TurbTax or others...Selected Questions

D

deucy28

TurboTax or others ? ....Selected Questions


I hope the following will become rich with replies for many of you to benefit from. Please reply.

I am solely a common stock and some options trader.

I am not necessarily looking for lengthy replies. A scale of 1 to 10 your judgment on what you have used and currently using.... and any remarks added to it are certainly welcome.

Questions following may trigger highs and lows. One or more remarks would be fine:

Who you like and/or how it was that you chose that service. Is there any human inter-face with someone from the company ? Price reasonable for what you get out of it ? What was the learning curve like ? Any regrets ? Any digs against it ? If none of these services will talk to you, how do you know the next one will be better ? How do you know an aspect of it will serve your interest to your satisfaction ? Is there any discounts through third parties ? I could not find any reviews or referrals on the web even touching on TRADING.. Are there explanations explaining why your data is being put on specific IRS forms ? Are there mini-explanations, e.g., what is a covered and non-covered trade ? I am truly a babe in the wilderness on this subject, and in a hurry to learn from you.

An aside Question: I am crushed for time to get an earlier return in to IRS. I travel overseas and went past my extension last month. I will be leaving soon again this coming week Friday. I intend to stay with this thread overseas. I learned APEX Clearing can download my last year's 1099-b in a manner that can be used with an individual's tax processing software. Is it ok to first have it sent to me ? (There is a reason I would like to see it first.) Or is it better, to have it downloaded directly into the tax processing platform for some unique reason? If having received it, as opposed to the top lid opening on the platform and drinking it all, can I take it from my downloads and move it to the service's platform ? In a word, is a download to a my document folder “portable” to allow it to be loaded on to a commercial platform later ?

I know TT has a Q and A, but it is frustrating not to have some a potential user's questions verbally responded to, forcing a lot of time searching Q&A. I can appreciate it doesn't want to pick up the phone to answer a thousand + callers related to redundant questions. I'm a little surprised it does not have short, fast moving informational videos describing how it addresses each specialty of what is in a menu to be clicked on...Like Trades.

REPEATING the above:

I am solely a common stock and some options trader.

I am not necessarily looking for lengthy replies. A scale of 1 to 10 your judgment on what you have used and currently using.... and any remarks added to it are certainly welcome.

Questions following may trigger highs and lows. One or more remarks would be fine:

Who you like and/or how it was that you chose that service. Is there any human inter-face with someone from the company ? Price reasonable for what you get out of it ? What was the learning curve like ? Any regrets ? Any digs against it ? If none of these services will talk to you, how do you know the next one will be better ? How do you know an aspect of it will serve your interest to your satisfaction ? Is there any discounts through third parties ? I could not find any reviews or referrals on the web even touching on TRADING.. Are there explanations explaining why your data is being put on specific IRS forms ? Are there mini-explanations, e.g., what is a covered and non-covered trade ? I am truly a babe in the wilderness on this subject, and in a hurry to learn from you.

Thank you Very Much for your participation.
 
deucy28 said:
TurboTax or others ? ....Selected Questions


I hope the following will become rich with replies for many of you to benefit from. Please reply.

I am solely a common stock and some options trader.

I am not necessarily looking for lengthy replies. A scale of 1 to 10 your judgment on what you have used and currently using.... and any remarks added to it are certainly welcome.

Questions following may trigger highs and lows. One or more remarks would be fine:

Who you like and/or how it was that you chose that service. Is there any human inter-face with someone from the company ? Price reasonable for what you get out of it ? What was the learning curve like ? Any regrets ? Any digs against it ? If none of these services will talk to you, how do you know the next one will be better ? How do you know an aspect of it will serve your interest to your satisfaction ? Is there any discounts through third parties ? I could not find any reviews or referrals on the web even touching on TRADING.. Are there explanations explaining why your data is being put on specific IRS forms ? Are there mini-explanations, e.g., what is a covered and non-covered trade ? I am truly a babe in the wilderness on this subject, and in a hurry to learn from you.

An aside Question: I am crushed for time to get an earlier return in to IRS. I travel overseas and went past my extension last month. I will be leaving soon again this coming week Friday. I intend to stay with this thread overseas. I learned APEX Clearing can download my last year's 1099-b in a manner that can be used with an individual's tax processing software. Is it ok to first have it sent to me ? (There is a reason I would like to see it first.) Or is it better, to have it downloaded directly into the tax processing platform for some unique reason? If having received it, as opposed to the top lid opening on the platform and drinking it all, can I take it from my downloads and move it to the service's platform ? In a word, is a download to a my document folder “portable” to allow it to be loaded on to a commercial platform later ?

I know TT has a Q and A, but it is frustrating not to have some a potential user's questions verbally responded to, forcing a lot of time searching Q&A. I can appreciate it doesn't want to pick up the phone to answer a thousand + callers related to redundant questions. I'm a little surprised it does not have short, fast moving informational videos describing how it addresses each specialty of what is in a menu to be clicked on...Like Trades.

REPEATING the above:

I am solely a common stock and some options trader.

