Sole Proprietorship Stock Trades

Follow the instructions for Form 4797 reporting at the link below.

https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e1984

TurboTax cannot import transactions that will be reported on Form 4797.

I guess the question then is can I just use the summary totals for form 4797?  Or do I need to show all the trades?

There is no way to enter all the trades manually (thousands).  Since TT cannot import the trades.  How would I use TT to file electronically?

See https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e1984

Report on line 10 all gains and losses from sales and dispositions of securities or commodities held in connection with your trading business, including gains and losses from marking to market securities and commodities held at the end of the tax year. Attach to your tax return a statement, using the same format as line 10, showing the details of each transaction. Separately show and identify securities or commodities held and marked to market at the end of the year. On line 10, enter “Trader—see attached” in column (a) and the totals from the statement in columns (d), (f), and (g). Also, see the instructions for line 1, earlier.

Yes, you may enter a summary of the trades by stock type. TurboTax will ask if you wish to attach (upload) a statement of detail for those trades, which is required by the IRS. Use the same format as you see on Form 4797 Line 10, showing the details of each transaction. Separately show and identify securities or commodities held and marked to market at the end of the year. It's possible your broker can provide this statement for you.

Is this a new feature?  As far as I'm aware, Traders with MTM election must paper file using turbotax.  Turbotax didn't used to allow uploads of the detailed trades that were summarized in form 4797.  Where does turbotax ask you to upload these details and/or how can we upload the attachment?

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@Skie905 wrote:

Where does turbotax ask you to upload these details and/or how can we upload the attachment?

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Uploading an attachment may work in the online versions of TurboTax, but the desktop versions do not appear to have that functionality.

I used the TT desktop.  However, I did not attach any files, since TT does not have this feature.   Since IRS already has the 1099s from the brokerage,  hopefully, they won't need all the trade details in excel format.  We shall see what they do :-).