Trader Status retroactive?

Why don't you just print out the form I gave you and mail it in the old fashioned way?

I do not know which version of Turbo tax has the form.
 
Quote from warrick:

Do you know if this can be done using Turbo Tax?
More...


CPA might be the right way to tackle this. Just to make sure your trader status is handled the right way. After that is set up, subsequent years can be handled by yourself, I suppose...

A few dollars spent on a CPA might save you a lot of headaches later.
 
Old thread but shows up in search results, has a bunch of incorrect info, and I did a lot of research about this recently. Here's some accurate information:

1. If you had capital losses in a previous year, you do NOT need Tax Trader Status or MTM election, in order to offset capital gains in the present year, or future years. TTS is only useful to offset ordinary income. TurboTax will confirm this. You don't need a CPA or anything. Just import the TXF from your broker, and TurboTax will take care of it (or TaxACT, or any decent tax software).

2. GreenTraderTax has a lot of information about TTS, and they do taxes as well. I tried to use them, but they never returned my phone calls and emails though.

3. If you trade Section 1256, you do NOT want Mark To Market election. See https://traderstatus.com/traders/mark-to-market/commodities-trading/:

Tax Summary of the §475 election for Futures/Commodities/§1256Contracts:
forgo making the election and…
§1256 contracts have a nice long-term gain rate for 60% of gains if §475 M2M is not elected. :)
§1256 contracts are limited for deductibility of any trading losses if §475 M2M is not elected. :-(

make the election and…
§1256 contracts have no long-term gain rate for 60% of gains if §475 M2M is elected. :-(
§1256 contracts are not limited for deductibility of any trading losses if §475 M2M is elected. :)
Old Capital Loss Carryforwards may be trapped on Schedule D if §475 M2M is elected. :-(
 
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