I have used TurboTax for at least 10-20 years and it has been great. But now that I am a day trader who has suffered significant losses day trading, TurboTax seems to be failing me. Usually I just answer its questions and TurboTax leads me to the right answers, but not, apparently, when it comes to day trading. I need to know how, exactly, to enter my investment income into TurboTax so that it gets included as a business expense and is fully deductible.
I read elsewhere, in a separate TurboTax Forum, that I should report my trading gains and losses on Schedule D, just as I would if I were filing as an investor. My losses from the Schedule D then should be included on my Schedule C before transferring over to Line 12 of Form 1040. But what is not clear to me is whether Turbo Tax will make all of these connections. I am concerned that it will not. I am not used to doing things manually on TurboTax. Instead, I am used to simply answering its questions and being led to the right answers. Will that happen here? Or do I have to do things manually?
Also, as mentioned, I lost about $50,000 last year day trading, and my tax liability from other (non-day-trading) income is far less than $50,000. So does any of this $50,000 that I can't deduct in 2014 carry over to future years? And will TurboTax ensure that it carries over? Or do I have to do things manually because my situation is unusual or uncommon?
