[TheOptionClub.com] Re: Is Turbo Tax PremierThe Way To Go For Option Trader Tax Return?

 

I believe the trader status link is not quite accurate in regards to problems with Fidelity downloads. I was able to download into Turbo Tax Premier from Fidelity this year with not too many problems except having to make adjustments for open short sales.

--- In OptionClub@yahoogroups.com, "Nick Horowitz" <nhorowitz@...> wrote:
>
> 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.
>
> http://www.traderstatus.com/planning.htm#tradematching
>
> _____
>
> From: OptionClub@yahoogroups.com [mailto:OptionClub@yahoogroups.com] On
> Behalf Of leobusc
> Sent: Saturday, March 20, 2010 5:48 PM
> To: OptionClub@yahoogroups.com
> Subject: [TheOptionClub.com] Is Turbo Tax PremierThe Way To Go For Option
> Trader Tax Return?
>
>
>
>
> 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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