Taxes for US customer

Anup Shah
26

Hi 

I am based in USA and using MT5, I made some profit. My broker is not letting me withdraw my funds. It says i need to deposit more money for taxes then only they can release my funds. Also saying MT5 will file my taxes with IRS. They even don't gave my SSN number how could they can find my taxes with IRS.


- Also why can't they use existing funds to pay taxes to IRS?

- Why they are asking to deposit more money?


Is anybody have same issue? I am new to MT5.


THanks,

TomP3185
74
TomP3185  
Anup Shah:

Hi 

I am based in USA and using MT5, I made some profit. My broker is not letting me withdraw my funds. It says i need to deposit more money for taxes then only they can release my funds. Also saying MT5 will file my taxes with IRS. They even don't gave my SSN number how could they can find my taxes with IRS.


- Also why can't they use existing funds to pay taxes to IRS?

- Why they are asking to deposit more money?


Is anybody have same issue? I am new to MT5.


THanks,

I presume this is a Forex broker, not futures. As a rule, when one is asked to deposit more money when trying to withdraw funds, this is a very good sign that it is a scam and you may kiss your funds goodbye. Definitely do not deposit more money as you will most likely lose that as well.

Sorry for the pessimistic outlook - hopefully I'm wrong. You and you alone are responsible for paying taxes to the IRS, not your broker. Also, MetaQuotes (MT5) is not a broker and has absolutely nothing to do with your trading account.

Good luck!

TomP3185
74
TomP3185  

Discussion of brokers is not allowed in this forum, so please edit your post and delete the broker's details. Otherwise a moderator will do it for you.

FWIW, contact the NFA if you cannot resolve the issue with the broker.