Ok this is encouraging so far. Thus far here are my workarounds to TurboTax deficiencies for active equity, crypto, forex or other traders. Please comment and let me know if I am on the right track.
1) TurboTax cannot support import of more than around 1500 equity transactions in producing Form 8949 (Gain/loss with wash sale adjustments). Workaround: Get form 8949 from broker or other and print form 8949 and mail in manually. I beg Turbotax management to look at easy fix allowing .pdf attachments as Taxact and others do as this could be 2,000 pages long for me to print out this Form.
2) TurboTax cannot support more than 10Mil is sales volume. Still working this out, see previous email threads. I will add I don't understand why this restriction is in place?? Even though I have over 10Mil in sales volume, my total trading profits (this was just done as a side job for me) were equivalent to a minimum wage employee (I am not a Bigshot).
3) TurboTax does not allow attachments. Why?
4) TurboTax appears to be extremely weak or deficient in supporting mark to market trading accounting for active traders. The mark to market election, which needs to be done in advance by tax deadline for the upcoming year, allows me to avoid the wash sale adjustment mess and I am hoping I won't have to report every stock transaction as it will be the same as the 1099-B. I will research this more, but thus far from what I have Turbotax may not support much in this area. If others have more experience in this area, please let me know.
