CNET Editors' review
High-quality tax tools don't always come with high prices. Moose-Tech's Schedule D Tax Tool is a standalone tool for generating IRS Schedule D tax data in TXF files that can be imported into major tax preparation software. It can import XLS data and match individual transactions. It doesn't prepare your taxes for you, but it does simplify the process of entering your tax data, which frees you up to focus on more important parts of the whole taxpaying experience.
Schedule D Tax Tool's compact Main Menu offers a gentle reminder to have your personal data ready: "Do you know where your Schedule D is?" Accordingly, we opened the Preparation source file checklist prior to running the Schedule D Wizard, the next step in the prep. The description says it all: "This wizard will walk you step-by-step through the process of generating Schedule D in the TXF file format." Since we were running the tool for the first time, we opted for system defaults instead of selections from a recent run and opened some example data, ExampleImportIndividual.xls file, a read-only file listing a variety of investment-related transactions like buy, sell, and cover, together with details. We configured our data layout options step by step, including selecting Type A, B, or C of Form 8949, and other selections related to columns, headers, and data. It sounds complex, and there's a lot of steps, but it's actually fairly easy ("way easy," compared to the manual method). In the end, Schedule D Tax Tool yielded two extremely useful files, ScheduleD.txf and ScheduleD.xls, ready for the accountant or our favorite tax or personal finance software. Of course, you need all the help you can get at tax time, and Schedule D Tax Tool's extensive Help file answers just about every question you might have about the tool, if not your taxes (that's your department).
Accurately entering your tax data is Step One to calculating the lowest possible tax bill on your investment gains. Schedule D Tax Tool promises to improve the accuracy, efficiency, and security of the data entry process, and for less than 10 bucks.
Editors' note: This is a review of the trial version of Schedule D Tax Tool 1.5.2.
From Moose-Tech Software:
Schedule D Tax Tool is stand-alone desktop software that can dramatically reduce the effort required to complete the Schedule D federal income tax form, which is used for reporting capital gains. Schedule D Tax Tool makes it easy to get stock and options trade data into tax preparation software.
The Schedule D Wizard is very easy to use, and guides the user through the process of generating a TXF file. You can start with an XLS file of matched transactions, or let Schedule D Tax Tool match up your individual transactions for you. Schedule D Tax Tool can even process standard wash sales. The TXF file then imports directly into tax preparation software.
Active traders know all too well that preparation of Schedule D can be a tedious and lengthy process. Schedule D Tax Tool allows the taxpayer to shift focus to verification of data instead of manual entry. Schedule D Tax Tool makes the federal capital gains tax preparation process more efficient, more accurate, and more secure.
What's new in this version: Version 1.5.2 may include unspecified updates, enhancements, or bug fixes.
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All versions:3.5 stars
out of 2 votes
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"Awesome invention! This tool makes Tax Time easier!"
Version: Schedule D Tax Tool 1.0.1
I like what it does - prevents me from hours of data entry of numbers into TurboTax.
I love the customer service via the forum ... especially being a newbie with the SDTT.
It would be nice if the program could tell me WHY an Excel spread can't convert to a .txf. The spreadsheet must be perfect - I understand, but finding an error in hundreds of rows of data can be torture. Make it tell me what / where the error is.
"Better User Support Needed"
Version: Schedule D Tax Tool 1.1
I used the evaluation copy and found the program easy to use. It generated a file that I successfully imported into TurboTax.
The examples given could be misleading. Buy price and sell price usually mean price per share. Net acquisition cost and Net proceeds would be better descriptions of the headings. Navigating Customer Support is challenging. I submitted a question about how short sales were handled. I am not certain that the question reach the programmer. He uses a message board for communication and should publish an email address instead.
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