May 14, 2012 (Newswire.com) - Track Your Trades Co. has released version 2011.4 of its leading IRS Schedule D software, Track Your Trades (TYT). The new version allows investors and traders to generate the newly revised IRS Schedule D (Capital Gains and Losses) and its associated Form 8949, consistent with changes made by the IRS for tax year 2011.
Of special interest to late tax filers, TYT users can also generate IRS Schedule D for prior tax years, as far back as 2005. The company considers this feature to be unique, in that most tax software products are limited to the current tax year.
The La Jolla, California company's product also generates Form 4797, a Mark-to-Market tax form increasingly used by active traders as an alternative to the more complex Schedule D.
In addition, the product contains numerous reports, utilities, and tools for accurately managing your stock, option, and mutual fund trades.
Version 2011.4 also provides improved support for importing trades from TD Ameritrade, Scottrade, E*Trade, Fidelity, Schwab, Interactive Brokers, Wells Fargo, OptionsHouse, and most other brokerages.
Wash sale reporting is automatically included in the Schedule D report. However, you have the opportunity to turn it off if you choose to not display wash sales.
Likewise, option trades are included, but you can suppress them via a filter. Schedule D and Form 8949 can be viewed or printed at your convenience, or exported to tax software products such as TurboTax, H and R Block At Home, TaxAct, etc.
The company notes that ordinary investors and traders can incorporate strategic tax selling via TYT's What-if Wizard, a practical tool for finding tax-loss candidates in your portfolio. The tool helps users plan their income tax return so they can potentially lower or avoid capital gains taxes.