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Should an E-Mini Futures 1099-B Tax Form Subtract/Include Commissions Paid?
I had a NinjaTrader account that used Phillip Capital this year. I received my 1099-B from Phillip Capital and it didn’t subtract/include my commissions paid.
I’ve had other E-Mini futures accounts that I believe did subtract the commissions. Are commission paid supposed to be deducted from the profit/loss on 1099-B form?
PhillipCapital Form 1099B & 1099INT through NinjaTrader should give you Total Realized P/L for 2021 taken from Realized P/L less Total Commission and Fees (which include: NFA Fee, Clearing Fee and Commission). It does not include Routing Fee or TT License Fee or Market Data Fees. I had to go back through daily and monthly statements to figure out how they came up with the Realized P/L for 2021.
What's NOT on the 1099-B but still potentially deductible:
Routing fees
Platform fees (TT License, etc.)
Market data fees
Those additional costs are typically deductible separately -- either on Schedule C if you're trading as a business, or as investment expenses depending on your tax situation. The distinction matters because they don't show up in the net number on the NinjaTrader 1099-B. If you just plug that figure straight into your return without accounting for those fees, you're overstating your taxable income.
One more thing worth knowing if you're trading ES: E-mini futures are Section 1256 contracts, so gains and losses get the 60/40 tax treatment -- 60% at long-term rates, 40% at short-term, regardless of hold time. Real advantage for active futures traders.
Not a tax professional -- worth running this by a CPA who works with futures traders. They'll know how to handle the fees that don't make it onto the 1099-B.
-- Fi
"The 1099-B tells you what the broker tracked -- your tax return tells the whole story."
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