The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/is-there-a-format-similar-to-txf-that-i-can-use-30616052.aspx

Subject:  Re: import 1256 trades into H&RB? Date:  3/31/2013  8:40 PM
Author:  Wradical Number:  118236 of 121219

Is there a format similar to TXF that I can use in order to import these trades into Form 6781?

What I do is print out an Excel summary of the option trades (one line per trade, showing mark-to-market gain/loss), label as "Attachment x - Index Options; Section 1256 - Supporting Details", and as one entry in the 6781 point to that attachment in the Description box and put the total gain/loss shown at the bottom of the Excel summary.

This approach (both for this and my summaries of stock trades) leads me to file on paper, so I can attach a printout of the Excel attachments to my paper return. (FYI: Although it probably doesn't matter, I don't use H&RB, but Turbo Tax.)

I offer this not so much as advice, but more to see if someone thinks this could cause me problems.

==========================================
No, there should be no problems at all. But there are at least a couple of approaches by which you could still e-file:

1. Enter the single-line summary, referencing the schedule printed out, just as you have done. And then e-file the return, and send the printout to IRS on paper with a Form 8453 transmittal. If your software doesn't produce Form 8453, get it from IRS.gov

If your software does permit, you could:
2. Import the Excel data directly into the capital gain/loss input worksheet.

3. Attach the printout as a PDF file to the e-filed data file transmitted.

Bill
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us