So turbotax refused to download my trades from ameritrade for 2019 because I had too many individual trades. According to this page:
https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-large-number-of-stock-tra...
I could just enter a summary of the transactions, just a total proceeds, a total cost basis, and then send in individually everything where the wash rule applied. Fine. That was a lifesaver. But there's a cryptic statement at the top of that stinking page, "If you need to enter a bunch of stock transactions with a total sales volume of less than $10,000,000 (ten million)".
Well this was not a problem for me in 2019 because it was less than that. But guess what. Year to date 2020 trades for me is..... 8.8 million dollars, and it's only August 17 2020. Well I need to know if this was some jackass talking out of his ass, or if there actually IS a law that says I can only use a summary of the stock transactions if the sales total is less than 10 million dollars, because if there is such a restriction, I need to IMMEDIATELY stop trading, and very, very carefully let my open options positions expire and otherwise close them down as carefully as possible, or else I'm screwed with a capital SCREW because I have many, many, many trades, and if turbotax won't download them, I absolutely need to do the summary option, for one thing even if I tried to enter them in individually, I bet turbotax wouldn't work, for the same reason it claims it can't download my 1099 in the first place.
But the thing is, I have spent many hours trying to find ANY evidence of this 10 million dollar restriction. It is not mentioned anywhere in the form 8949 instructions. It is not mentioned anywhere online so far as I can find. I call [phone number removed] and wait on hold for long stretches of time, only to get representatives that either don't understand what I'm asking or can find no evidence of this 10 million dollar limit. I need to know if whoever wrote that page was totally BSing or if there is an actual law that says I'm limited to 10 million in sales volume. If there is such a restriction, I need references, what is the document I can read which will tell me about this, I want to see the law in black and white, as they say on the internet, pics or it didn't happen. I want to see the document from the IRS that tells me I can't do this if my sales volume is more than 10 million dollars.
Also, if there IS a 10 million dollar restriction, can I trade stock futures instead of stocks directly? I want this to be the year I FINALLY erase my capital loss carryover. Especially since my regular income is WIPED OUT and it's being wasted otherwise. I want to finally pay taxes on my capital gains instead of writing -3000 year after year after year after year. I am close. I am so close. I can do it, if only I can keep trading past the 10 million dollar limit.... if there even IS a 10 million dollar limit!
Does anyone know anything about this?
