No, however TurboTax has all you need to file with this situation. This is a manual entry of Form 4797 so included here are the instructions provided earlier in this thread.
Per @DaveF1006
"TurboTax can certainly handle the type of return required for a self-employed commodities trader. Essentially, after declaring yourself as a securities trader (if you objectively meet the criteria) you will then need to print and file your tax return on paper (not e-file) and attach a statement to the back of it declaring what is known as an IRC (Internal Revenue Code) Section 475(f) election.
Next, you will enter your business expenses as a securities trader on a Form 1040 Schedule C, inputting your expenses only and showing no income from this particular business activity (i.e., trading). Finally, you will manually add a Form 4797 to your tax return, and enter your net total gain / loss in Part II of Form 4797, using the TurboTax smart worksheet."
- IRS Topic 429-Traders in Securities
- This provides the information to enter on your statement that is attached to the return. Simply stated you can use the following statement:
- Statement of the mark-to-market election under Internal Revenue Code section 475(f) for a trader in securities.
You must use TurboTax CD/Download version (not TurboTax Online) to complete your tax return and the information posted here for your convenience.
- You will manually add a Form 4797 to your tax return, and enter your net total gain / loss in Part II of Form 4797, using the TurboTax smart worksheet.
- Switch to Forms (upper right) > Type 4797 > Press Enter > Select the forms and worksheets for Form 4797
@section4
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