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When does IB deliver it's tax forms online?
- Thread starter Kirribilli
- Start date
Quote from JackR:
IB-AN:
In an early post I did a cut and paste of some info from the IB web site. The post read:
Due to IRS reporting changes, links to TurboTax® software products are unavailable. We are currently working with them to re-implement this resource.
In the past I've been able to use those Intuit QXF formatted files as an input to the H&R Block tax program. Per the quote above, IB is working on getting the TurboTax linkage fixed. I realize you cannot state whether or not I'll be able to use the TurboTax link directly (or perhaps not at all) , but do you think the TurboTax link will be ready concurrent with the 8949 worksheet availability or some reasonable time thereafter? It may save a huge amount of typing (and Bob111 from having a minor stroke).
Jack
Thanks everyone, I appreciate the discussion.
I for one, definitely need that TurboTax link. Perhaps my filing an extension will pay off again .....
Does anyone know if TurboTax supports intraday trades?
Last time I tried (might have been 3 years ago), TT didn't have a notion of an intraday trade and apparently randomly assigned long/short to intraday entries. A big mess and what essentially kept me tradelog customer for Sch D alone.
Last time I tried (might have been 3 years ago), TT didn't have a notion of an intraday trade and apparently randomly assigned long/short to intraday entries. A big mess and what essentially kept me tradelog customer for Sch D alone.
dunno about intraday trades,but i'm pretty sure there is a VERY limited amount of transactions you can report with turbotax.
on other hand-if you decide to report them in one line(like i did many years before 2011)-both turbo tax and tax cut having limitations to $10M. at least this limit was in both for 2010. don't know about 2011,but i can check tomorrow. basically-you can't enter number >10M in either proceeds or cost\basis. which make them both pretty much useless for active traders. what i do-i put all my taxes together,make sure that everything is perfect and accurate and then i go to the accountant and he put those two numbers that are >10M and double check my return. whole thing usually takes 10-15 min.
on other hand-if you decide to report them in one line(like i did many years before 2011)-both turbo tax and tax cut having limitations to $10M. at least this limit was in both for 2010. don't know about 2011,but i can check tomorrow. basically-you can't enter number >10M in either proceeds or cost\basis. which make them both pretty much useless for active traders. what i do-i put all my taxes together,make sure that everything is perfect and accurate and then i go to the accountant and he put those two numbers that are >10M and double check my return. whole thing usually takes 10-15 min.
Quote from sprstpd:
This is what I love about tax programs. It's like they want you to believe that a computer does not understand values greater than a certain number.
nah.. it's not about that..i spend hours with both companies CS,trying to find out why such limit was there. it's because of IRS. IRS put's the limit on single transaction. at least that's what i've been told. but on other hand- CPA's soft doesn't have such limit..go figure..as usual..
Quote from Bob111:
nah.. it's not about that..i spend hours with both companies CS,trying to find out why such limit was there. it's because if IRS. IRS put's the limit on single transaction. at least that's what i've been told. but on other hand- CPA's soft doesn't have such limit..go figure..as usual..
Well just from personal experience, a few years back I entered a large number in a box on TurboTax and it claimed that it couldn't handle it and I had to upgrade to a more expensive version. That's complete b.s. So I gave TurboTax the finger and moved onto other programs. It's ridiculous.
Re, the # of transactions or $ amount that TurboTax will allow; I'm pretty sure that has changed -- gotten larger -- in the last two years but I don't know to what. Same with electronic filing I believe .... you can have a larger # of transactions than before -- I think -- and still submit electronically.
I've tried to find out online what the limits are but haven't been able to.
I've tried to find out online what the limits are but haven't been able to.