I am not necessarily looking for lengthy replies. A scale of 1 to 10 your judgment on what you have used and currently using.... and any remarks added to it are certainly welcome.

Questions following may trigger highs and lows. One or more remarks would be fine:

Who you like and/or how it was that you chose that service. Is there any human inter-face with someone from the company ? Price reasonable for what you get out of it ? What was the learning curve like ? Any regrets ? Any digs against it ? If none of these services will talk to you, how do you know the next one will be better ? How do you know an aspect of it will serve your interest to your satisfaction ? Is there any discounts through third parties ? I could not find any reviews or referrals on the web even touching on TRADING.. Are there explanations explaining why your data is being put on specific IRS forms ? Are there mini-explanations, e.g., what is a covered and non-covered trade ? I am truly a babe in the wilderness on this subject, and in a hurry to learn from you.

Thank you Very Much for your participation.
More...


Turbotax is a tax preparation software. I have used it multiple years so, you tend to keep using it. It would be harder to switch to another tax software because you have to re-enter your information. This software downloads it from the previous year. Trading records are automatically, downloaded to your tax return. Other 1099 forms, you would have to enter manually. On the negative side, if you have a problem with the software or just logging into your Turbo Tax account, you would have a hard time getting a live person. Wait times is over 1 hour. Ridiculous for a company as large as Intuit but, it is what it is. So, customer service is practically, non-existent. You are on your own if there is a problem. For the most part, the Turbo Tax Software does its job preparing your tax return.
 
deucy28 said:
Price reasonable for what you get out of it ?
More...

Put simply if your tax situation isn't complicated Turbo Tax will be a good approximation to a real accountant for less than half the cost. Turbo Tax's interface is simple, easy, and intuitive. I've used it for almost 8 years and I've never had an audit or any strangeness.They offer helpful advice and explain what numbers go where and what each field means. Their premium service enables you to input trades and what not (and I think it can download from many popular brokers directly). My situation is more complicated than a 1040EZ and I still haven't had any trouble doing it. Start it in January, and finish it by March. Just do it piece by piece as paperwork comes in.

If your tax situation is complicated paying an accountant will be your best strategy. But you should make sure your situation is complicated enough because accountants get expensive, and for simple work they are functionally useless. The 1040EZ accountant companies are basically just fleecing the stupid and/or lazy public.
 
There appears to be a multitude of questions and hopefully answers from ET posters, even if only links to be directed to. See additional QUESTIONS BELOW. Then there are questions one has not even thought of yet that others can suggest with answers. I really hope for more participation because this subject is common denominator for traders.

To you smalfiL and gaussian, thank you for your excellent explanations. It takes an assessment on your part to make a survey in your mind as to strengths and weaknesses. I especially your respective comments that are subjective in nature based on your experience. It comes at an important time for me. Everyone should have some decent perspective on what to expect coming out of the gates for the feel of it, some sort of perspective as to what to expect and a sense of where the strength and weakness is. Both of you gave me and other readers a launch forward in that direction.

For you or anyone who is willing to stir the waters....

1.“Trading records are automatically, downloaded to your tax return.” Am I correct in thinking one may get data download from either the brokerage or from the clearing house ?

2.Would I be correct to say the download of data into something like TurboTax is data as per the 1099-b report. But the TurboTax software will make adjustment to the cost basis that is not done on the 1099-b. So in the reading left to right on both the Form 8949 and on the Schedule D, the math will be exact. This will then result in a difference between what the cost basis is on the 1099-b (not adjusted for the wash sale) and the Form 8949 which will have the adjustment which is the direct feed into the Sch D so the Sch D math will be right. Since I have never seen a TurboTax calculation, I could be wrong. Don't anyone who reads this take what I have described as the gospel; it just makes sense to me if one wants to follow instructions given on the Form 8949 and Schedule D. My speculation relates only to trades with wash sales. Please someone who knows, verify I am right or that there is some other dynamic I don't know about.

  1. APEX Clearing House is not responding to my request for information a first timer.

    (1) Please explain how I order from APEX 2017 1099-b data for the tax prep software. (2) Also, is it possible for APEX to send it to me FIRST upon my order, OR must APEX send it for going directly into my selected vendor's software I will be using ? If the former, I will have it such that I can use it immediately after I select a company's tax prep software. ….....................

    Did I ask something wrong ? I used its email template at its web site to question.

I was frustrated, too, with questions I wished to ask TurboTax and there being no source for a prospective customer to do so. And you are explaining smalfiL YOU ARE a customer of it and you are on hold to talk to someone ! I understand from its standpoint it does not want a million + customers to be calling in.

  1. I seem to recall if you pay substantially more (double ?) you can get live help. I assume this is for the customer who wants someone to answer within a reasonable time ?

  2. Where is the threshold for TurboTax that one's tax situation is too complicated for it as gaussian suggestion there is one ? From my experience, trading what appears to be a stock can be a partnership like CDXC or UUP that will send you end of year pamphlets and information sheets specific to your trades. It has dollar amounts in potentially 15 or so categories that require a number of different IRS forms ! Does TT metabolize that for a trader ?
I am heartened by your comments about using an accountant when to many don't have to pay that price.

