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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: kaz who wrote (1980)	3/14/1999 9:42:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

Schedules C and D. Do I enter all trading information on both forms? Doing so has given me a higher income than I actually had since the program (TurboTax) doesn't understand that my Schedule C income is the same as my Schedule D. Paul, there are different rules for different taxpayers! Are you an investor or a Trader? I think you are saying you're a trader. If so when did you become a trader status taxpayer? If so when did you elect (or plan to elect) Mark-to-Market? Depending on your situation per the above questions the answers are all different! NO tax prep program is geared to automatically handle a Trader's MTM tax return. The concept was only just passed by Congress in 1997 and it is too new for the programs to handle it, there are FEW rules or guidance to assist a software writer on what to program. Using Turbo Tax doing your own return, you should be able to trick it into printing out anything, to save you the trouble of filing out forms by hand. Doing the return BEFORE March 18th will make a MTM election significantly easier. Starting March 18th, they are making taxpayers "work" to make a valid election. NOTE the special June 16, 1999 date that might help bail last minute taxpayers out. That date is discussed at the bottom of this web site page: traderstatus.com Good Luck! Colin