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February 12, 2020
Question

1099-B but barely filled in

  • February 12, 2020
  • 1 reply
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I'm trying to fill our my S-corp tax return in TT business and was issued a 1099-B by my futures broker. The only field aside from my personal information that is filled out is box 8, showing a loss, and box 11, showing the exact same number.

 

Because of this i'm unsure what to fill in when TT asks under gross proceeds, cost basis, adjustment to gains/losses, and whether they be short term or long term. 

1 reply

fanfare
Employee
February 13, 2020

you need to find the section 1256 contracts under Investments,

Enter the amount on Line 11 in the profit box or the loss box, depending on your outcome.

That's all you have to do.