Best Tax Software to Import Lots of Trades

Discussion in 'Taxes and Accounting' started by DataCruncher, Apr 4, 2008.

  1. Anyone have experience using GT tradelog to import lots of daytrades into TurboTax online version? Will this even work? I'm sort of in a dilemma because I also wish I could append some footnotes to my tax return but I think you have to file in paper format to do that.....unless there's other tax software out there that can do it?
  2. I am hoping GT tradelog or Gainskeeper would work well with TurboTax. Here is a disappointing post I saw on a web forum Turbotax & Tradelog together:

    Yes I have and am now disappointed with TurboTax not being active trader friendly. It seems to have stability problems when importing large number of transactions > 3000. Further, it seems to force the user into going thru thousands of stock sale transactions that it thinks are duplicates (part of its Error Checking process step). There seems to be no way around going thru each individual trade by hand which is tedious and time consuming. And the kicker is after doing all that, my program hanged and needed to kill it. Upon reboot, it wanted me to do that step all over again...arrgghhh. Come on Intuit! Make your software scalable!! Why code limits into your program? I don't get it. You need to seriously work with some real active traders with your software to see where your program completely fails.
  3. as far as i know the online version of turbotax doesn't support importing trades from a third-party program. i'm pretty sure you must buy the boxed version in order to import a .TXF file.

    i can't speak to any instability when importing a large number of trades as i only had a couple hundred, but i would imagine one could segment the exported data from gt tradelog or gainskeeper into three or four month periods in order to make the import go more smoothly. unless the problem is that turbotax can only track X total number of trades it seems like multiple imports should work, no?
  4. I'm not sure if there is a total limit to how many trades TurboTax allows to be imported. I'm also not sure if the web post above is referring to 3000 round-trip trades, or 3000 individual transactions. Which program did you use to import into Turbotax and did you use the boxed or online version of TurboTax?

    If you use GT tradelog, did you use the regular or MTM version?
  5. sorry for the delayed response, i forgot about this thread.

    long story short, i ended up using the boxed version of turbotax in order to import my trades from gainskeeper. i'm pretty sure it worked well right off the bat but i did a bunch of tweaking, 1.) because i traded some money for my family and didn't want to report those proceeds on my return, and 2.) because i didn't realize turbotax automatically calculates wash sales. i manually added wash sale losses back in, effectively turning a wash into a net profit and grossly inflating my income. boy was that a relief when i caught the errors after printing my returns. actually ended up with a refund instead of owing over $1000.
  6. dumbgai


    I have the same experience. Has problem importing large amounts of data.
  7. dumbgai,
    did you try what captcontrary suggested and break the imported data up into smaller segments? did that work for you?