Turbo Tax Ameritrade

Stock purchase on margin, tax question.?

So I’m doing my taxes, and I imported my 1099-B from TD Ameritrade into Turbo Tax. Most of the stock purchases I made last year were bought with margin. The problem I am having is that turbo tax / 1099-B seem to be treating these margin purchases like profit, and increasing my income by $50,000, when in actuality I didn’t profit nearly that much after the margin was paid back. Any idea what I am doing wrong that turbo tax is treating my margin balance like income?

Timothy Geithner allegedly had problems with Turbo Tax too.

http://blogs.wsj.com/wallet/2009/01/22/turbo-tax-and-timothy-geithners-tax-problems/

Your margin question is not the issue. Forget the margin question.

You just need to input your net purchase price and then your net proceeds. The difference is your gain or loss.

TD Ameritrade $66.91 High Quality Content by WIKIPEDIA articles TD Ameritrade is an online broker with over 6 million U.S. customers, and many more internationally, that has grown rapidly through acquisition, to become the 746thlargest US firm in 2008. TD AMERITRADE Holding Corporation (NASDAQ: AMTD) is the owner of TD AMERITRADE Inc.. Services offered include common and preferred stocks, ETFs, option trades, mutual funds, fixed income, margin lending, and cash management services.The preferred customers of Ameritrade, Apex clients make either fifteen trades per quarter or have an account balance of one hundred thousand dollars to qualify. Ameritrade Apex clients also receive leveltwo quotescope software. With level two they can see all stock orders placed by market makers in real time. Author: Surhone, Lambert M./ Timpledon, Miriam T./ Marseken, Susan F. Binding Type: Paperback Number of Pages: 76 Publication Date: 2010/05/19 Language: English Dimensions: 5.98 x 9.01 x 0.18 inches

Individual Taxation With Turbo Tax Premier $127.95 This book is in New – Excellent condition

Federal Tax Research (with RIA Checkpoint and Turbo Tax Business) $49.01 This book is in Used condition

Federal Taxation with Turbo Tax Basic and Turbo Tax Business by Pratt, James W. Kulsrud, William N. Edition ILL, 3 $9.99 The text emphasizes those areas of taxation generally accepted as essential to the education of those pursuing careers in taxation or tax-related fields and is intended for advanced topics in Federal taxation undergraduate or graduate accounting, business, or law students.

Federal Tax Research (with RIA Checkpoint and Turbo Tax Business) by Raabe, William A.; Whittenburg, Gerald E.; Sanders, Debra L. Edition ILL,REV, 7 $262.95 This market-leading tax research text takes a practical, hands-on approach that goes beyond a random sampling of tax research sources. Fully updated, FEDERAL TAX RESEARCH extensively covers computer-oriented research tools including CD-ROMs, the Internet and computerized databases. From its tax planning orientation to the real-life cases, this is one book that conveys a true understanding of the most important elements of the federal tax law.