Recommended tax prep software?

Discussion in 'Taxes and Accounting' started by fgopc1, Mar 11, 2019.

  1. fgopc1

    fgopc1

    I've used TurboTax much in the past, but it's limitations are catching up to me:
    • There's no way to batch import form 6781 transaction lists. E.g. I have an Excel file describing all of my identified straddles (entries for 6781 part 2), but there's no way to input this in without typing each in one by one. (The saner solution seems to be just paper file with attachments)
    • Turbo tax doesn't support elections to invest gains into qualified opportunity zone funds. (On Form 8949)

    Figure a lot of people here at least produce straddles and have to report on Form 6781 at least; what do you all do?
     
    kmiklas likes this.
  2. ZBZB

    ZBZB

  3. fgopc1

    fgopc1

    Not following how tradelog solves my issues. I already have my forms prepared; the issue is importing into my main tax software. Specifically,
    Tradelogtalks about using form 8453 to paper attach 8949 to an efiled return (sane enough), but that doesn't work for form 6781 (8453 doesn't support that form). They are very light in info on 6781 (I'm not even sure they support part 2?), but the language seems to indicate you "attach" to your return.. e.g. Paper file the entire thing.
     
  4. ZBZB

    ZBZB

    What broker do you use?

    Import the options trades, directly from your broker, into traderslog as it supports options unlike turbotax.
     
  5. fgopc1

    fgopc1

    Schwab.

    What do you mean by "supports" options? TurboTax can definitely report gains/losses on them after import (albeit some bugs around exercising them); what it can't do (and traderslog's extensive documentation doesn't cover this making me assume it can't) is generate a form 6781 from the trades and my provided straddle identifications (i.e. this put straddled these shares). I'm not even sure if traderslog understands basic straddles. (Again no docs around it)

    I actually couldn't find any software to do this, so I wrote my own scripts to generate my 6781. I'm still baffled as to how to actually get my car/Excel version of the form into tax prep software.
     
  6. ZBZB

    ZBZB

     
  7. ZBZB

    ZBZB

    call traderslog, try the demo
     
  8. Call a CPA, since you're not.Free phone call; tax mistakes are real costly + penalties+ interest+ +time+ hassle doing it yourself +IRS can crush you:cool::cool:
     
    Last edited: Mar 11, 2019
    kmiklas likes this.
  9. elt894

    elt894

    As far as I know, there is no commercial software that supports straddles. I once spoke with Robert Green, who confirmed you have to make those adjustments manually. I haven't used them to prepare my return, so I'm not sure if there's a good way to integrate that into an electronic filing. For 2017 I filed a paper return with form 6781 and expect to do so again for 2018. My impression is most people aren't aware of the straddle rules and just go with whatever interpretation of the wash sale rules their software/accountant implements.

    @ZBZB, the term straddle might be causing some confusion. For tax purposes, it refers to many types of hedged positions, not just the option combo with the same name.
     
    fgopc1 and murray t turtle like this.
  10. #10     Mar 11, 2019
    dealmaker and murray t turtle like this.