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Sole Proprietorship Stock Trades

Forum|Forum|3 years ago
February 5, 2023
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I have already filed the Mark to Market form last year with IRS. So I just need to import my trades into Turbotax from the Brokerage.

How do I do that? They should not be going into Schedule D, since I need the full write off, not limited by 3K.

They are supposed to be on the sole proprietorship business side.

Business section of TT does not have a brokerage stock trades import feature. What is the full proper TT procedure to get these entered correctly? Thanks in advance.

TurboTax Home & Biz Windows

Best answer by Anonymous_

Follow the instructions for Form 4797 reporting at the link below.

https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e1984

TurboTax cannot import transactions that will be reported on Form 4797.

A

Anonymous_Answer

Follow the instructions for Form 4797 reporting at the link below.

https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e1984

TurboTax cannot import transactions that will be reported on Form 4797.

L

lionking222Author

I guess the question then is can I just use the summary totals for form 4797? Or do I need to show all the trades?

There is no way to enter all the trades manually (thousands). Since TT cannot import the trades. How would I use TT to file electronically?

A

Anonymous_

See https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e1984

Report on line 10 all gains and losses from sales and dispositions of securities or commodities held in connection with your trading business, including gains and losses from marking to market securities and commodities held at the end of the tax year. Attach to your tax return a statement, using the same format as line 10, showing the details of each transaction. Separately show and identify securities or commodities held and marked to market at the end of the year. On line 10, enter “Trader—see attached” in column (a) and the totals from the statement in columns (d), (f), and (g). Also, see the instructions for line 1, earlier.