Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
M
mlgold99
June 1, 2019
Solved

How do i enter futures contract trades

  • June 1, 2019
  • 3 replies
  • 0 views
These are similar to stock trades but are for things like wheat, corn, gold, silver. I have a 1099-b which gives the amount of gain for the year.
    Best answer by MargaretL

    Please follow steps below to enter commodity futures contracts:

    1. Federal Taxes
    2. Wages and Income
    3. Scroll down to Investment Income
    4. Select Contracts and Straddles - answer yes to Any Straddles or section 1256 contracts, don't check any elections (unless they apply to your situation), check the box Section 1256 contracts market to market, continue through the interview. 

    3 replies

    MargaretL
    MargaretLAnswer
    Employee
    June 1, 2019

    Please follow steps below to enter commodity futures contracts:

    1. Federal Taxes
    2. Wages and Income
    3. Scroll down to Investment Income
    4. Select Contracts and Straddles - answer yes to Any Straddles or section 1256 contracts, don't check any elections (unless they apply to your situation), check the box Section 1256 contracts market to market, continue through the interview. 
      D
      dabbwom
      March 9, 2020

      How do you enter 1256 Gains in TurboTax Business for allocation to LLC shareholders?

       

        J
        JamesG1
        March 10, 2020

        In TurboTax Business, click on the Search / magnifying glass in the upper right hand corner of the screen.

         

        In the Search box type 'contracts and straddles'.  Enter.

         

        Click on Jump to contracts and straddles.

         

        Answer the questions at the screen Any contracts or straddles?.

        **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
        M
        marie1944
        December 12, 2022

        I make sure I help as much as I can and I marked down everything I had to do

        TurboTax Sign In Widget
        TurboTax flag icon

        Unlock tailored help options in your account

        Create an account
        TurboTax Expert Assist
        TurboTax Expert

        Get answers to all your tax questions

        Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

        Terms & ConditionsAccessibility statement
        Intuit
        TurboTax Credit Karma QuickBooks MailChimp

        ©1997-2022 Intuit, Inc. All rights reserved.
        Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
        of Intuit Inc. Terms and conditions, features, support, pricing, and service options
        subject to change without notice.

        Security Certification of the TurboTax Online application has been performed by
        C-Level Security.

        By accessing and using this page you agree to the Terms of Use.

        Accessibility

        TRUSTe nResult Certified e-File C-Level Security Certification