Importing the G/L Report into TurboTax®

 
The Gains and Losses report may be imported into TurboTax® Desktop version, or any other tax program that accepts TXF File importing, for tax filing purposes.
 
  • TurboTax for the Web does not support imports from other accounting software
     
  • TurboTax Business Edition only accepts QuickBooks® imports, and not TXF files.
 
The TradeLog wash sale adjusted gains and losses must be exported in the TXF ("Tax eXchange Format") file.  This TXF file, the standard file format for exporting tax records into popular tax preparation software packages such as TurboTax® and TaxCut®, is then imported into TurboTax®.
 
  1. Run your TradeLog program and open the data file containing the trade data you wish to import into TurboTax®.  
     
  2. Click Reports, Gains & Losses; Tax Forms  
     
  3. Select the TXF File Export Report Type
     
  4. Click the Run Rpt button
     
  5. The Export Short-Term & Long-Term Gains to TXF File window will appear.  Type in the desired file name and hit the Save button.  This file will be saved in the default location c:\my_documents\tradelog\reports.
     
  6. Run the TurboTax® program.
     
  7. From the TurboTax® main menu, select File, Import from Accounting Software.
     
  8. Select the Other Financial Software (TXF) option.
       
  9. Click the Browse button.  Navigate to and select the appropriate TXF file in your computer.  The default location is  c:\my_documents\tradelog\reports.
     
  10. Once you have selected the appropriate TXF file for import, click the Continue button.
     
  11. Select the Tax Information checkbox and click Import Now.
     
  12. Click the Continue button when all records have been imported.
     
  13. Open the Schedule D form.  This form should contain data in both the short-term (Part I) and long-term (Part II) sections.  Please verify that the totals for both sections on the Schedule D match the totals on your TradeLog Gains and Losses report.
 
      Part I: Line 3: Total short-term sales price amounts.
      Line 7: Net short-term capital gain (or loss).
 
      Part II:
      Line 10: Total long-term sales price amounts.
      Line 15: Net long-term capital gain (or loss).
 
IMPORTANT: We have been getting more and more feedback from our users about TurboTax®'s inability to properly handle wash sales or large volumes of trades.  The latest problem deals with wash sales that are both for long-term as well as short-term not showing up in the proper part I or part II of the schedule d. This is NOT due to our TXF file output, but the problem is within TurboTax and there is NO workaround for this!
 
There is NO provision in TurboTax®, as well as most other popular tax software, to import your trades into Form 4797 if you have elected Mark to Market. Therefore if you have elected MTM you will have to print the TradeLog Form 4797 attachment and file by mail.
 
See our FAQ on Filing your Taxes