Discussion in 'Taxes and Accounting' started by Arjun1, Feb 8, 2009.
Write it in hand.
uhmmm...if you're going to list all your trades, then yes, you're going to have a problem whatever you use. However just list a total net sales, and say individual trades available on request.
TurboTax in its infinite wisdom won't let you input a total sales # that is larger than a certain number of digits. They want you to upgrade to their pro version or some nonsense like that. This kind of BS drove me to using TaxCut. In TaxCut, they ask you something like "This # seems really large - are you sure?" and then you can say you are sure and everything works fine.
I have not used Turbo Tax before. I used interactive brokers to trade. Will I be able to simply put the net loss/gain? Is the online version of turbo tax cheaper? You get free e-file with it. Thank you for the help, I am a little lost here.
I put in fake numbers for gross sales proceeds and fake bases computed so that the net gain is correct. Then I print out the forms and cross out the fake numbers and put in the correct ones by hand. Since the net stays the same, I don't think there is a need to change anything else. This only works, of course, if you don't E-File.
I don't think a higher version of Turbo Tax eliminates this problem. I am using the Home and Business version.
My point is that this restriction is totally unacceptable in a tax software package.
This is what I did.
I broke the 30 mill. aggregate number into 4 separate lines that add up to the 30 mill total number. So my net proceeds matches what the IRS received from the broker. I then subtract my profit for the year to get the cost basis.
I figure I'm a super low audit risk and I'm not lying about my income anyway so I'm not worried (been doing this for years).
I put in the net profit and losses of all the trades in 1 line on the tax form, and reference the attachment. Then I attach an excel with all the trades with individual trade details, and on the bottom, it shows the net profit and losses.
I remember attaching the 1099 from Interactive Brokers, and they only listed one of the sales numbers, so it seemed like I made like a lot money. The IRS sent me a letter getting clarification, and I replied, and I guess they were satisfied with the answer.
Separate names with a comma.