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Tax return. Day Trader. Trying to use TurboTax. Broker (Tradestation)

Tax return. Day Trader. Trying...
Tax return. Day Trader. Trying to use TurboTax.
Broker (Tradestation) sent me 1099-B with Trading :Proceeds, cost basis,Wash sale diallowed total, and Net capital gains/losses. Also sent 84 pages of each individual trade details. Thousands of trades.
Turbotax max allows on their site only 10 million dollars in trades, I have almost 11 mil. I enter the number; it rejects it.
Forget TurboTax?
Can I file the summary of the trades on the 1099-B?
Should I also send the 84 pages of detail?
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Answered in 2 minutes by:
4/3/2012
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

Stephen E. Grizey :

Is it all short-term?

Customer:

Yes

Stephen E. Grizey :

I'd just enter the totals in Turbo Tax and attach a copy of the summary page from the broker with

Stephen E. Grizey :

a note that the detail is available in your records;

Stephen E. Grizey :

Can you get over the 10M if you just enter totals?

Customer:

No

Customer:

I'm not actually seeing an IRS form, just The TT site info part

Customer:

Any number larger than 10 mil, it will not take

Stephen E. Grizey :

So you'll just have to enter the S/T gain or loss # & enter the total 1099-B manually;

Customer:

You mean the thousands of trades?

Stephen E. Grizey :

It doesn't go anywhere so as long as you get the total net gain or loss into Turbo Tax that should work

Stephen E. Grizey :

No just the total

Customer:

Good, so what do I put in their space for total dollar amount of trades?

Stephen E. Grizey :

You do it manually

Stephen E. Grizey :

Or here's another idea

Customer:

When I try to write in the numbers, it rejects it and says the max is 10 mil

Stephen E. Grizey :

What if you leave the a digit off but get the right gain in & then enter the digit manually

Stephen E. Grizey :

when I say manually I mean use a pen

Customer:

the number is XXXXX

Stephen E. Grizey :

So ok enter 789,833.

Stephen E. Grizey :

then after the return prints; just write in the 10,

Customer:

since TurboTax has no means to do that, I guess I ditch them then?

Stephen E. Grizey :

No, can't you do what I'm saying & still use turbo tax?

Stephen E. Grizey :

leave off the 10 million but enter the numbers so you get the correct gain or loss

Stephen E. Grizey :

then just write in the 10 after you print the return

Customer:

If I enter the number you suggest, Turbo Tax is going to compute the consequences based on that number

Stephen E. Grizey :

What difference does it make; the total cost and selling prices don't matter as long as the gain or loss is correct

Stephen E. Grizey :

that's all that is used

Stephen E. Grizey :

then you just add the millions manually on the paper, not in the computer

Customer:

I think I understand

Stephen E. Grizey :

10,789,833 becomes 789,833

Stephen E. Grizey :

same thing with the other side cost or selling price

Customer:

as you say, print it out, add the10 to it.

Stephen E. Grizey :

then when it's all done just pen in the 10

Stephen E. Grizey :

the schedule you attach will have the correct number from the broker

Stephen E. Grizey :

right

Customer:

and you suggest, not sending the 84 pages of detail?

Stephen E. Grizey :

there's more than one way to skin a cat

Stephen E. Grizey :

what do you think the IRS is going to do with 84 pages of trades?

Customer:

Thank yo Stephen

Customer:

Carl

Stephen E. Grizey :

All you'll do is get your return pushed off into a separate pile

Customer:

sorry bout'the "yo"

Stephen E. Grizey :

where some supervisor will have to look it over & decide what to do with it

Stephen E. Grizey :

that's what they do;

Stephen E. Grizey :

I don't want my return in any separate piles if i can avoid it

Customer:

Thank you again

Stephen E. Grizey :

ok

Customer:

do you send an email copy to me?

Stephen E. Grizey :

I can't, we can't exchange emails; it will get blocked

Stephen E. Grizey :

you can either bookmark it & come back anytime or

Stephen E. Grizey :

highlight it and print it

Customer:

thanks again

Stephen E. Grizey :

Please remember to click on the green "ACCEPT", or the "smiley face" as appropriate; that is the only way we get credit for our work, even if you are on a subscription plan. Feedback, if you have time and bonuses, where you think they are warranted, are always most appreciated. Before or after you ACCEPT, I will be happy to answer any additional follow-up questions you may have. Thanks again for using our service.

If you'd like to contact me again, in the future, just ask for "Steve G" at the beginning of your question.

Customer:

You've done great Steve

Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Category: Finance
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