Tax Questions

[Double E]

I am happy to report that this year Scottrade automatically imports to Turbotax. Took me about one minute for the whole process (hundreds of trades) VS hours last year doing it manually!

EE

[was pennytrader]

I just started my taxes, when they ask you to import your stock sales etc. from financial institution, select Gainskeeper from the drop down menu. It will then import them.

Your username is xxxxx@amtd
password is the same as your Ameritrade account if you use Ameritrade.

Worked like a charm for me. Let me know what you come up with.

[birdshot]

yea this is what i was going off of penny and no luck. it tries to import but the results are filled with errors. worked like a charm last year though! thanks for the response and i'll post here if i get this resolved.

[was pennytrader]

Here is a copy of a post from last year that worked for me with Ameritrade. I have not done my taxes yet this year, so I am not sure if it may have changed.


Posted by: pennytrader
In reply to: db7 who wrote msg# 177 Date:2/18/2007 12:10:39 PM
Post #of 203

Yeah, I used Turbo Tax premier investments. I also have Ameritrade. Turbo tax does not give you a whole lot of help on how to do it, you have to go in Ameritrade-portfolio & accounts-history & statements-taxcenter. Then click on the link in this wording.

"Schedule D
Easily enter year-end gain/loss calculation and reporting by downloading your and importing your year-end information into this gain/loss tracking tool."


Enter the date range that you wish to import, and click run to fix any errors. Then you will see a screen like this.


Export your Schedule D to TurboTax using OFX
Follow the steps below to import your Schedule D information.
Review the Check-Up section to insure that your trading activity is up to date and accurate at GainsKeeper.

TurboTax will prompt you to import your Form 1099-B data during the interview process. When TurboTax shows you a list of financial institutions that support OFX import, select GainsKeeper and proceed to the next screen.

TurboTax will ask you to enter information to verify that you are importing the correct data. Please enter your TD AMERITRADE username and password and append "@amtd" to your username. For example, if your username is "joetrader" you should enter "joetrader@amtd".
Note: This service is not available for users that have more than one TD AMERITRADE account associated with their username.


Follow the on-screen instructions in the TurboTax Interview to complete the import of your Schedule D information.
The 2006 version of TurboTax Online supports up to 500 sells of stock, bonds, options, or mutual funds. The desktop version of TurboTax should be used if you have more than 500 sells.



Then woolaa! Your Schedule D is completely finished including all wash sales and everything. Took me about 6 hours to figure that out, and about 5 minutes to actually do it LOL. They did not give very good instructions on how to get to the link you need at Ameritrade.


If you don't have Ameritrade, I'm sure the other brokers are set up somewhat similar. If I can be of any more help, just send a reply. GL!

EDIT-I did my taxes about 2 weeks ago, but I just went throught it on Ameritrades website to jog my memory there. That should get you headed in the right direction at the very least. :)


Disclaimer: I am not a licensed tax accounting guy or anything. Consult with a licensed tax advisor for your tax needs.

[birdshot]

Pennytrader or anyone else using turbotax attempting to import their data from TDameritrade. Has anyone successfully imported their 1099? I'm using this same method as last year but the import is not working correctly. I have over 200 trades from '07 and really don't want to enter this info. manually! Thanks in advance.

[PDC ™]

good luck.

[Double E]

The website says it does. I am going to try that.

Thank you

EE

[PDC ™]

no i do not believe it actually imports to turbotax

[Double E]

PDC,
Thanks for that. Checking it out now.

Have you used it to import into Turbotax or something similar?

EE

[PDC ™]

i use tradekeeper to process my trades into a schedule D. The program is user friendly and inexpensive.

[Double E]

Last year I used Turbotax software (premier), and when entering the penny transactions I found that the box where I enter the number of shares would only accept up to 5 digits. Their tech assistance advised me to buy their $800 professional program. I wound up breaking those trades that were to big down into segments.

Has anyone else had this problem? Any suggestions for this year?

EE

[KRUNK STOXXX]

HEY QUESTION ABOUT WASH SALES:

IN TERMS OF THIS SCENARIO:

TRADE 1: BUY STOCK X AND SELL IT FOR SMALL LOSS

TRADE 2: NEXT DAY BUY STOCK X AND SELL IT FOR SMALL GAIN

TRADE 3: NEXT DAY BUY STOCK X AND SELL IT FOR HUGE LOSS

ASSUMING I DONT REBUY STOCK X AFTER SELLING IT FOR THE HUGE LOSS, CAN THIS HUGE LOSS BE TAX DEDUCTABLE OR IS IT NOT, BECAUSE OF THE WASH SALE RULE

???? THANKYOU

[Mr. Shagala]

Well, I emailed the software's tax support team and this was their response:

Dear Subscriber,

Since you have to pay tax on the capital gains in New York also, this causes your refund to be less then if you did not have capital gains. The New York tax rate is different from the federal tax rate so that is why the tax amount is different.

Thank you for your interest in our tax product!

Sincerely,
Tax Support

Now I just have to find out how does New York State tax capital gains, and I have a feeling its much more than 15%.

