1. Which version of turbotax helps with this ?
2. Do I need to use software like tradelog additionally ?
3. Can all these (3115, 4797 etc.,) be done using e-file ?
The TT Home and business allows FORM entry in addition to the Q and A method. It is worth the cost. Virtually all financial institutions provide down loading capability. Manual entering is OK if you have a very limited number of transactions. More active trades really do need a logging package. TT will tell you if you if E filing is allowed considering the forms you use.
Hi, Thanks for the reply. Just to be clear: Is the TT Home and business available online as well ? or only Software Version?
I have thousands of trades (active trader). If I use tradelog or something, will TT accept those format?
how many thousands? If over one thousand you will probably hit the transaction limit for TurboTax.CD/Download. TurboTax Online will not handle it at all.
BUT
If you use Tradelog, print the Form 8949 to PDF and select the Mail-In option.
HINT:
other tax software will attach the PDF to your e-File to avoid mailing. We're not allowed to name them here.
Yes I'm rather certain that TT Home and Biz is available either on line down loaded or from a CD. But the CD version allows you to make FORMS entries where the straight down load will not. The CD version is also reputed to have larger file limits that you may require as an active trader. Forms is a BIG help as an active trader. (I am not a TT employee and TT does change its offerings behind our backs) I am also an active trader and have managed to get every thing downloaded into TT. But I have been in contact with two traders with 50-100 pages of transactions that have had trouble. To them I suggest copying the big file to a SD card, attaching SD card to the return and summarizing the data as a manual entry. Again something FORMS allows.
TurboTAX Online is a web-based service.
TurboTAX CD/Download runs on your computer. you can order it and download it or request a CD to be sent to you.
where do you go in TurboTAX to attach an SD card ? IRS only accepts .PDF as an attachment.
Since this is MTM accounting method, it won't be Form 8949. I need to file Form 4797, section 481 adjustment. And also Form 3115. The more I read about this, it looks like getting complicated with TT.
Who do you place your trades through? Virtually all, Fidelity TDA Vanguard BAC, all will down load. I can check to be sure that a TT download is available for your provider.
krishkar99- TurboTax Home and Business on your PC will support those forms.
Murran - I use Charles Schwab, Scottrade and Fidelity (ESPP and other employer related). The number of trades are more than 3000 (around 3200). When I tried to download 1099 from Charles Schwab, TT showed "tt transaction limit exceeded".
what program are you using? As pointed out, TurboTAX Online cannot handle this.
I have used online. OK, let me download TT Home and business software.
So, precisely for some one doing MTM accounting first time, what are the forms to be attached along with 1040 ? From what I read (and spoke):
Form 1040
Form 4797
Form 3115 (send one additional copy to IRS National office).
IS this correct ?
If your records are in Tradelog already, why download them all into the program ?
as tradelog points out , TurboTax won't coordinate among several brokerages. That's what you're paying Tradelog for, among other things.
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.
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 ?
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.
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.
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 ?
It supports those forms, so in the interview you should get an opportunity to say so.
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 ?
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.
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