I've been trying to find Tax Software for my active trading activity. I have TaxLog and have prepared my 8949. The aggregate trade numbers are to large to enter to Turbo Tax so I can't use it. I've tried TaxAct, which can handle the 8949 but I can't find a way to adjust my gains and transfer an amount to Schedule C to be offset by my trading expenses. Anyone experienced this issue and have a suggestion?
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Tax Prep Software
- Thread starter Oaklee
- Start date
I've been trying to find Tax Software for my active trading activity. I have TaxLog and have prepared my 8949. The aggregate trade numbers are to large to enter to Turbo Tax so I can't use it. I've tried TaxAct, which can handle the 8949 but I can't find a way to adjust my gains and transfer an amount to Schedule C to be offset by my trading expenses. Anyone experienced this issue and have a suggestion?
There has got to be a way to manually add a transaction to do what you want. Play around until you find it.
By the way, the fact that TurboTax claims that the numbers are too large is a way to upsell you to a professional package. The fact is they are limiting the numbers the program can handle on purpose, not because of any technical limitation. It is complete assh*le behavior at its finest level.
A follow-up my earlier post. I have been able to figure out a way to use TurboTax to complete my Tax Filing. The only caveat is that I have to print it out and file manually (by mail). There are two reasons.
First, in order to complete the return in Turbo tax I had to override the fields on schedule D in order to enter the amounts from my schedule 8949. There is a way to import 8949 from TaxLog but it is limited to 9 digits (x,xxx,xxx) on the worksheet used to import or manually enter the data. However, by overriding the fields directly on schedule D I was able to manually enter the extra digit I needed for my return. TurboTax will not allow you to e-file if there are "overrides" in the return. (TaxLog is the software I use to prepare my 8949 for my trading activity).
Secondly, I want to attach notes to the filing to explain that I have Trader Tax Status, and how I accounted for trading expenses in the return. This is recommended based on my research on how to handle this issue on your tax return. You are limited to the details you can note in Turbotax when e-filing.
First, in order to complete the return in Turbo tax I had to override the fields on schedule D in order to enter the amounts from my schedule 8949. There is a way to import 8949 from TaxLog but it is limited to 9 digits (x,xxx,xxx) on the worksheet used to import or manually enter the data. However, by overriding the fields directly on schedule D I was able to manually enter the extra digit I needed for my return. TurboTax will not allow you to e-file if there are "overrides" in the return. (TaxLog is the software I use to prepare my 8949 for my trading activity).
Secondly, I want to attach notes to the filing to explain that I have Trader Tax Status, and how I accounted for trading expenses in the return. This is recommended based on my research on how to handle this issue on your tax return. You are limited to the details you can note in Turbotax when e-filing.