Thanks for answering my earlier question here. With the help there, I was able to elect MTM properly, manage records of trades, send the election with my 2023 tax returns etc. Now, unfortunately I missed buying the TurboTax Desktop 2024 Premier, which I was assuming supported the MTM election scenario. However, seems like that edition is considering all my gains/losses in 1099-B as ordinary income, but allowing me to take losses only for $3K. Questions given this situation:
1. Can I still use the Form 4797 to report the gains/losses and remove them from 1099-B?
2. Will the premier edition still be able to handle this without any issues? I am willing to do some manual work if I can still do it that way.
3. If answer is no to #2 above, is there a way, I can apply the cost of this to buy the Home or Business edition?
4. Do you have examples of tax form 4797 where positions held through 12/31 as marked as sold and shown as rebought in the Jan of next year? This would be tremendously helpful.
5. If I do chose to file an extension, can I still do all of this filing as usual by 10/15, including the form 4797 and form 3115 filing up and eFile as usual?
Please reply at the earliest. Appreciate the help!
You really only need the desktop software if you need to take a home office deduction - See this help article, and use the instructions for the MADE the ELECTION option. That article has been updated since last year, so be sure to review it.
#1 - Yes, your activity should be reported on Form 4797 if you have made the election.
#2 - Yes - you can use Premier desktop to report your activity - and you can use Premier for the home office deduction (you can't do it with TurboTax Online, but any desktop product will work for you)
#3 - Desktop Premier is sufficient
#4 - I do not have examples, but I thought you mentioned you used Form 4797 last year - If so, you can refer to last year's return or search the Community.
#5 - Yes, you can file an extension now and file before 10/15. E-filing for 2024 ends in Oct and Form 3115 can't be e-filed with TurboTax. See Forms Availability
And there are no bots answering here in the Community (not yet anyway) 🙂
You really only need the desktop software if you need to take a home office deduction - See this help article, and use the instructions for the MADE the ELECTION option. That article has been updated since last year, so be sure to review it.
#1 - Yes, your activity should be reported on Form 4797 if you have made the election.
#2 - Yes - you can use Premier desktop to report your activity - and you can use Premier for the home office deduction (you can't do it with TurboTax Online, but any desktop product will work for you)
#3 - Desktop Premier is sufficient
#4 - I do not have examples, but I thought you mentioned you used Form 4797 last year - If so, you can refer to last year's return or search the Community.
#5 - Yes, you can file an extension now and file before 10/15. E-filing for 2024 ends in Oct and Form 3115 can't be e-filed with TurboTax. See Forms Availability
And there are no bots answering here in the Community (not yet anyway) 🙂
Thanks a bunch for the quick answers! Those are super helpful! At least from the speed perspective, I still think you are no less than a bot lol 🙂
I came up with one follow up question:
If I file for an extension now, can I include the form 3115 when I am sending the extension request via mail and then later eFile the main tax returns before 10/15?
On a side note, this will be my first time filing 4797, so more homework for me 🙂
You cannot include Form 3115 with an extension (Form 4868). Hopefully, you e-filed your extension, too.
Form 3115 needs to be included with your tax return.
@gl2024confused