My electronic returns were rejected when I had more than 5000 transactions but this was a few years ago.
As an aside, I always try and confine my more active trading to the IRA accounts, so I don't even have to deal with the accounting and taxes. For the cash accounts, I have moved mostly to futures, with extreme selectivity and also, (what I think will be) longer term equity holds.
when you contour your Schedule D to meet the new rule remember it's still 1 line of filing for future.
I was reminded about and should probably mention re my above comment, that IRA's can be looked at by the IRS when considering wash sales: page 60 of IRS Publication 550: http://www.irs.gov/pub/irs-pdf/p550.pdf
I did some experimenting last night. H&R Block@Home (formerly Tax-Cut) can handle at least $15,000,000 in sales. I created a dummy return and input a number of large trades manually. Everything worked fine. So the $ value issue seems resolved in @Home. Jack
Does anyone here knows how to import IB's trades to TaxAct? It will accept .csv file but not sure if it's going to prepare 8949 same as what is provided by IB. For some reason, TaxAct software does not allow to upload .pdf form 8949 provided by IB to calculate Sch D.
hj071: 8949 or 1099? Have you gotten your 8949 worksheet already? They are supposed to be available by the close of business this Thursday, the 1st of March. Jack
I haven't received 8949 from IB yet but 1099-B was ready. 1099-B in itself is confusing without the trade history or gain/loss statements.
hj071: IB issues a Consolidated 1099. It contains five 1099 types: 1099-INT 1099-OID 1099-DIV 1099-MISC It also contains four 1099-B's. Which is basically what this thread is about. There is a 1099-B for: Covered Securities - Short-Term Covered Securities - Long-Term Covered Securities - Short Sales Noncovered Securities The 1099s are summary sheets of all transactions within a class. You'll notice that under each 1099 type there are a number of lines starting with either a number or a number/letter combination. I am not familiar with your tax program, but there should be an entry form asking for a dollar amount versus a "box" number. The "box" number is the line number on the IB form. In the case of the 1099-B's, once you have entered those numbers (manually) and the 8949 information (hopefully via electronic import) , your tax program should tell you if the 8949 form entries do not match the various "box" totals you entered. Jack
Thanks, JackR! I'm going to try importing the trade data (8949) and manually entering 1099 information into the tax software and see if it works. Normally, the software gets lost with the wash sales data and doesn't calculate it properly. At that point, you're left on your own to figure that out and manually match the trades. What a pain!