[PDC ™]

That is very odd. Very. Makes no sense that the state would drop. Good luck on that. no idea. If its Turbo Tax or something though I would suspect its right and the calculations are guarenteed but who knows...

[Mr. Shagala]

You're absolutely correct, it is taxed at the AGI rate.

This is why I'm asking. Yesterday, while using tax software, I plugged in what my refund would be if I had no stock sales in 2006. BTW, my tax bracket is 15% and I'm in New York.

Without Capital Gains:

Federal Refund : $400 and State Refund : $1460


Capital Gains of only $4416.

Federal : $260 (I owe) and State Refund : $1037

According to an online Capital Gains calculator I used, my Federal tax should be $662 (which explains why my refund went from $400 to minus $260). What I can't understand is why my State refund dropped so drastically.

[PDC ™]

Capital Gains (held less than 1 year) are taxed at 25% rate?

--- well they should be taxes at the rate that you AGI (adjusted gross income) is at I beleive.

[Mr. Shagala]

I got done by 6pm Sunday. It took about 3 hours (only because I kept checking my entries for accuracy).

BTW, I justed wanted to know, Capital Gains (held less than 1 year) are taxed at 25% rate?

[PDC ™]

congrats. got done yesterday at around 2 p.m. :)

[been there]

Schehzada.. didn't use any software. and decided (just before year end) to get rid of many "bag holder" types (to balance out gains ; now I've got tax loss carry forward for the next 99 years) that had held for as many as four years (some had changed name several times ; some had more than one R/S etc.).

After much stumbling, discovered that my brokers had all the data of my entire life for the past five years LOL. Can't hide from the IRS with brokers like that... so spent the hours and (first time have used this) wheeeee, it done.

AND THIS BOARD AIDED THE CAUSE!!

[Mr. Shagala]

Well I just did mine tonight. I used a proprietary software that a friend gave me, then checked it with TurboTax, and it matched.

What messed me up was my capital gains.

[been there]

Well Shehzada.. THIS BOARD rreally helps me. Finished about 5 days ago ; so diorganized.. must have spent 20 hours on fed/state. I think can have next year done by 5 Jan. lol.

Many thanks to PDC for setting this up.

[Mr. Shagala]

I guess everyone here filed their taxes early.......its been a while since the last post.

[was pennytrader]

You don't need to download anything. You should be able to click "import 1099b" on turbo tax, and then it will ask you for your Ameritrade log-in id to use for gainskeeper. ie:For example, if your username is "joetrader" you should enter "joetrader@amtd".


There should be a list of clients in a drop box on turbo tax when you click import a 1099b. Select Gainskeeper, not Ameritrade.

That thing about the OFX was just a copy/paste from the Ameritrade page to show you the screen where the instructions are for turbo tax.

Hope this helps.

I am not a lisenced tax professional yada yada.

[atout]

I have used TaxCut and Gainseeker for a few years now without problems. One thing I noticed is that if you shorted a stock and had to pay dividends, they are not added to the cost basis of the stock bought to close the position not held for at least 46 days. So I add these manually on the schedule D directly in TaxCut.

[MWM]

I have made the PDF from gainskeeper, are you saying that I then download OFX and upload my PDF to it...

Also any fulltime traders out there, how do you claim yourself, unemployed or home business or whats best?

[was pennytrader]

A link here...

http://www.ofx.net/ofx/ab_main.asp

[Zorro]

What is OFX? TIA.

[was pennytrader]

Just thought of something, If you have statefarm insurance, you can access turbo tax through thier site, and it [premier investments] will only cost you $20 instead of the $80 or whatever. Even if you already started your taxes, you just log in through thier provided link. Takes only a few minutes to set up your online account with state farm.

No problem with the help. I'm glad I could save someone some time. :)

[db7]

penny i do use ameri.. thanks alot!!!! great information that is truly appreciated!!!

[was pennytrader]

Yeah, I used Turbo Tax premier investments. I also have Ameritrade. Turbo tax does not give you a whole lot of help on how to do it, you have to go in Ameritrade-portfolio & accounts-history & statements-taxcenter. Then click on the link in this wording.

"Schedule D
Easily enter year-end gain/loss calculation and reporting by downloading your and importing your year-end information into this gain/loss tracking tool."


Enter the date range that you wish to import, and click run to fix any errors. Then you will see a screen like this.


Export your Schedule D to TurboTax using OFX
Follow the steps below to import your Schedule D information.
Review the Check-Up section to insure that your trading activity is up to date and accurate at GainsKeeper.

TurboTax will prompt you to import your Form 1099-B data during the interview process. When TurboTax shows you a list of financial institutions that support OFX import, select GainsKeeper and proceed to the next screen.

TurboTax will ask you to enter information to verify that you are importing the correct data. Please enter your TD AMERITRADE username and password and append "@amtd" to your username. For example, if your username is "joetrader" you should enter "joetrader@amtd".
Note: This service is not available for users that have more than one TD AMERITRADE account associated with their username.


