Active traders using TurboTax?

yup, tax time is definately a pain.

What i did last year is i bot quicken and imported my IB trades, then imported them into turbo tax online.... could not e-file though...im thinking its because i had alot of trades, so the end result was i printed out the return and mailed it...

hope it helps...
 
Quote from MustPlayOptions:

I use TurboTax but have Fidelity. I tried importing but Fidelity breaks each trade into it's subtrades so it was a big mess. (I.e. if a 100 share trade excuted as 30, 35 and 35 shares, it would list as 3 trades).

It can handle any number of trades as far as I can tell but I don't know about summaries. What I do is I have a spreadsheet where I combine all the trades for a given stock for the year and list the entry/exit times as Variable - which turbotax supports. It's definitely the most annoying part of preparing taxes...
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Last year I did the same. I combined all the trades in one stock and used "variable " for both purchase date and sell date but TurboTax did not accept it. Then I put a fake date for my sell dates.
 
Quote from hajimow:

Last year I did the same. I combined all the trades in one stock and used "variable " for both purchase date and sell date but TurboTax did not accept it. Then I put a fake date for my sell dates.
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Really? I had variable for both purchase and sale on several stocks. Did you make sure you forced it to be long or short term? When both are variable you have to force one or the other.
 
Quote from MustPlayOptions:

Really? I had variable for both purchase and sale on several stocks. Did you make sure you forced it to be long or short term? When both are variable you have to force one or the other.
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I tried it a couple of times last year. Now that you say, I am going to give it another shot. Thanks
 
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