by Anura Guruge
on February 13, 2022
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.
So, now I just use the IRS.gov PDF forms online. SMILE.
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.