schedule D software

Discussion in 'Stocks' started by phfmgr, Mar 3, 2007.

  1. phfmgr


    I've got a turbo tax deluxe from Fidelity, but having problem with transaction downloading. my total transactions in 2006 are over 5000, exceeding the turbo tax limit.

    could anyone know a tax return software which can handle more than 5000 transactions ?

    thanks a lot.
  2. hughb


  3. JackR


    TaxCut from H&R Block can handle 6,120 entries.

    Will another thousand help?

  4. blast19


    Is it really that hard to put questions in the correct category? Or at least one that is a little bit closer to what would ultimately amount to the right category. It's not as if this one is ambiguous or difficult.

    HINT: If you can't even post a stupid question that's been asked dozens of times on this board before in the correct category, it's likely that you're not going to make any money trading anyway.
  5. Usually you would add up the transaction all in one. We don't have to put the actual 5000 transactions on the schedule D. You just put your one profit or loss for the end of the year. For each broker. For instance, when you get your bank interest statement, you only tell the IRS your total bank interest, but you don't tell them each and every month the amount you made. You add it up for the whole year and put that down. The same is with stocks and your schedule D. You add it up as one. You don't put down "every" one of your trades. You put the "total" profit or loss for "each" broker. Hope this helps.
  6. JackR


    That's the way it used to be.

    Last year the IRS stated they wanted all detail. There was much discussion and you might do a search on ET.

    Another acceptable approach, but you will not be able to file electronically, is to prepare an Excel spreadsheet with the columns laid out in the Schedule D format. Carry the Excel total to the appropriate line on Schedule D and make reference to the Excel attachment on the Schedule D.

    Here are two extracts from the 2006 Schedule D Instructions:
    Do not enter "available on request" and summary totals in lieu of reporting the details of each transaction...."
    Like an investor, a trader must report each sale of securities (taking into account commissions and any other costs of acquiring or disposing of the securities) on Schedule D or D-1 or on an attached statement containing all the same information in a similar format.

  7. hughb


    This year I printed out the report from Gainskeeper and mailed it in with the schedule D. In Part I I put "attached" in columns a, b, c, d and e. Then in f I put the amount of my LOSS :( I'm subject to the Wash Sale rule so the report I attached was the detailed one that listed each and every transaction and whether or not it was a wash sale.

    Now that I look at it I probably should have filled in D and E with the amounts from the report, but I shouldn't have a problem.
  8. SarahG


    Then I guess my CPA is going to charge me 10 times more than he already does because he'll have more work to do. :(
  9. phfmgr


    is this the total number or just one brokerage firm ? I have three accounts to combine, the total number is close to 100k.

    #10     Mar 4, 2007