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Financial Planning / Tax Strategies
|Subject: Re: import 1256 trades into H&RB?||Date: 3/31/2013 8:40 PM|
|Author: Wradical||Number: 118236 of 125423|
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.
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