I received 1099-B REGULATED FUTURES CONTRACTS for my LLC. What is the best place to fill this? Is it 1256 CONTRACTS & STRADDLES? I want to avoid SE taxes also.

Edited 2/14/18

A qualified joint venture is a joint venture that conducts a trade or business where (1) the only members of the joint venture are a married couple who file a joint return, (2) both spouses materially participate in the trade or business, and (3) both spouses elect not to be treated as a partnership. A qualified joint venture, for purposes of this provision, includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state law entity (including a limited partnership or limited liability company) (See below). Note also that mere joint ownership of property that is not a trade or business does not qualify for the election. The spouses must share the items of income, gain, loss, deduction, and credit in accordance with each spouse's interest in the business. The meaning of “material participation” is the same as under the passive activity loss rules in section 469(h) and the corresponding regulations (see Publication 925, Passive Activity and At-Risk Rules). Note that, except as provided in section 469(c)(7), rental real estate income or loss generally is passive under section 469, even if the material participation rules are satisfied, and filing as a qualified joint venture will not alter the character of passive income or loss.

Below are the steps to enter the Regulated Futures Contracts and Options 1099-B information in TurboTax:

• Click on the Federal Taxes tab
• Select the Wages and Income tab
• Select  the EXPLORE ON MY OWN option (this may require you to click through one or two other screens beforehand)
• Scroll down to the  Investment Income subgroup
• Next the Contracts and Straddles line, and click the start button
• Answer YES that you had Sec. 1256 contracts
• Don't make any special elections selections unless they apply to you
• On the Contracts and Straddles page, choose the box next to the Sec. 1256 Contracts marked-to-market
• Click continue, and from there TurboTax will take you through the necessary questions and answers tree