Will The IRS Deny Tax Benefits To Traders Due To Covid? And, Quarterly Estimated Taxes

02 Oct

Oct 02, 2020 at 12:00 pm EST


Recording

As the virus spread in the U.S, millions of displaced Americans turned to trading in financial markets. Some even became active enough to qualify for trader tax status (TTS) benefits. However, will the IRS deny TTS to Covid-19 traders if they only carry on a trading business for a short period of time?

Many new traders have substantial trading gains for 2020 YTD, and they might owe 2020 estimated taxes paid to the IRS quarterly. Unlike wages, taxes aren’t withheld from trading gains. Others can wait on tax payments until April 15, 2021, when they file their 2020 tax return or extension.

Join Robert A. Green, CPA, of GreenTraderTax.com as he discusses these matters.

If you can’t join us live, register and you will automatically receive a link to the recording after the session ends. You don’t have to be a client of IBKR.

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Testimonials

Star, I wanted to take a moment to say "Thank You" for staying on top of my filing and also working hard to complete my financials in time ..... Additionally, I greatly appreciate you sending me the links for the expenses - it provided a much clearer picture of how I should be categorizing these expenses going forward. I hope that I get to continue to work with you and that this is not just a one-time deal. I really want someone who takes the interest in my business that you have taken - demonstrated by your follow up emails and phone call today. Anyway, just wanted to let you know that your work is greatly appreciated.

BD