And that is because of your favorable comments about TuboTax providing info and explaining as relates to the fields info is being put into.

  1. I would love to see any comments from others that provide similar trader tax preparations, especially as relates to time to get live person help.

  2. I see vendors selling what I think are software trader logs. What are these and do they download constructively into tax preparation software ?
  1. Do traders' work sheets have any contributions to end of the year tax preparation when using tax preparation software ?
In summary it warrants repeating the first paragraph on this post:

There appears to be a multitude of questions and hopefully answers from ET posters, even if only links to be directed to. Then there are probably questions one has not even thought of yet that others can suggest and with answers. I really hope for more participation because this subject is common denominator for traders.
 
There appears to be a multitude of questions and hopefully answers from ET posters, even if only links to be directed to. See additional QUESTIONS BELOW. Then there are questions one has not even thought of yet that others can suggest with answers. I really hope for more participation because this subject is common denominator for traders.


To you smalfiL and gaussian, thank you for your excellent explanations. It takes an assessment on your part to make a survey in your mind as to strengths and weaknesses. I especially your respective comments that are subjective in nature based on your experience. It comes at an important time for me. Everyone should have some decent perspective on what to expect coming out of the gates for the feel of it, some sort of perspective as to what to expect and a sense of where the strength and weakness is. Both of you gave me and other readers a launch forward in that direction.



For you or anyone who is willing to stir the waters....

  1. “Trading records are automatically, downloaded to your tax return.” Am I correct in thinking one may get the data download from either the brokerage or from the clearing house ?

  2. Would I be correct to say the download of data into something like TurboTax is data as per the 1099-b report. But the TurboTax software will make adjustment to the cost basis that is not done on the 1099-b. So in the reading left to right on both the Form 8949 and on the Schedule D, the math will be exact. This will then result in a difference between what the cost basis is on the 1099-b (not adjusted for the wash sale) and the Form 8949 which will have the adjustment which is the direct feed into the Sch D so the Sch D math will be right. Since I have never seen a TurboTax calculation, I could be wrong. Don't anyone who reads this take what I have described as the gospel; it just makes sense to me if one wants to follow instructions given on the Form 8949 and Schedule D. My speculation relates only to trades with wash sales. Please someone who knows, verify I am right or that there is some other dynamic I don't know about.
  1. APEX Clearing House is not responding to my request for information a first timer.

    (1) Please explain how I order from APEX 2017 1099-b data for the tax prep software. (2) Also, is it possible for APEX to send it to me FIRST upon my order, OR must APEX send it for going directly into my selected vendor's software I will be using ? If the former, I will have it such that I can use it immediately after I select a company's tax prep software. ….....................

    Did I ask something wrong ? I used its email template at its web site to question.
I was frustrated, too, with questions I wished to ask TurboTax and there being no source for a prospective customer to do so. And you are explaining smalfiL YOU ARE a customer of it and you are on hold to talk to someone ! I understand from its standpoint it does not want a million + customers to be calling in.
  1. I seem to recall if you pay substantially more (double ?) you can get live help. I assume this is for the customer who wants someone to answer within a reasonable time ?

  2. Where is the threshold for TurboTax that one's tax situation is too complicated for it as gaussian suggestion there is one ? From my experience, trading what appears to be a stock can be a partnership like CDXC or UUP that will send you end of year pamphlets and information sheets specific to your trades. It has dollar amounts in potentially 15 or so categories that require a number of different IRS forms ! Does TT metabolize that for a trader ?
I am heartened by your comments about using an accountant when to many don't have to pay that price.

And that is because of your favorable comments about TuboTax providing info and explaining as relates to the fields info is being put into.
  1. I would love to see any comments from others that provide similar trader tax preparations, especially as relates to time to get live person help.

  2. I see vendors selling what I think are software trader logs. What are these and do they download constructively into tax preparation software ?
  1. Do traders' work sheets have any contributions to end of the year tax preparation when using tax preparation software ?
In summary it warrants repeating the first paragraph on this post:

There appears to be a multitude of questions and hopefully answers from ET posters, even if only links to be directed to. Then there are probably questions one has not even thought of yet that others can suggest and with answers. I really hope for more participation because this subject is common denominator for traders.
 
What is downloaded by Turbotax is your 1099-B. Of course, your detailed trading records would not fit that 1099-B and a summary of all your trades is presented instead. Only the interest and dividends would be included in your printed 1099-B. Turbotax takes, your interest, dividends and trading records and downloads everything into your income tax return, Form 1040 and your State Tax Return as well.
 
APEX the clearing house states it can download its 1099-b for a trader's automated processing. Last time I left a communication piece on its template meant for that at its home page,it did not respond to me. I does not rise the confidence level. It of course is the primary reason I would use it.

I assume the trades get downloaded in a manner that allows TurboTax to place them on the IRS form 8949's. I would like to see how TurboTax processes the wash sales. Wash sales adjustments show in their own column on APEX 1099-b, but I can't make sense of them. I understand the definition of wash sales and how it affects cost basis on a future trade. I just don't see that on the 1099-b. That is why I wish to see how the factor gets expressed with TT.
 
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