Entering day-trader transactions per IRS Publication 550 in Lacerte

Input the following required information in the following fields on Screen 17.1, Dispositions (Schedule D, 4797, etc.): 

1. Navigate to the section Dispositions (Schedule D, 4797, etc)
2. Enter Description of Property (Code 800)
3. Enter Date acquired (negative date - various) (Code 25)
4. Enter Date Sold (negative - various) (Code 26)
5. Enter '1' in the field 1= short term, 2= long term (O) (Code 51)
6. Check the box- Securities trader transactions (Code 48)
7. Enter the Sales Price (Code 27)
8. Enter Cost or other Basis (Do not reduce by Deprecation) (Code 29)
9. If you only have the loss amount enter it in Cost or basis and do not enter a Sales Price
10. If you only have the gain amount enter it in the Sales Price and do not enter a Cost or basis
11. Scroll down to the Form 4797 section.
12. Enter '-1' in the field Deprecation allowed (-1 if none, triggers 4797) (Code 30)

Per IRS Publication 550, a Mark-to-market election for traders must be made also:

1. Navigate to Screen 46, Elections
2. In the Elections section, click on the Misc. Elections box.
3. Scroll to the bottom of the screen and check the box Mark-to-Market election for traders [475(f)] (Code 12)
4. Enter the trade or business in the field Trade or business for which election is made (Code 13)

To record the day trader income as Self-employment income without doubling up SE income on the Schedule C:

1. Navigate to Screen 45.1 Self Employment Tax (Schedule SE).
2. Scroll down to the Self-Employment Tax (Schedule SE) section.
3. In the subsection Nonfarm, enter the income amount in the field Net Income[A] (Codes 3 for taxpayer and 53 for spouse)

This input will only affect Schedule SE. It allows for calculation of IRA, Qualified plan adjustments and Self-employed health insurance.