Substitute 1099-b

Forum|Forum|2 years ago
February 26, 2024
1 reply
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This question was answered in 2021 but that answer appears to be no longer valid under the current TurboTax process. I trade futures and received a substitute 1099-b showing ONLY profit / loss. It does not have the cost basis or any other information the app requires. Where do I enter this information?

TurboTax Self Employed Online

Best answer by JohnW152

To enter your futures trading information in TurboTax Online:

Open TurboTax Online
Select Tax Home in the left pane
On the Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Income & Expenses box, then select Work on other income or Pick up where you left off
On the Your income and expenses screen, scroll down and select the dropdown to the right of Less Common Investments and Savings
Select Start or Revisit to the right of Contracts and Straddles
Answer Yes on the Any Straddles or Section 1256 Contracts? page
If you made any elections, please select as appropriate on the Any Elections? page

Continue entering all information as appropriate. You'll be able to enter information including cost basis.

JohnW152Answer

To enter your futures trading information in TurboTax Online:

Open TurboTax Online
Select Tax Home in the left pane
On the Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Income & Expenses box, then select Work on other income or Pick up where you left off
On the Your income and expenses screen, scroll down and select the dropdown to the right of Less Common Investments and Savings
Select Start or Revisit to the right of Contracts and Straddles
Answer Yes on the Any Straddles or Section 1256 Contracts? page
If you made any elections, please select as appropriate on the Any Elections? page