Trader tax status and Turbotax?

there is no reason online shouldn't work.  your trading expenses are entered on schedule c.  maybe if we understood more about the problem you're having.

As a Professional Trader, you have to use Forms Mode and that's only available in cd/download deluxe or higher.

In the IRS's view there's a big difference between day trader and Professional Trader Status.

Maybe the latter does not apply to you.

Im in the same boat as you.  Futures trader so our capital gains/loses go on 6781 but expenses on Schedule C.  TT had me upgrade to the Self Employment version to enter my expenses on C.  So far it seems like the online version works.  I know most of the answers ive search here recommend the downloadable version of TT to be able to use the forms options, but why is it necessary if there is no 475 MTM election?

Curious, why do you need to use forms if you are a professional day trader?  

Investors use Schedule D and Form 8979 to report the sales of securities. Traders can also use Schedule D and Form 8949 to report the sales of securities. If doing so, they’re subject to the same limitations for claiming capital losses and the wash sales rules that are imposed on investors.    However, traders have another alternative. If they have made the proper Mark-to-Market or Section 475(f) election with the IRS, then they may use Form 4797 to report the sales of their securities without the loss limitations and wash sale rules.   Forms Mode makes this easier.    How do I edit or delete sale of business property (Form 4797)?

You can't manually enter anything directly on the forms in the Online version.    Day traders usually need to make adjustments and most of those adjustments require the desktop software for direct access to the forms.   However, that is not always the case, depending on your situation, the Online software may work for you.    The reporting of your transactions depends on your status and whether or not you have made the Mark to Mark election or not.    Did you make the Mark to Mark election with your 2020 tax return (what column below describes your situation)?    

Here are two explanations of how Forms mode comes into play with day traders:

After securities trader declaration made - RobertG

Making a Home Office Adjustment

@aminus21

Thanks for the explanation @DawnC .  I did not make the 475 election for 2021 since I trade 1256 contracts and felt the tax treatment was better without 475 election.  So in my case, I shouldnt need to enter anything manually right? Just gain/loss on 6781 and expenses on Schedule C.  I am not claiming OIH 

@aminus21 

As a day trader , what broker do you use for futures,?

I need to know because the round-trip commissions charged by my broker would be prohibitive.

Thank you;

@DawnC 

Where is that chart from? Thank You.