Thanks you Jack! trading is not a healthy hobby,you know..i'm a nerve wreck after all those years of daytrading
Thanks everyone, I appreciate the discussion. I for one, definitely need that TurboTax link. Perhaps my filing an extension will pay off again .....
Does anyone know if TurboTax supports intraday trades? Last time I tried (might have been 3 years ago), TT didn't have a notion of an intraday trade and apparently randomly assigned long/short to intraday entries. A big mess and what essentially kept me tradelog customer for Sch D alone.
dunno about intraday trades,but i'm pretty sure there is a VERY limited amount of transactions you can report with turbotax. on other hand-if you decide to report them in one line(like i did many years before 2011)-both turbo tax and tax cut having limitations to $10M. at least this limit was in both for 2010. don't know about 2011,but i can check tomorrow. basically-you can't enter number >10M in either proceeds or cost\basis. which make them both pretty much useless for active traders. what i do-i put all my taxes together,make sure that everything is perfect and accurate and then i go to the accountant and he put those two numbers that are >10M and double check my return. whole thing usually takes 10-15 min.
This is what I love about tax programs. It's like they want you to believe that a computer does not understand values greater than a certain number.
nah.. it's not about that..i spend hours with both companies CS,trying to find out why such limit was there. it's because of IRS. IRS put's the limit on single transaction. at least that's what i've been told. but on other hand- CPA's soft doesn't have such limit..go figure..as usual..
Well just from personal experience, a few years back I entered a large number in a box on TurboTax and it claimed that it couldn't handle it and I had to upgrade to a more expensive version. That's complete b.s. So I gave TurboTax the finger and moved onto other programs. It's ridiculous.
yeah..turbotax is a mess. slow,install s**load of crap and very hard to remove without further damage of PC. i prefer taxcut for all simple returns. been using it for years.
Re, the # of transactions or $ amount that TurboTax will allow; I'm pretty sure that has changed -- gotten larger -- in the last two years but I don't know to what. Same with electronic filing I believe .... you can have a larger # of transactions than before -- I think -- and still submit electronically. I've tried to find out online what the limits are but haven't been able to.