SECTION 1256 CONTRACTS

Forum|Forum|2 years ago
March 24, 2024
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My broker has summary of proceeds, gains and losses, adjustments and withholding section which gives net short term and long term gains/losses. I also have losses under Section 1256 contracts. I'm not sure if turbo tax is incorporating them in the capital gains/losses calculations. Can anyone help here?

Best answer by fanfare

Let me clarify. I suppose I'll have to enter them on the 6781 and then they'll carry thru to Sched D

Look for the TurboTax area for "Section 1256 Contracts"

There you will enter the relevant amounts from your futures 1099-B.

@Brian94582

@gc32

Mike9241

1256 contracts net gain/loss form each broker goes through form 6781 - see investment section contracts and straddles for entry. there a 60 LT/ 40 ST split that end up only lines 4C and 11D of schedule d

gc32Author

Aaah. Thanks, I had exported transactions from my broker, but those numbers don't seem to be accounted for in Schedule D. Is there anything else that needs to be done to incorporate that?

Brian94582

I have the same issue as gc32. My K1 contracts and straddles are showing up on Form 6781, but the Section 1256 Contracts reported on my 1099-B from my broker are NOT showing up on the 6781. I suppose I have to manually enter them.

This, along with Taxable Accrued Interest from Bonds, which is also not being imported from my 1099-B is causing me to have to go through all the numbers in detail and manually enter what is missing. This is rather annoying when the data is on the 1099-B

gc32Author

Did you manually add to the net gains/losses on schedule D?

Brian94582

gc32...... well as I said "I suppose I'll have to manually enter them". So in the absence of anyone telling me that they're not being automatically imported because I'm not supposed to deduct them, I suppose I'll have to manually enter them.