I am a day trader and I am trying to file my taxes to claim the active trader espenses like margin interest, home office, & purchase of computer. need help

[v1seibels]

do i have to get premier version for investments  real estate 

thank you 

i may have to do this on my own from paper forms if i cannot get correct cd

[DoninGA]

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@v1seibels wrote:

do i have to get premier version for investments  real estate 

thank you 

i may have to do this on my own from paper forms if i cannot get correct cd

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You can use the TurboTax Deluxe edition for the investment sales.  All the TurboTax desktop editions contain all the same forms, schedules and worksheets.  You get more help with the higher editions, but the Premier edition is not required although in the Deluxe program, when entering an investment sale, the program will recommend that you use the Premier edition, but it is Not required.

[madison1137]

I've always used the Home & Business version.

I know some less expensive versions don't have the forms and questions needed for day traders.

But Home & Business definitely does. I've used it for years.

[DoninGA]

@madison1137 Whichever desktop edition you decide to use is, of course, entirely up to you.  I was only giving you information that all of the desktop editions include the same forms, schedules and worksheets.

If you purchase one of the lower editions you can always upgrade to one of the higher editions, if you want more assistance in the program interview.  You would only be charged for the difference in price between the edition you purchased and the cost of the upgrade.

[Mike9241]

if you are an active trader all business expenses go on schedule C which is included in all desktop versions.  where to report the trading activity depends on whether or not you made a valid 475(f) election with your 2022 or prior return. No valid election all trades are reported on form 8949/schedule D and are subject to the wash sale rules. With a valid election mark-to-mark accounting is used. gain/loss from trading is ordinary income/loss reported on form 4797 part II. the wash sale rules do not apply with M-T-M.  

[v1seibels]

i understand it is best to use the c d which has an added feature that the downloadable does not . Can  you comment on that please , it was written to me  previoulsy . Are you able to see it ?

[v1seibels]

madison1137 

thank you , can you please comment on using the cd vs the the downloadable version ?? for  year 2022

[VolvoGirl]

The download is exactly the same as the CD.  That is the Desktop installed program.  Did you mean the Desktop program versus the Online version?   Yes, the Desktop program has more features than the Online version.  

You can buy the Desktop CD/Download program at

TurboTax® Desktop 2023-2024 | Tax Software Download

After you pick a version and click on Shop now.  If you want a CD you need to pick the box on the right side.

[VolvoGirl]

Oh you want 2022?  Online is only good for the current year.   You can buy the last 3 years of Turbo Tax here,

https://turbotax.intuit.com/personal-taxes/past-years-products/

You will need a full Windows or Mac to install it on.

How to prepare a prior year return

https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-prepare-a-prior-year-tax-return/00/25...

I don’t know what problem that user had with the download vs the CD.  They are the same.  The download has the forms mode.  I’ve switched to buying the download and it has everything the CD has.   

[madison1137]

The CD version has more features than the online download version – and these features are necessary if you’re trying to report your day trading business as part of the Home Office deduction in TurboTax.   In TurboTax, the Home Office deduction section doesn’t “see” the capital gains/losses that you reported on Schedule D (from Form 8949). And you can’t just add your capital gains/loss again to the Home Office section in TurboTax because it’s already reported on Schedule D – which means you’d be reporting it twice on the same tax return. 

….   So, you have to switch to “forms” mode on the TurboTax CD and manually write in the capital gains on Form 8829’s “line 8 worksheet.”  Once you do that, the Home Office section recognizes the gain. …. But you can’t access this form’s worksheet using the online download version of TurboTax. It’s only available on the CD version. ..

Now, I don’t know if this has changed in the 2024 TurboTax version – and added this feature to the download version.  But I know it wasn’t in the download version in 2022.

 There are other extra features as well in the CD version – it’s just better overall.

[Anonymous_]

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@madison1137 wrote:

The CD version has more features than the online download version....

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The download should not be any different than the CD version. In fact, the program on the CD needs to be installed exactly the same as the download needs to be installed' the program does not run from the CD.

To what "features" are you referring?

[madison1137]

I gave a specific example in my last post.

If you're a day trader trying to take the Home Office deduction, the TurboTax software doesn't "see" your capital gains from Schedule D (from Form 8949).  To get TurboTax to see it, you have to switch to "forms mode" and manually write in the capital gains on form 8829's "line 8 calculation smart worksheet" on C2.  Once you do this on the worksheet, the Home Office section will recognize your gains. ... But you can't access this "worksheet" part of the form through the online version of TurboTax - it's only available on the CD.  This was the case in 2022. Now, I don't know if TurboTax has "upgraded" the online version to add this feature in 2024 -- but I know it wasn't there in 2022.

[Anonymous_]

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@madison1137 wrote:

I gave a specific example in my last post.

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The download version and CD version are the same; they both have Forms Mode.

You were confusing the CD/Download version with the online version (the latter does not have Forms Mode).

[VolvoGirl]

@madison1137 

There are 2 ways to use Turbo Tax. You can use the Desktop program installed on your computer and prepare your return Off Line. Or log into the Online web browser version which you can access from any computer or mobile device. The Desktop program and Online versions have different features and are priced differently.

You install the Desktop program either from the CD or by downloading the program. Even if you buy the CD you can use the download method to install it. After you install it you have to Activate it with the 16 digit License Code. After you install the CD then the CD is useless. The CD doesn't have all the forms and any IRS changes for the new year. It is an early version just because people want to start before the IRS is ready. You will still need to update the program frequently, like once a week. Updates usually come out on Thursdays or more often.  The download is always up to date and has all the current updates and forms (at the time you download it).  

Do not confuse downloading the Desktop program with the Online version, just because you go online to download it. After you download and install it, it is still the Desktop program and only done locally on your own computer.

Hope that clears it up for you.  

[madison1137]

You can claim they're the same until the cows come home. But I'm just stating my personal experience. And back in 2022 - they were NOT the same.  If that's changed since then, that's great. But it wasn't the case a couple of years ago when I ran into so much grief trying to get the Home Office section to recognize my day trading business.  This is why I go out of my way - every year - to get the CD version because I know the extra features will be there.