Using Turbotax for more than buy-and-hold investments
I'm going to have to consider trading into my taxes for the first time this year. I have somewhere under 1000 trades for the year, but some of it is in fairly large quantities, including selling both covered and naked options. I wouldn't consider myself a day trader, but I know that some of my trades will have to be covered under the wash rule. By the end of the year I'll probably be up 60k in realized profits.
Plus also my salary.
Is this type of trading something that turbotax can accommodate? I've never used it before.
(2)2 Comments
Sorted by latest first Latest Oldest Best
TurboTax has the ability to download your tax info directly from the broker. While in the program it's a matter of authorizing the download. Yes, you Sch D will be huge, but no typing each trade in.
I don't know for sure but I suspect it will be far easier if you have your trades already in Quicken.
If I recall correctly entering trades without importing them is tedious: one by one. Something you're not likely to want to do.
I would, however, venture to say that if you have an appropriate account already in Quicken that it would be able to ease this process. TaxCut (a competing product) could import information from Quicken, so Intuit's own product had better be able to do this.
Terms of Use Privacy policy Contact About Cancellation policy © freshhoot.com2025 All Rights reserved.