Thanks Bob. Do u know if proseries from intuit (link below) has the same limitation as turbotax? http://proseries.intuit.com/ I have run into the sam situation and also tried HR Block Software as an alternative. But HR Block online software does not allow import from txf
After trying a lot of things, I finally had success. H&R Block software came to my rescue. I could _not_ find a way to import txf format files in online version of the software. So, I contacted their support via chat and the support person said the following:: "The Software Program can accommodate up to 6,120 capital gains or loss entries at a maximum total value of $999,999,999.00 and no more than $9,999,999.00 per transaction. However, the client will be required to print and mail if they exceed 250 capital gains transactions on their return." I purchased H&R Block at Home, Premium Edition (the desktop version) after this discussion and it was able to import transations from txf format file (which I got from my Ameritrade account) and it did not run into the limit of $9,999,999.00 which TurboTax Premier desktop edition did . I have not submitted my taxes yet but I ran error check and everything worked fine. I dont know if it will require me to mail the tax docs like the support guy said or willl it let me efile. Either way, it is not a big deal for me because atleast it allowed me to finish my taxes which the TurboTax desktop version did not. Thanks to Johnny P from H&R block support team. Posting all this in case anyone else needs this info and may be it will help someone else.
buying a pro version for $275 make no sense. i got home and business version(most expensive version available @ retail stores) what i was trying to do is report all transactions in one line(and supply this return with first and last 5 pages of Sch D from broker along with cover letter). i don't want enter every single transaction into turbotax or tax cut. 6K entries is not enough for me anyway and it would lead me to print few hundreds pages. screw that..good that you solve your problems..make sure your wash sales (if any) properly reported\uploaded.but i still don't understand,why there $9999999 limit on single transaction in both programs.
Bob, Don't take this wrong but I can't help wondering if you're concerned with 10 million dollar transactions and doing thousands of trades a year it would seem you could easily afford to hire Green and let them do the whole thing for you so you can concentrate on trading. Maybe I'm not getting something?
Sorry that TaxCut has the same problems, it alleviated some problems in the past for me that TurboTax had - sorry I got your hopes up. Anyway, have you considered just truncating the first digit of all your totals, printing it out, and then handwriting the extra digit(s) at the front of those numbers? That is what I am going to have to do this year. I can't e-file anyway because of the nature of my return, so doing this sleight of hand will work just fine for me.
Well after reading the complete thread it seems it is much more complicated than I thought. I only have a low number of swing stock trades and I give all that info to my accountant and let him do it. For you guys with 1000's of trades I feel for you, I hate doing taxes. I've wondered for stock daytraders if it would be easier to just trade through a prop firm.
Is anyone using Turbo Tax and IB? All my imported wash sales from IB turbo tax complains about (They all have a negative cost basis and a 0 in the gains column. All the ones from ThinkOrSwim are fine. Are you guys fixing these entries manually?
Engine: I dont use IB, so I dont know... just a suggestion..if IB allows you to export transaction in txf format like Ameritrade does, you can export them in txf format and import txf format in turbotax rather than importing directly from IB.
thx, sorry if I wasn't very specific but that's what I did. The txf file is what generated the entries with the negative cost basis in the first place. I've posted on another thread and another guy also ran into this issue, I'm not sure why there isn't more "information" out there. oh well