I am wondering what tax prep software you are using to import your TradeLog TFX file and file your taxes... I am considering TradeLog but I am a little worried about this under the FAQ section of their website: For example, a number of users have reported that these programs "freeze" during the import process from a TradeLog⢠TXF file containing many thousands of transactions, or that the tax software has reached some limitation as to the total sales amounts. Therefore, we make no guarantee that your particular TradeLog⢠Gains & Losses TXF File will import into either TurboTax⢠or TaxCut⢠or any other made for the masses tax software program. However, all is not lost, because in such cases you can print the TradeLog⢠Schedule d-1 report, enter the totals from this report into your tax software schedule d, print everything out, and then attach the TradeLog d-1 report to your tax software schedule d, and file by mail. I really would like to avoid having to file by mail, as I live in Brasil. Any helpful insight would be much appreciated! Thanks!
My name is Stephen Boyle and I work for GainsKeeper. Take a look at our product at gainskeeper.com. You can use GainsKeeper to create your Schedule D and export to TurboTax, TaxCut, and other tax service providers. If you have any questions or need additional information, please feel free to contact me at steve.boyle@wolterskluwer.com.
This limitation is by Turbotax and not from the TXF file created by TradeLog. TurboTax places limits on how many transactions can be imported - the limitation being on total sales. Any 3rd party company that does not acknowledge this fact is not telling you everything. That being said we have had many thousands of users file their taxes using TradeLog TurboTax. But we cannot guarantee that you will not reach their limit.
Hi, It is Steve from GainsKeeper again. I understand your frustration. One thing to consider is that there are even smaller limits on the number of transactions that can be exported from online tax providers to the IRS. In effect, these aggregated numbers need to be provided to the IRS anyway. I believe TurboTax stops somewhere around 25,000 transactions, but you can use the aggregate numbers for Turbo Tax filing. They ar going to use the aggregate numbers when submitting to the IRS anyway, as the IRS limit is significantly less than 25,000. Thanks, Steve
Thanks very much for your input gentlemen. I ended up using Gainskeeper this year along with Taxbrain online to make the Oct 15 extension deadline. Even though Taxbrain is a bit pricey, it allowed me to seemlessly transfer my GK trade logs without having to purchase the desktop version of Turbo Tax. I also like the worksheet style input pages which sped the entire filing process along greatly.