Follow the on-screen instructions in the TurboTax Interview to complete the import of your Schedule D information.
The 2006 version of TurboTax Online supports up to 500 sells of stock, bonds, options, or mutual funds. The desktop version of TurboTax should be used if you have more than 500 sells.



Then woolaa! Your Schedule D is completely finished including all wash sales and everything. Took me about 6 hours to figure that out, and about 5 minutes to actually do it LOL. They did not give very good instructions on how to get to the link you need at Ameritrade.


If you don't have Ameritrade, I'm sure the other brokers are set up somewhat similar. If I can be of any more help, just send a reply. GL!

EDIT-I did my taxes about 2 weeks ago, but I just went throught it on Ameritrades website to jog my memory there. That should get you headed in the right direction at the very least. :)


Disclaimer: I am not a licensed tax accounting guy or anything. Consult with a licensed tax advisor for your tax needs.

[db7]

Can you use TurboTax Online with Gainskeeper import? With TurboTax Version? Premier?


I always use H&R Block online but i'm sick of doing my schedule d by hand.. it takes me days lol

Thanks!


-Brian

[Garden Rose]

I am holding a stock, let's call it DISP for more than 2 years and it qualifies for long term cap loss if I sell NOW. My question, if I sell now for a loss and buy ABCD company and double my money in 30 days or less and rebuy DISP, at about the same price as I sold it (for a loss but I don't want to take the loss), when I rebuy it within 30 days do I still hold it as a long term capital asset or a short term capital asset at that time???and if I sell at a profit will it be long term cap gain or short term capital gain?

[was pennytrader]

Thanks for the info. Much appreciated.

[cintrix]

If they are stock dividends and you didn't sell them you don't need to report them.

[was pennytrader]

They were stock dividends, and I have not sold them. They still don't have a ticker symbol.

[PDC ™]

tried it for etrade and the sobs had no cost basis for crap.

[cintrix]

What type of divy were they - cash or stock dividends? If they were stock dividends and you haven't sold them you don't have to report them, but ask Steve - he's an expert on these things:
http://www.investorshub.com/boards/board.asp?board_id=4597

[was pennytrader]

Just general advice, if your broker has the ability to import/export realized capital gains & losses to your tax program, it makes life a lot better. It takes about 2 minutes, and does not require you to enter any data.

[was pennytrader]

I am using turbo tax, I imported info from ameritrade/gainskeeper. I was not sure what to do about those 2 divi's since they are flagged as errors. I'll call Ameritrade Monday and see if I can get an answer from them, but you know how that goes LOL.

[PDC ™]

ahh ok. thanks. remember that now. to much crap to keep track of.

[tgnitro]

Thanks for the reply. I decided to go with Scottrade's Gain keeper which assume FIFO method.
As to the wash sale rule, you cannot buy and sell stock for a loss in the span of 30 days.

Ex. buy 100 shares on 03/01/06 for $500
sold 100 shares on 03/30/06 for $200
realized gain = ($300) recognized = ($0)

Scottrade recognizes those automatically and posts washsale adj. by each of the entries.

Hope this helps.

[PDC ™]

As far as the cost basis turbo tax asks how you wish to calculate it and I believe you just have to do so the same way for followign tax years

I am unclear of the wash sale rules. If you find out please post

I am not a licensed tax advisor.

[PDC ™]

I BELIEVE only gains would be taxed so you SHOULD have no liability on those divvys. Are you using a tax program ?

I am not a licensed tax advisor.

[was pennytrader]

PDC, Question about spin-offs/dividends...

I have 2 (most likely garbage) dividends from a couple penny stocks this year. I have a cusip #, but there is not a ticker symbol or any value associated with them yet. I did a search, and they came up blank. This is the data, including the amount of shares I have. Any suggestions? TIA


# CUSIP Symbol QTY Discrepancy
1 98400C996 -350
2 96756P991 -1698

[tgnitro]

FORM 1099B Question:

I received form 1099B from Scottrade and it only shows total sells, and a worksheet with all transactions. How would I go about calculating the gain?

- Does FIFO, LIFO, or Average Cost apply, and if so do I get to choose which one I'm using?
- Does the wash sale rule apply if I buy stock, sell it, and rebuy for the total cash I got from the sale, all within 1 month?

Thankjs in advance

[PDC ™]

ahh. I use tradeskeepr and dont think I have that option :(

[jackreagan]

found another way to do it...but there are still problems.

1. Go to import your investments page
2. Select "Gainskeeper" (not ameritrade)
3. Add the suffix "@amtd" to your user id
4. Proceed with import.

The problem for me though is turbotax doesn't support share purchases for more than 9,999,999.99 shares.

SHould work for anyone else though.

[jackreagan]

found another way to do it...but there are still problems.

1. Go to import your investments page
2. Select "Gainskeeper" (not ameritrade)
3. Add the suffix "

[PDC ™]

no you have to export it to a spreadsheet ... move some colums around and bring spreadheet into turbotax. I have not done so myself so cant explain what needs exactly done yet.

[jackreagan]

how do you import them into turbotax? i'm not seeing any option for that