Futures contracts are Section 1256 contracts for the IRS. Please read this TurboTax article on how to report income on Section 1256 contracts. You'll need to complete form 6781. To do this in TurboTax, please follow these steps: Click on Search on the top right of your screen In the search box, type form 6781 In the search result page, click on Jump to form 6781 TurboTax will take you through a questionnaire where you can enter your information TurboTax will then automatically split your gains between long-term and short-term to report them on your tax return.

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jillkhartley

Question

Where do you show section 1256 contracts p/l with online turbotax self employed version?

Forum|Forum|3 years ago
March 6, 2023
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TurboTax Self Employed Online

MinhT1

Futures contracts are Section 1256 contracts for the IRS.

Please read this TurboTax article on how to report income on Section 1256 contracts.

You'll need to complete form 6781.

To do this in TurboTax, please follow these steps:

Click on Search on the top right of your screen
In the search box, type form 6781
In the search result page, click on Jump to form 6781
TurboTax will take you through a questionnaire where you can enter your information
TurboTax will then automatically split your gains between long-term and short-term to report them on your tax return.

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