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JohnnyJack1
March 5, 2020
Solved

Stock transactions in an import posted; however, the Section 1256 Contracts did not post under Contracts and Straddles. Should they have posted ?

  • March 5, 2020
  • 2 replies
  • 0 views
No text available
    Best answer by DavidD66

    “Regulated Futures Contracts” (e.g., Section 1256 contracts) from Form 1099-B are not supported by the Turbo Tax® import

     

    Please follow steps below to enter commodity futures contracts:

    1. Federal 
    2. Income & Expenses
    3. Scroll down to Investment Income & Click on "Show More"
    4. Click Start next to "Contracts and Straddles" & Answer Yes
    5. Continue and enter your Section 1256 contracts

    2 replies

    D
    DavidD66Answer
    March 5, 2020

    “Regulated Futures Contracts” (e.g., Section 1256 contracts) from Form 1099-B are not supported by the Turbo Tax® import

     

    Please follow steps below to enter commodity futures contracts:

    1. Federal 
    2. Income & Expenses
    3. Scroll down to Investment Income & Click on "Show More"
    4. Click Start next to "Contracts and Straddles" & Answer Yes
    5. Continue and enter your Section 1256 contracts
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      C
      CJFerreira
      March 28, 2020

      What do you mean, "They aren't supported?". You cannot offer a convenience import of financial documents and then fail to process the imports - especially without informing me. This makes me seriously question the integrity of your product. If you didn't import this, then what else is your program missing? If I had not noticed the discrepancy and relied on your product, I might have been subject to a substantial fine by the IRS.

        G
        gator3
        May 11, 2020

        I agree. What else are we missing?

          A
          Alexander7
          February 24, 2021

          As not professional trader I was shocked. System told me that import successful but it took me so much time to figure out where all my real numbers gone.

          Best part: I almost sent forms to irs but couldn't do it because the data that were actually imported (not 1256 transactions) from Interactive brokers also was corrupt and it asked me to correct it.

          Ended up deleting imported data and entering everything manually.

            fanfare
            fanfare
            Employee
            February 24, 2021

            you can't import into Form 6781.

             

            You enter just one dollar amount for this:  Line 11 of your Futures 1099-B.

            How hard can it be ?

            S
            Sam Shaw
            April 3, 2023

            Is it not one entry per options transaction?  An options trader has hundreds if not thousands of option trades per year.

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