topic 3000+ Trades and over 10 million dollars in Get your taxes done using TurboTax

3000+ Trades and over 10 million dollars

hitcoach52 — Fri, 19 Mar 2021 11:45:23 GMT

For years I have imported my stock trades and have been over 10 million dollars and havent had any problems.. this year I also had over 3000 trades , so cant import them... any ideas? ,, Can I list my broker 3 times and have them add up to the correct totals and include a 8949?

Re: 3000+ Trades and over 10 million dollars

fanfare — Fri, 19 Mar 2021 12:09:49 GMT

I) If your cost and proceeds are in the range 10 million to 99 million,
the simplest solution is to break up your total summary entry into two or more parts that are within the amounts permitted.
Then the summary line and grand total can exceed 9,999,999 because TurboTax puts it in there.
You will be able to e-File.
You may want to file on paper anyway when you need to attach transaction details.

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II) If your totals are over 99 million,
then you have to do your taxes modulo 100,000,000 or 10^8.
Assuming your gain is less than 100,000,000 TurboTax will calculate your correct tax.

Then get Schedule D and Form 8949 in fillable PDF format at www.irs.gov
You will replicate the forms but with the true numbers.
Print your tax return and remove the Schedule D and Form 8949 from TurboTax
and replace with your own documents.
You will be filing a paper tax return by US Mail.
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III) Your gain is over 100,000,000.
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Scenario III is unlikely but if you find yourself in that situation,
you can get Morgan Stanley or some other big bank to do your tax return for you.

Re: 3000+ Trades and over 10 million dollars

hitcoach52 — Fri, 19 Mar 2021 13:09:14 GMT

Thanks.... total transactions are about 25 million.... was going to list broker 3 separate times and total on schedule D.... will that work?.... do I have to mail in 8949 or any other form... thanks again

Re: 3000+ Trades and over 10 million dollars

fanfare — Fri, 19 Mar 2021 13:20:37 GMT

At tax time, you have the option to summarize your activity by Sales Category.

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.

Category A and D are the covered transactions.

If you summarize (recommended),

you only need to supply PDF of 1099-B covered transactions with adjustments that are not listed on your e-Filed Form 8949. and all non-covered transactions not listed there.

in other words, for active investors, generally this is a list of the Wash Sales.

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If you have two pages (for example) of Wash Sales,
use Adobe Reader to print those two pages. That's all you have to mail to the IRS, given that those wash sales are not on your e-Filed form 8949 already.
(you might enter them manually if they are few in number.)

If you were wise enough to avoid wash sales, you won't have to list or mail anything.

As a trader of over $25,000.000 you must know this already.