flt777
New Member

Turbo tax premier said it could not take a txf file that had 300,000,000 dollars in stock sales. I also traded several thousand trades in 2018. what to do?

 

Get your taxes done using TurboTax

Would have to be Desktop since Online can only take ~500 transactions/brokerage.....Desktop can supposedly take 2000/brokerage  (but I'm not sure what it does for txf files)
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Opinion......because I'm not sure of all the details...but:

You'll probably have to go elsewhere and not use TurboTax consumer software.  (professionals with professional software can supposedly handle it)

Max $$ entry for a single field is 9,999,999.99  (but I don't know what the limit might be on multiple lines that will total over that)
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Supposedly there is a way to enter your total final result on the schedule D, and then send the IRS a stock transactions details spreadsheet on paper thru the mail. But again, your total gain for the year would have to be less than 9,999,999.99

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There are several folks more experienced in what the limits than i am...maybe they will see this and respond....and I may be somewhat off-base on some things...so be a bit leery of what I've noted above.

BUT...I don't believe we've seen anyone with $100million of anything be able to use TurboTax consumer software.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Get your taxes done using TurboTax

TurboTax allows an entry of $300,000,000 in Form 4797 Line 1. I don't know why it is disallowed everywhere else.

Get your taxes done using TurboTax

Sorry but no DIY program will handle that kind of volume ... you will need to either complete a paper return manually  or  use a paid tax pro.

Get your taxes done using TurboTax

No other?, Not true, other Tax software packages handle these amounts. We're not allowed to name them in this forum  . Shop around.