Many TradeLog users would like to file their taxes with popular programs like TaxACT® or TurboTax®. Of course you likely know that those programs, on their own, often cannot handle Form 8949 reporting for active traders. That is why you use TradeLog! But how do you e-file with TaxACT® or TurboTax® and use your TradeLog generated Form 8949?
You are able to import your TradeLog generated Form 8949 data into some tax programs. However, there are often limitations to this method. TaxACT® and TurboTax® both have limits on the number of records you can import. In addition there are limits and restrictions on cost basis adjustment records that can be entered for filing. Many TurboTax® users report that even if they are able to successfully import their records they still get erroneous reporting.
We recommend a simpler solution for e-filing your taxes. This method is supported by both TaxACT® and TurboTax®. Rather than importing the 8949 records you can simply enter the totals from your TradeLog generated report into the tax program. Then choose the option to send a separate statement. When you are ready to e-file, the tax program should generate IRS Form 8453 which you will send to the IRS along with a printed copy of your 8949. You still get to e-file and you have less hassle trying to import records. Often we see customers who spend hours hassling with various tax programs only to find out they cannot import because of some limitation. Why not save yourself the hassle and consider this alternate method first!
Here are links to detailed instructions:
Please note: This information is provided only as a general guide and is not to be taken as official IRS instructions. Cogenta Computing, Inc. does not make investment recommendations nor provide financial, tax or legal advice. You are solely responsible for your investment and tax reporting decisions. Please consult your tax advisor or accountant to discuss your specific situation.