Common e-File Problems

Negative Cost Basis - The IRS will not allow negative cost basis adjustment lines to be entered into popular tax software for e-filing. Please review your TradeLog 8949 report, Box A and Box D Covered Securities, to see if you have a negative cost basis adjustment.

Recalculating Wash Sale Adjustments - Some tax software can not process trades correctly when there are multiple wash sale adjustments in one or more securities. This is common with active traders so we strongly recommend checking report totals when importing data in a third party software. If the totals are skewed you will need to correct the problem.

Record Limits -  All popular tax software has a record or line item limit. This includes all trades including partial fills sold and wash sale adjustment lines. Also, the closer a trader gets to exceeding this limit, the more difficult it is for the software to process trades correctly. This has caused some vendors to provide an estimate rather than a specific record limit.

Software Versions - Certain features can only be accessed if the right edition of software is purchased. Make sure the edition of the software you are using allows you to generate necessary reporting for investment income. Basic editions typically do not.

Sales/Proceeds Limit - To our knowledge only TurboTax® has a $9,999,999 sales limit. If users exceed this amount, they cannot e-file using TurboTax® (or you can split up the amounts to keep under this limitation).