Tax Question

Discussion in 'Taxes and Accounting' started by spindr0, Feb 8, 2009.

  1. spindr0


    If possible, I would like to file my 2008 return electronically because my schedule D is a monster (in pages).

    I went to the IRS web site and they offer free E-file if you have an AGI of less than $56,000. I'm above that.,,id=118986,00.html

    At the bottom of the page, it says:

    *** Made more than $56,000 in 2008? You can also file your taxes online through e-file. ***

    When I click on the imbedded link it takes me to a page that has various choices (Individuals, Corporations, Tax Professionals, etc.). When I click on "Individuals" it takes me back to the page denoting the $56,000 limitation. So is this just another ridiculous IRS circular loop or is there a way for me to file electronically?

    TIA for any assistance.
  2. you can purchase and download turbo tax home and business and efile from there i think.
  3. Try
  4. some of these programs might have a limit in how many schedule D pages you can e-file. how many pages is your schedule D?
  5. spindr0


    That looks like a possibility. I registered and now the only catch is that I have to figure out if I can upload and attach my Sched D. Thanks for the help.

    I doubt that Turbo Tax would be able to handle my accounting issues. Even if it could, I purchased another Sched D tax prep program that interfaces directly with my broker, Thanks for the suggestion.

    Bingo! You've discovered my problem. My sched D is 631 pages and I'd rather not print a hard copy... hence the reason for wanting to e-file. It would be about 250 pages if I printed it 60 lines to a page as an attachment but that would still be too much for me. My hernia belt can't handle that much :)
  6. I was able to e-file my federal return with Tax Cut - My Fed Return was 138 pages long???
  7. Aisone


    Assuming you're not paying capital gains taxes on them of course...I'm certain it's not necessary to include all of your trades on the schedule d. I've always (for the last 10 years) just included a single net sales total from my brokerage(s) 1099. If they want all of the trades they can ask for them (which they never have.)

    Under the 'description of property', I put 'Interactive Brokers', and noted under that in parenthesis I put "Reported on Schedule C subject to IRC section 475"

    Date Aquired: "Various"
    Date Sold: "Various"
    Sales Price: [I put the net sales total from 1099]
    Cost or Other basis: [I put same net sales total mentioned above]
    Gain or Loss: 0 [I always put zero]

    I've never been audited for this, altho each year they tell my I owe self employment taxes or need to justify in a letter why I feel I don't owe them, which I send them a letter with an explanation (which they accept.)
  8. spindr0


    With new programs, RTFM is a problem for me :)

    But I did so and discovered that I can export the reports from my trading/tax program and import them into either Turbo Tax or Tax Cut and then be able to file electronically as suggested by you and a another poster. If possible, I'd still like to file electronicaly with the IRS but that's still a question mark.

    Thanks to all who responded.