I want to elect Mark to Market Trader Status for my 2011 tax filling.
According to IRS this should go with 2010 tax return in the form of an statement.
I want to know if there is a way to add an attachment while electronically filling taxes using turbo tax.
Or the only option I have is to print the tax return and send it along with the mtm election statement in the mail.
Also want to know if any version of Turbo Tax help in doing trader taxes with mark to market status election.
I would mail the return to make sure the election is attached. See this link for a little more info on MTM (in case you have not checked it out...) http://www.fairmark.com/traders/mtmelec1.htm. Any version that supports the 4797 will be what you need, home and business does do it.
Contribute an answer
People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:
- Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
- Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
- Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
- Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
- Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.