Go to your brokers web page and get the 1099(s) probably in PDF as well. You'll immediately know your realized Gain/Loss. Call TurboTax and ask if your broker is listed, so that you can do a direct download. You might be able to use Deluxe, if not get Premium. Then do the download, and during the final "check your return for errors", you'll probably get a number of verification checks that TurboTax wants in reference to double entries. Assume it is a correct download and answer the questions as, "no double entry, or to that effect" Then you'll be done. Go to the Tax Return Sch D, and the short term and long term gain/loss should be as the 1099. Note: online turbotax comes with free e-file. If you get the CD's mailed to you you'll end up paying $17.95 for each e-file(Fed and state)
www.edaytradertax.com Bob Meany and Simona Dedek IMO, best damn CPA's ever, have used them for 5 years now
How do you get your quarterly estimate payment to be due on April 15th? I could be wrong, but last time I checked, it was due on April 1.
does anyone know if amended returns make you more likely to get audited? I'd be interested in hearing people's experiences with amended returns.
<I>IF you made say 200k in 2007 then you would have to pay 110% of your tax liability in quartly estimates for the next year not to incur any interest. SO if your tax bill for 2007 was $60,000 then your estimated tax bill for 2008 would be $66,000 total or $16,500 per quarter. Now suppose in 2008 you made 10 million, your estimated tax payments for each quarter of that year would still be ONLY $16,500.</I> Would the same happen if you had a really bad year? In other words: If I made 200k in 2007, but as of June 2008 I had lost 200k. Would I still be required to pay 110% of my tax liability in quarterly estimates for the next year? Could one get away with it if one is able to document their YTD trades showing a 200k loss? Thanks in advance. Josef
hey josef..is google search on shabbat or something? http://www.fairmark.com/capgain/capgain.htm http://www.irs.gov/taxtopics/tc409.html
I don't think you're ever "required" to make estimated tax payments, it's just a way to avoid a penalty if you do it (it's called prior year safe harbor if you want to look up more about it). If you know you're a big loser the next year, then just stop the estimated payments.