Get your taxes done using TurboTax
Investors use Schedule D and Form 8979 to report the sales of securities. Traders can also use Schedule D and Form 8949 to report the sales of securities. If doing so, they’re subject to the same limitations for claiming capital losses and the wash sales rules that are imposed on investors. However, traders have another alternative. If they have made the proper Mark-to-Market or Section 475(f) election with the IRS, then they may use Form 4797 to report the sales of their securities without the loss limitations and wash sale rules. Forms Mode makes this easier. How do I edit or delete sale of business property (Form 4797)?
You can't manually enter anything directly on the forms in the Online version. Day traders usually need to make adjustments and most of those adjustments require the desktop software for direct access to the forms. However, that is not always the case, depending on your situation, the Online software may work for you. The reporting of your transactions depends on your status and whether or not you have made the Mark to Mark election or not. Did you make the Mark to Mark election with your 2020 tax return (what column below describes your situation)?
Here are two explanations of how Forms mode comes into play with day traders:
After securities trader declaration made - RobertG
Making a Home Office Adjustment
