Are you trying to get a head start on taxes? Well, good job outta you! Please return back to your software on Thursday, Feb. 21, 2019. New instructions will be posted shortly thereafter.
***NEW INSTRUCTIONS WILL POST WHEN DATA BECOMES AVAILABLE***
Now that tax season is here, let's put your computer to work. If an H&R Block Tax Software user, then you can import your tastyworks transaction data to prepare your taxes. Please follow the illustrated instructions below, but before you get started, make sure that your software is up-to-date. Typically, the software will check for updates on startup, but you can also update it manually, as illustrated below. HR1
*Please Note: Importing tastyworks data requires the Deluxe version of H&R Block or better.
Importing Securities Data
Once your H&R Block Tax Software has fired up, proceed to the Federal tab and click Income. Afterward, the software will ask Where do you want to go? You’ll see a list of income sources — select Sale of Stocks, Bonds, Mutual Funds, and Other Securities (1099-B) and click Go To.
After clicking Go To, click the Import 1099-B button. After clicking, a window will pop-up and the software will connect to the internet to retrieve brokerage information.
Next, the software will retrieve a list of financial institutions. Please search for tastyworks, then click to highlight and click Import. The software will retrieve login information.
After selecting tastyworks, the H&R Block tax software will retrieve our login information so you can enter your tastyworks username and password. Please give it a moment to retrieve. Also, may want to make sure that your computer is connected to the internet.
After selecting tastyworks, enter your tastyworks account number (for example, 5UT12345) and social security number/TIN (without dashes). Then click Continue. To locate your account number, please log in to your account at tastyworks.com or click here. Your account number is listed in the blue Account Status area.
The password for entity accounts is the Tax Identification Number (TIN) associated with the account. Additionally, for a joint account, the password is the SSN of the person who initially started the joint account application.
After entering your tastyworks account credentials and Tax ID, the software will begin importing your data. The amount of time it will take to import is dependent upon the number of trades you made during 2018.
After your import is complete, you will have a chance to review all your transactions. Please review before clicking close on the bottom right-hand corner.
After reviewing and clicking Close, you can complete this step by clicking “FINISHED” on the bottom right-hand corner of the software. You will be prompted one more time to verify your information.
Section 1256 Contracts: Cash-settled Index Options & Futures
Before you pat yourself on the back and relax, you may want to check and see if you traded any cash-settled index options or futures (Section 1256 Contracts). In other words, if you see a Regulated Futures Contracts section in the 1099-B Totals Summary or received a Substitute 1099-B from trading futures, then you need to this to continue. If this applies to you, then you have one more step.
Now, it’s time to enter the profit/loss from Section 1256 Contracts. Return to the Income section of the Federal tab. Locate and click Go To for Section 1256 Contracts and Straddles.
Here, you can access Form 6781 to enter your profit or loss from Section 1256 contracts. Click “Whole Form” to enter your total profit or loss from trading these contracts.