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7. Generate Tax Reports

 
For traders who are filing Trader Status (MTM Accounting) click here for tax reporting information.
 
All other users will Generate Form 8949 for Schedule D reporting starting in 2011 tax year.
 
Generating Form 8949 for tax preparation:
 
  • Final Form 8949 reporting requires that wash sales be adjusted across all accounts. If you have multiple brokerage account files these must be combined into one data file. If you have a multi-account file, click on the All Accounts Tab to view all trade records. Always run tax reporting from the All Accounts Tab!
     
     
  • Click ALL Trades to display all trade records.
     
     
  • Click Reports, Form 8949 (for IRS Schedule D)
     
     
  • The Form 8949 report option menu will display (options will vary depending on the tax year):
     
     
    Note the following key parts (numbered in the image below):
     
    1. If you would like your Social Security Number or EIN to be shown on your reports, please check the box beside Show SSN/EIN On Report. Click here for details on where to enter your SSN or EIN.
     
    2. If you need a PDF version of your Form 8949 for direct e-filing with the IRS, check the box Create Form8949.pdf attachment for e-filing. When you run the report TradeLog will generate this PDF - which does not include the Schedule D summary page normally generated for your convenience. Click here for more details about this feature.
     
    3. For 2014 tax year onward the only option is to Include Statement Explaining Differences and Adjustments Between Form 8949 and 1099-B. To learn more about this option click here.
     
    Note: the check box There Are Other Errors On My 1099-B is available when the Statement Explaining Differences option is selected. Click here to learn more about this check box.
     
    (For 2011- 2013 tax years the option to Include Adjustment Line to Reconcile Differences with 1099-B is available. To learn more about this option click here.)
     
    4. Click Run Rpt to generate the 8949 report.
     
  • Now that the report has been generated there will be five options available to you.
     
    - Print the report - This will allow you to print the report to be manually attached to the Schedule D and mailed to the IRS or given to your accountant.
     
    - Copy the report - This will allow you to copy the data on the report and paste it into other popular software (ex. Microsoft Word, Microsoft Excel, Notepad, etc.).
     
    - PDF - This will generate an Adobe PDF of the report that may be used to e-mail to your accountant, or saved for your personal records. 
     
    - TurboTax® - This will generate a txf file which can be used to file with TurboTax®, TaxCut, etc.
     
    - TaxAct® -  This will generate a CSV file specifically for TaxACT®
     
     
Notice: Some users may need to make adjustments to properly report trades in category A, B, C, D, E, or F. See our instructions for Adjusting Form 8949 Code for more details.
 
Please proceed to the next step, File Your Taxes