I am a daytrader who files under the 475 election for MTM. This year I will be doing my taxes for the first time and after completing the online process I can't enter my stock losses on form 4797 part 2 . I have since discovered that I may need to use the desktop version of Turbo tax to have access to the "FORMS MODE" and then have to file mt taxes by mail.
Question 1, Is this accurate? Must I use the desktop after spending all this time filling out the online version?
Question 2 If true. can I import all my work that I have done from the online version to the desktop version?
Question 3 Should I need to redo my taxes via the desktop version, what is the lowest cost option that offers the "FORMS MODE" so I can access form 4797 to file my taxes.
It is highly recommended that you use one of the CD/downloaded versions of TurboTax when you are a trader with Section 475(f) election. The 'desktop' version of the program will give you access to Forms Mode which is needed in order to view some of the forms and make certain entries, especially for claiming a home office. Using Forms Mode to make certain entries on your return does not require it to be filed by mail.
You can download a copy of your TurboTax Online tax file and use the information to get started with your return in a desktop version of the program. See the help article below for instructions.
Any desktop version of TurboTax includes Forms Mode and access to all the tax forms. The difference between the versions is the level of support and help content along the way. Higher versions provide more detailed step-by-step options.
To learn more:
How do I save my TurboTax Online return as a tax data file?
How do I report my trader activity with (or without) Section 475(f) election in TurboTax?
I also have traded Crypto's and have seen mixed reviews of the desktop version not supporting importing of data from crypto sites like Coinbase and Robinhood.
That's correct. You can use the cryptocurrency import and other features with the TurboTax Online Premier and Self-employed versions, only.
If you're using the TurboTax CD\Download version, an option is to start a free tax return in TurboTax Premier Online. You don't pay for the return until you file it, so you won't have to pay the Online fee. Enter (import) your cryptocurrency information in the Crypto section, and then save the .tax file (not PDF). You can then open the tax file in TurboTax desktop, add the rest of your tax data and file.
"Using Forms Mode to make certain entries on your return does not require it to be filed by mail. "
This is false. There is no way to enter Form 4797 – Part II information without doing an override, which prohibits filing your taxes electronically.
It's absolute insanity this issue with TurboTax has persisted for years.
"There is no way to enter Form 4797 – Part II information without doing an override,"
Really?
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