Thanks for answering my earlier question here. With the help there, I was able to elect MTM properly, manage records of trades, send the election with my 2023 tax returns etc. Now, unfortunately I missed buying the TurboTax Desktop 2024 Premier, which I was assuming supported the MTM election scenario. However, seems like that edition is considering all my gains/losses in 1099-B as ordinary income, but allowing me to take losses only for $3K. Questions given this situation:
1. Can I still use the Form 4797 to report the gains/losses and remove them from 1099-B?
2. Will the premier edition still be able to handle this without any issues? I am willing to do some manual work if I can still do it that way.
3. If answer is no to #2 above, is there a way, I can apply the cost of this to buy the Home or Business edition?
4. Do you have examples of tax form 4797 where positions held through 12/31 as marked as sold and shown as rebought in the Jan of next year? This would be tremendously helpful.
5. If I do chose to file an extension, can I still do all of this filing as usual by 10/15, including the form 4797 and form 3115 filing up and eFile as usual?
Please reply at the earliest. Appreciate the help!
