How to enter profits from FOREX spot gold trading on International Gold Markets into Turbotax Desktop 2024

Foreign exchange (Forex) traders fall under Section 988 (Treatment of certain foreign currency transactions), which covers short-term foreign exchange contracts like spot Forex trades. 

Forex gains and losses are reported on your tax return as Other Income.  Report a loss as a negative number.

Report your Forex Gains (or Losses) on Desktop here:

1. Open your return (if not already open).
2. Click on Personal Income tab.
3. On Your 2024 Income Summary page, Scroll all the way don to the bottom of the page to the Less Common Income section.
4. Click on Start/Update to the right of Miscellaneous Income, 1099-A, 1099-C.
5. On Let's Work an Any Miscellaneous Income page, Scroll all the way down to the bottom of the page
6. Click on Start/Update button tot the right of Other Reportable Income.
7. In Description box, enter "Forex Spot Gold Gains" or something similar.
8. Enter the amount of your gain in the box next to your name, and Continue.
9. The Description and Amount wilk show up on Schedule 1, Line 12 (you can check it under Forms mode in the tope right corner of the page.

Please see images below.