Hi Leo. TurboTax alone is not sufficient to file your taxes if you do any type of complex trading, like options. For example, if you write covered calls, per the IRS regulations, you need to subtract the premium from the sale of the call from the cost basis of the stock, and not show the option trade on the Sch. D at all. And you have the rule about wash sales. TurboTax does NOT do any of this. So you need to use external software to match-up all your trades, especially if you have multiple account across different brokers, and then import the final balanced completed Sch. D file into TurboTax after the external program has gotten everything balanced. Here is a list of what is offered by various brokers. As well as the third party trade matching software available on the market. I have personally used Trade Accountant and can recommend it.
Also by the way the CPA in this link specializes in trader taxation, and he will review a client-prepared tax return for something like $550, which is well worth it.
From: OptionClub@yahoogro
Sent: Saturday, March 20, 2010 5:48 PM
To: OptionClub@yahoogro
Subject: [TheOptionClub.
I know that Think Or Swim has supposedly made my tax life better by adding Gainskeeper, but I also traded with Fidelity and Wells Fargo this year.
Doe Turbo Tax Premier do a good job? I have heard conflicting reports.
I also heard concerns on the download version vs buying the CD Rom.
Leo
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