using a foreign broker who doesn't give out 1099b or any tax files, but has access to meta trader 4/5 statements which include all gains and losses. Could I use this when filing my taxes? / Give it to an online tax filer to use to help with filing my tax?

Best answer by ThomasM125

Yes, you can enter the investment sale and income information in TurboTax even though you don't have the 1099 reporting forms. You can follow these steps to enter invesment sales in TurboTax:

Choose the Federal option on your left menu bar
Choose Wages & Income
Choose the Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) option
Choose Add investments
Choose the Stocks, Bonds, Mutual Funds option and follow the instructions

Indicate when asked that you don't have a form 1099-B.

For interest and dividend income, you will see an option to enter that in the Wages and Income section, and then Interest and Dividends.

ThomasM125Answer

Yes, you can enter the investment sale and income information in TurboTax even though you don't have the 1099 reporting forms. You can follow these steps to enter invesment sales in TurboTax:

Choose the Federal option on your left menu bar
Choose Wages & Income
Choose the Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) option
Choose Add investments
Choose the Stocks, Bonds, Mutual Funds option and follow the instructions

Indicate when asked that you don't have a form 1099-B.

For interest and dividend income, you will see an option to enter that in the Wages and Income section, and then Interest and Dividends.

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Anonymous

Thanks for the response Thomas, I attached a copy of a sample statement for the foreign broker below.

Does the sample statement below look helpful in accomplishing the tax documents and, Is it possible for a tax filer to be able to help me with filling it out with the below document? - Thank You

AbrahamT

Sure. It's pretty self explanatory as far as I can see. Everything is in USD currency with open time and close time of each transaction with the profit alongside it. Not sure what S/L or T/P stand for or whether these all pertain to short term which does sound like it is.

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