Comments on: Tax Season – How To Properly Import Trades From Scottrade And InteractiveBrokers

By: ran

ran — Mon, 25 Apr 2011 05:57:35 +0000

By: Nathan

Nathan — Mon, 18 Apr 2011 00:01:03 +0000

Thanks for the txf tip for turbotax. Worked like a charm.

By: csb1237

csb1237 — Mon, 21 Mar 2011 15:26:38 +0000

For 2010 taxes, the TXF from Scottrade is not read by the TaxCut software. It basically says that the TXF file does not have the right data in it. Any ideas as to what to do to remedy this problem?

By: Arno

Arno — Sun, 13 Feb 2011 19:51:00 +0000

I used import from turbo tsx and scottrade did not show my sales. it shows just purchase and I end up to pay $44000 for my purchases. Thanks my friend who showed me how to do it manually and it is safer. It takes more time but it is very accurate.

Thnaks

By: jakeonfire

jakeonfire — Wed, 04 Aug 2010 06:13:00 +0000

also, seems a bit early for a preview if you only have some stocks from NYSE and NASDAQ. decent ui design, but the menu is clumsy. in the defense of the site, it may have good analysis tools (especially for tax related consequences), i just did't have the patience to find out.

By: jakeonfire

jakeonfire — Wed, 04 Aug 2010 06:03:15 +0000

it feels very much like the kind of site that will start charging once the "preview" is over, even for accounts created during the preview. i would love to be wrong, but i doubt i am.

By: garyf

garyf — Tue, 03 Aug 2010 18:44:45 +0000

No cost alternative to Gainskeeper just launched at

http://www.realized-app.com/

In addition to Schedule D-1, also provides active support for tax loss harvesting

By: jakeonfire

jakeonfire — Tue, 06 Apr 2010 05:29:33 +0000

It might not list IB as an import option, but .txf is (supposed to be) a standard, so you can select GainsKeeper txf or Quicken txf and it *should* work the same.

By: jdiaz

jdiaz — Mon, 05 Apr 2010 00:32:58 +0000

Keith,

I am using the Online Turbo Tax version but IB is not under their list of Financial Institutions. As a result, Turbo Tax doesn't allow me to import the IB .txf file. The other efficient option Turbo Tax allows is using Quicken, otherwise I'll have to manually enter all my trades (hundreds of them) and I definitely don't want to do that. Is this one to the reasons why you used the Desktop and not the Online version of Turbo Tax. Thank you very much for your help.

By: jakeonfire

jakeonfire — Tue, 09 Mar 2010 08:15:30 +0000

define "supported"… did it import perfectly? no. was it super easy to fix and was all the math complete? yes.

By: sbobet

sbobet — Tue, 09 Mar 2010 07:25:32 +0000

I think wash sales are not supported by either program the replacement shares already had the correct adjusted numbers.

By: Ashley

Ashley — Sun, 07 Mar 2010 23:48:47 +0000

Thanks for the great tips! I used to use GainsKeeper which charges a hefty fee. I decided to give those less-known but much cheaper wash sales calculator a try. I tried out iScheduleD from txf-express.com and I must say the customer service is great! First there was some discrepancy between the numbers iScheduleD and GainsKeeper report. I contacted the customer service and they got back to me in a few hours and helped me solve the discrepancy. At a fraction of the price of GainsKeeper, it is a very good deal.

By: keith

keith — Wed, 03 Mar 2010 13:57:08 +0000

I just imported IB trades from .txf straight into turbo tax desktop. Got alot of questions on the blank boxes that IB leaves for wash sales and such. I enetered in zero for all of them and everything seems to be on the up and up. MY total gains were correct so I guess( and hope ) im good to go. Hope this helps someone somehow.

By: jakeonfire

jakeonfire — Wed, 03 Mar 2010 09:26:41 +0000

I just finished my taxes with H&R Block At Home Pro (formerly TaxCut). exported gain/loss summary from Interactive Brokers in TXF format; imported TXF info into H&R Block; click continue on the scary-looking confirmation screen including every "row", all numbers and items were perfect except for wash sales and expired options. wash sales had an extra line item for the wash sale adjustment so just had to delete the extra line and mark the original wash sale as such. the replacement shares already had the correct adjusted numbers. expired options just needed a "0" for the sale price. all-in-all relatively painless, and no extra software/tools needed.

By: keith

keith — Tue, 02 Mar 2010 19:19:13 +0000

If I download the current version will it work for me? I am using Interactive Brokers. I was going to download the software, but it talks about Interactive Brokers not having a .txf file when they actually do. Please help me. Thankx

By: keith

keith — Tue, 02 Mar 2010 19:10:10 +0000

This country's tax codes are ridiculous…and making a mistake on all this could send someone into bankruptcy…

Putting all that aside.. I just need someone to tell me what I have to do to get my IB trades into Turbotax. I have a plethora of wash sales. And I just want the simplest solution at whatever cost.

By: Tom

Tom — Thu, 25 Feb 2010 07:36:11 +0000

UPDATE: I worked with Jeff Harrison some more over at Investotek.com with his nifty little $5 ConvertExcel2TXF macro. We finally got it to convert the IB data and upload the Schedule D-1 error free into TurboTax. He is a great resource. Very responsive and helpful.

I did consider SimplyTrack and would have chosen that solution if I had truly needed it. I downloaded the app and ran a test with my 282 transactions. It was lightning fast. Unfortunately you cannot generate a pro-forma Schedule D-1 without buying the software (still a pretty good deal at $50).

Luckily for me, all of my wash sales were moot because I did not trade in January 2010 and I closed all my positions in December.

By: Geena

Geena — Thu, 25 Feb 2010 07:16:31 +0000

I have the same problem of wash sales. I know nothing about Simplytrack. But I did find another tool called iScheduleD (http://www.txf-express.com/software/ischeduled_portfolio_manager.html) which handles my wash sales pretty well. It is also much cheaper (~$20) than Simply track. I don't know how well iScheduleD copes with massive wash sales (I don't have many). But I guess you can try the free demo to find out.

By: Tom

Tom — Sat, 20 Feb 2010 08:53:26 +0000

I am faced with a massive wash sales this 2009 tax year. I tried to import the IB Gain/Loss Worksheet TXF directly into TurboTax, but too many errors. I tried the Convert2Excel macro (worked great last year) and Jeff even revised it for me for this year's unique IB format (includes a new Wash Sales Adj line)…but TurboTax pukes on it.

It looks like I will be forced to buy either Gainskeeper or SimplyTrack. I have no idea how well SimplyTrack works but I'm amazed at its low price ($50) compared to GainsKeeper ($149/1,000 for transactions/annual subscription).

Anyone else using SimplyTrack? Good/bad?

P.S. New tougher IRS regs effective in 2010 will require brokerages to report the COST BASIS as well as SALES PROCEEDS of all your brokerage transactions.

More here: http://accountant.intuit.com/practice_resources/articles/tax/article.aspx?file=tmdd_StockSales

By: Koby

Koby — Tue, 15 Dec 2009 00:08:03 +0000

The converter is really cool (and cheap). Thanks for blogging about it. For filing next year's taxes, take a look at http://www.tax-compare.com We compare 4 top companies of online tax software with the plans they offer.