Hi, I traded a bunch of stocks during the past year. The number of transactions (30000+) will obviously prevent me entering each and every individual trades into schedule D. So I'll just sum up the proceeds and the cost basis for each stock I traded, and then enter them into the schedule D. I am using TurboTax, the one problem I found out is that TurboTax does not allow any entry exceeds $10,000,000. So if for one stock my proceeds is 100 Mil, I'll have to divide it into 10 entries. Does anybody know this problem or is there any other better software to handle this? Thanks!
I'm am not a tax or turbo-tax expert...but have you ever thought about using another piece of software to generate your Schedule D and then integrate that with Turbo Tax. Last year I used Gainskeeper and Turbo Tax together...although with as many transactions as you have, this might not be feasible. There's also GTT Tradelog.
Gainskeeper would cost way too much, so that's out of question. I am always troubled by why some of those little software can run so expensive these days.
I would second the Excel suggestion. You can override/input the total for trades into the cells Sch D in Turbo Tax if needed, IIRC. As long as you have a schedule to support your gain/loss, you could plug the totals from your 1099 into the Sch D by hand and override the Turbo Tax cell.
I used TurboTax together with TradeLog last year. For my trading account, I used TradeLog to create a document that itemized the trades and then attached that to my Sched D. On Sched D, I entered one figure for "cost basis" and one figure for "sales price". On TurboTax, I handwrote a figure for the tens of millions digit. See: http://www.armencomp.com/tradelog/faq.shtml
Yeah, that sounds like a good solution for you, fastpenny. The cost basis and proceeds numbers from your Sch. D aren't used anywhere else, so just write them in by hand after you print. Just make sure your profit or loss column is correct within Turbotax because that is what gets used for other tax calculations.