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?

[krishkar99]

Murran - your last answer is confusing. I qualify as trader (As per IRS rules) and elected MTM during last year tax filing. Now, this year I am trying to show my trading profit/loss as ordinary income. I do see this is done on Schedule C. Isn't that correct ?

[murran]

I not sure that there is a defined point where trading would be reported as a business on a Sched C.  TT will move your dividends, capital gains and interest to your 1040.  Leave well enough alone.

[Derek_H]

Hi - thank you for participating in this forum!  May I ask you how to access the step-by-step interview process so I may use TurboTax to file my return using the MTM election?  

Also, do you know whether TurboTax supports the MTM accounting method for trading after the MTM election is made?  I made the election for the 2018 tax year outside of TurboTax but would like to return to TurboTax this year.  Thank you for your help!

[fanfare]

You can't do this in Step-by-Step

You must use the CD/Download version and go to forms mode.

---

First get into Forms mode (this means you're using the desktop program, not Online).
Then open Schedule C Give it a name (Trader)
Set Line 7 Accounting Method Other (MTM)

Click the topmost Quickzoom button Disposition worksheet
Give it a description ( "Trading outcome")

In Part 1 A. enter (as per IRS instructions) "Trader-see attached".
The red boxes for Property A will open.

Fill in the red boxes with your year end results.

For Type of property Choose H ( Ordinary )

Your 4797 p1 will be generated.
Open your form 4797 and complete Line 1 (one of the few fields that will take more than 10^7 dollars)

Open Form 1040 Click Print on the bottom of the screen.
The income appears on your Form 1040 Schedule 1 Line 14.
Note: When the tax return is printed, Schedule C will not be included.
If you want Schedule C you'd have to complete some other lines there.

[Moonraker]

Hi, I am facing the same dilema first time MTM filer. How did you resolve your issues? 

[CarissaM]

Can you describe the issue you are having, so we can better assist you? @Moonraker

[MiMi_W]

THANK YOU SO MUCH!!! This worked great for me!