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]

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 ?

[murran]

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.

[krishkar99]

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?

[fanfare]

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.

[murran]

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.

[fanfare]

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.

[fanfare]

where do you go in TurboTAX to attach an SD card ? IRS only accepts .PDF as an attachment.

[krishkar99]

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.

[murran]

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.

[fanfare]

krishkar99- TurboTax Home and Business on your PC will support those forms.

[krishkar99]

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".

[fanfare]

what program are you using? As pointed out, TurboTAX Online cannot handle this.

[krishkar99]

I have used online. OK, let me download TT Home and business software.

[krishkar99]

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 ?

[fanfare]

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.