Incoming Positions

The Incoming Positions section of Gain/Loss & Tax Center logs positions as you transfer them to Scottrade and sorts them as Incomplete or Completed.

Incomplete Positions

Incomplete positions are those that are missing some information. Generally, the Gain/Loss & Tax Center will log the symbol, security description, transaction type and quantity, but you may need to enter your acquisition date and cost basis for positions you transferred from another brokerage account or positions you obtained prior to the Tax Center's implementation.

For incomplete positions, you'll need to input any missing information so Tax Center can accurately report on your gains and losses. Cost basis cannot be edited for covered positions.

Note: For securities which have been transferred in, the sending firm should provide cost basis for covered positions within 15 days of the transfer. If, after 15 days, the sending firm has not provided cost basis for covered positions, the position will be considered non-covered and thus the Gain/Loss & Tax Center system will allow you to enter the cost basis through the Incoming Positions section. Many firms, including Scottrade, are also sending cost basis information for non-covered positions as a customer service gesture when the information is available.

To update the cost basis of a position on this page, select the Edit link and fill in the acquired date, quantity, and total cost/proceeds for each tax lot you own. You can add rows or lots by selecting the Add Lot button. Selecting the red buttons at the end of each row will delete that row. Once you've added in the cost basis for the entire position, click Save.

Once the changes have been saved, the incomplete item will move from the Incomplete Positions section to the Completed Positions section. The Gain/Loss & Tax Center will promptly begin processing the updated information.

You can always return to the Completed Items screen to make any changes to the cost basis you entered if you find you've made a mistake.

Completed Positions

The Completed Positions section records all the positions for which you have provided purchase information. Your completed positions information will be displayed and available for modification in the case of non-covered lots. To edit the information, select the Edit link. Once you are done, select Save to implement your changes.

You can sort your completed positions by symbol, security description, transaction type, quantity or total cost by clicking on the appropriate column heading.

Scottrade does not provide tax advice. The material provided in this article is for informational purposes only and Scottrade is not responsible for any errors or omissions. Contribution and income limits are subject to change without notice. Please consult your tax or legal advisor(s) for questions concerning your personal tax or financial situation.