I had elected mark-to-market during last year Tax filing.This year I need to submit form 3115 and form 4797(with adjustment 481).Will I be able to do this using turbotax?

[fanfare]

When you make the MTM election, TurboTax will attach the required forms, That's what you're paying TurboTAX for. You must use the Step-by-Step interview to get the correct result.

[krishkar99]

I didn't get what you meant in your last answer: " why download them all into the program ?"
Using Tradelog is to make sure that the wash sales are not taken account for MTM and also to generate 4797. If TT can not accept these, then how to calculate the accurate tax due or tax refund ?

[fanfare]

If you want to attach forms, like 4797 generated elsewhere, then all bets are off. TurboTax needs to do the work, based on your interview responses.
BUT
If you want to enter your tax form data manually, then you can do that in FORMS mode. You will have to file a paper return via US Mail. You can't paste a tradelog 4797 into a TurboTax electronic file. I don't think any tax preparation software will do that.

[fanfare]

Correction, you CAN e-File using FORMS mode, but you may be doing it incorrrectly, so you are on your own. i meant to say, paste completed form. you can fill out TurboTax copy of the form manually with your data.

[krishkar99]

OK, I see. From what you are saying:  We need to use TT itself to generate 4797, 3115 etc.,
Also, does the TT home & business ask for MTM ?

[fanfare]

see updated answer above.

[fanfare]

It supports those forms, so in the interview you should get an opportunity to say so.

[krishkar99]

OK, great. Let me download the TT Home & Business and try for the MTM accounting with my 1099 forms. My only concern is if it does not handle my situation, will they refund for the price paid for the product ?

[fanfare]

If questions come up, post a a new thread here. Although what you are doing rarely comes up here. But a technical question about the FORMs mode can be answered.

[murran]

If you manually fill out Form 4797 in TT, TT will not incorporate that 4797 into your return.  Must it be done using the Q & A procedure?  Is this true of other forms as well?  This surprising....I used TT Forms entry long before Q & A was implemented.   I use forms for Sched C and that enters properly.  Please clarify.  Thanks   murran

[fanfare]

No, I did  clarify my prior comment.  What I'm saying is if you enter the data manually onto the forms, you risk doing it incorrectly and/or ending up with an incorrect or incomplete tax return.
TurboTax lists on the left all the Forms attached to your return. You will see it there.

TurboTax support will tell you, and I can confirm from harsh experience, you must use the Step-by-Step interview to ensure the correct results.

[krishkar99]

Thanks. I have downloaded TT Home & business software. As I start, I have couple quick questions on how to enter trading activity details (income, loss etc.,) as I also have full time job with W-2.

1. Is it part of business income with trading as the type of business ?
2. Or the trading itself is part of personal income section ?

[fanfare]

Please start a separate thread for further questions.
Meanwhile see: <a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc429.html">https://www.irs.gov/taxtopics/tc429.html</a> before you go too far down this path.

[krishkar99]

Thanks, will open a new thread.

[murran]

To make a long story short.  Just down load from your brokerage companies.  TT will enter the data to the proper 1099 forms.  Trade gains and losses may need a separate down load to incorporate your 1099B and Form 8949.   No the private investor should not consider treating trading as a business using a Schedule C,