Ran into this problem again with my daughter’s return. Yes, we trade stock options on her account. SMILE. Come on. It is like printing money. Why wouldn’t you trade, if you can.
I will readily admit that NEGATIVE ‘Total Proceeds’ is esoteric & unusual BUT it happens as I have been moaning about for the last 4 years. Yes, it is counter-intuitive. I will readily grant you that. Yes, it basically says you sold some investment instruments at a negative value. So, how does that happen. This mostly happens with option trading. When you option loses money & then it expires or is bought at a loss.
I confess, often, to being addicted to option trading. That the proceeds are NEGATIVE does NOT mean we are losing money. SMILE. SMILE again. Most times getting a negative return is good — you make some money & get a tax break. SMILE. What can I say. It is all legal.
Free File Fillable Forms might not work for you. Be careful.
I will readily admit that NEGATIVE ‘Total Proceeds’ is esoteric & unusual BUT it happens as I have been moaning about for the last 3 years. Yes, it is counter-intuitive. I will readily grant you that. Yes, it basically says you sold some investment instruments at a negative value. So, how does that happen. This mostly happens with option trading. When you option looses money & then it expires or is bought at a loss.
I confess, often, to being addicted to option trading. Other than red wine, sex & walking it is my ONLY addiction. As addictions go, this is NOT bad. The option trading HANDILY covers the red wine & more. SMILE. That the proceeds are NEGATIVE does NOT mean I am losing money. SMILE. SMILE again. Most times getting a negative return is good — you make some money & get a tax break. SMILE. What can I say. It is all legal. Some may say it is complicated, but it is second nature to I. I average at least one option trade a day — on the days the markets are open. SMILE. What can I say. I said I was addicted. It also pays for my red wine & … & … & … SMILE.
Well, it is true that most people in my situation do NOT bother with the FREE File Fillable Forms. They will use an account or a paid service.
The paid services, i.e., TurboTax, H&R Block etc., are a pain to use! They ask so, so, so many questions.
Yes, as with options I know my way around IRS forms. SMILE.
I don’t need handholding. I know where to put what. IF it can do some sums for me, so much the better.
That is why I used to like Free File Fillable Forms.
However, I have not been able to use it for the last 3 years.
Like I said, I do know my way around & I have access to both Excel & a calculator. What more do I need.
This year, I fashioned an Excel spreadsheet to work out my Capital Gains taxes. I first did it by hand & then used the spreadsheet to check my math. Glad I did so. Found one mistake smile.
So, just a HEADS UP.
Free File Fillable Forms might not work for you. Be careful.