TurboTax by Intuit is the most popular online tax-filing software in the US. How could it be otherwise if they did not allow "downloading a 1099-B" into it? Sheesh! Although, there IS a class-action suit about them defrauding customers about the "free" bit, but I digress.
I meant with wash sale disallowed losses, can I still just download 1099-B into TurboTax? Do I have to do anything else to deal with the wash sale stuff? Last year I downloaded 1099-B directly into TurboTax with no problems.
Ahh. That I do not know. You have three options then I suppose. 1. Try to download it into your Turbotax. If it does not work, seek a live human CPA. 2. If it works, no problemo. File through TurboTax. 3. File the taxes yourself the old-fashioned way. On paper forms doing it yourself. How hard can it be?
The problem with 3 is I day traded hundreds if not thousands of times in 2021. The 1099-B is 223 pages. LOL
Cost of doing business? Hehe. Mreh. That sux. There's no way around having to list every bloody transaction for the year? My Lord. At least with 1256 contracts it's a single line on the forms. Bleh, I feel for ya man.
TurboTax can import 1099-B directly from the brokerage website and do the tax filing electronically. Technology rocks. It’s only a click on my side.
You don't need to list every transaction if you have one brokerage account with a single 1099-B or no conflicts in different accounts (e.g., no transactions in account 2 causes wash sales because of transactions in account 1) https://www.hrblock.com/tax-center/income/investments/reporting-multiple-stock-trades-on-schedule-d/
I think the simplest way is direct downloading of 1099-B into TurboTax and it will do everything automatically.
Haaaaa. That's what everyone says. They haven't a clue either. I have asked numerous accountants and they answer just sell the stock and don't buy it back for 30 days.
That is true but the problem is this: By the time you are able to see everything on turbo tax it's too late to make any changes since the new year has begun and anything on the 1099 cannot he changed. So why don't brokers have a system in place to show you your year to date wash sales. You don't lnow you have wash sales until you receive your 1099 at the beginning of the following year and by then you can't do a damn thing about it....I believe they do this on purpose, think about how many billions and billions worth of wash sales traders have and all those taxes they pay on fake phantom gains!!!!! I know someone who had over $1.5 million worth of wash sales!!! Can someone tell me how much he will owe in taxes??? Probably hundreds of thousands