Of the imported 1099-b transactions, I entered some into 1256 contracts section. Do I delete these transactions in the Stocks, etc section; to avoid duplicate reporting?

Forum|Forum|6 years ago
April 14, 2020
4 replies
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TurboTax Premier Online

Best answer by MinhT1

Yes, you must delete these transactions in the Stocks section.

Futures contracts are Section 1256 contracts for the IRS.

Please read this TurboTax article on how to report income on Section 1256 contracts.

You'll need to complete form 6781.

To do this in TurboTax, please follow these steps:

Click on Search on the top right of your screen
In the search box, type form 6781
In the search result page, click on Jump to form 6781
TurboTax will take you through a questionnaire where you can enter your information

MinhT1Answer

Level 15

Yes, you must delete these transactions in the Stocks section.

Futures contracts are Section 1256 contracts for the IRS.

Please read this TurboTax article on how to report income on Section 1256 contracts.

You'll need to complete form 6781.

To do this in TurboTax, please follow these steps:

Click on Search on the top right of your screen
In the search box, type form 6781
In the search result page, click on Jump to form 6781
TurboTax will take you through a questionnaire where you can enter your information

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drewmg244Author

Level 2

Is there any reason the brokerage would have not included the 1256 contracts in a separate section of the 1099-B, to denote their 1256 classification and values such as unrealized profit / loss?