Ditching my accountant. Software?

Discussion in 'Taxes and Accounting' started by UVXY20, Jan 25, 2025.

  1. UVXY20

    UVXY20

    Lots of option trades, futuress, too. IB, TOS, mostly. So what is a reliable software I should download? No business deduction issues. No other income complications, really. Just SS, pension and some Rothifying, some roll over s-t capital losses from last year.
     
  2. mervyn

    mervyn

    turbotax, just enter the broker 1099 lump sum and attached the pdf.
     
    UVXY20 likes this.
  3. ZBZB

    ZBZB

  4. UVXY20

    UVXY20

    might be overkill, no?
     
  5. mervyn

    mervyn

    tradelog doesn’t file other incomes and deductions me think. brokers’ 1099s are sufficient. any wash sales an average trader/investor can’t avoid.
     
  6. newwurldmn

    newwurldmn

    Tradelog organizes your schedule D for wash sales, etc. that’s all it does.
     
  7. mervyn

    mervyn

    that’s what i thought, used it in the 90s once.
     
  8. Mark2m

    Mark2m

    Its really a no brainer with TurboTAX. With IB you need to get a token /(can't remember once a year deal) and the token will allow transfer 1099 from IB to Turbotax. The only issue is you will need to make sure that everything has been dowloaded and may have to override some inputs. The problem is sometimes the download doesnt include basis so you do need to add manually. I have been doing this for IB/12 years always find some minor issue.
     
  9. mervyn

    mervyn

    i don’t even do that, just type in ib 1099 numbers, and put in a description “see broker’s statement”. that is it, never had a problem with irs.