2022 1099B entries box 8,9,10,11 (Prior years answer do not apply to 2022)

[DaveFrick]

How do I post the entries for a 2022 form 1099-B that contains only info in boxes 8,9,10,11?

There are posts on this forum on how to do this in prior years but they do not seem to apply to the 2022 version of TurboTax. 

Specifically, this year the TurboTax Step-by-Step approach appears to require an entry for 1099-B box 1.   I don't have a box 1 entry,  only entries in boxes 8,9,10,& 11.   TurboTax will not allow me to proceed, 

I tried to using the "Forms" section of TurboTax to input into a 1099-B worksheet.  However, nothing on the worksheet seems to correspond to the boxes on the 1099-B.

I also tried to input directly into Form 6781, Contracts and Straddles. But it is not obvious what entries on the form correspond to the boxes on the 1099-B.

Why can't TurboTax just display a complete Form 1099-B and let me fill it in with the info applicable to me?

I would be very grateful for any info on how to enter this information into TurboTax.

[HelenC12]

Only Box 11, needs to be entered since it is the 'Aggregate Profit/Loss on Contracts'. A Section 1256 contract is a type of investment defined by the IRS as a regulated futures contract, foreign currency contract, non-equity option, dealer equity option, or dealer securities futures contract.

What makes a Section 1256 contract unique is that each contract held by a taxpayer at the end of the tax year is treated as if it was sold for its fair market value, and gains or losses are treated as either short-term or long-term capital gains.

1. Sign into your TurboTax Account
2. Click on Pick up where you left off 
3. On the left side screen, select Federal then Wages & Income
4. On the Wages and income screen, scroll down to Less Common Investments and Savings. You may need to click on Show more. 
5.  Scroll down to Contracts and Straddles then Start/Edit/Review
6. On the Any Straddles or Section 1256 Contracts? screen and answer Yes
7. Continue with the onscreen interview until complete

You will find that TurboTax offers only two boxes for Line 11 (a gain or a loss) and that is all that has to be entered.

Previously posted by Employee Tax Expert DianeW777

[DaveFrick]

Thank you for your response.   As a reference for others, here is how I reported my 1099-B info.

I didn't have a "Less Common Investments and Savings" section.  I am using TurboTax Deluxe and  have a  "Less Common Income" section but there was no  Contracts and Straddles  link there.  Instead I found the  Contracts and Straddles  link at the bottom of the "Investment Income" section. 

I have not made any special elections related to my account so I left all these boxes blank.

My form 1099-B relates only to regulated futures contracts.  I had no offsetting positions (straddles) so I checked only the first box (Section 1256 contracts market to market) .

The next  screen is pretty much self explanatory except it has a text box for line 8 labeled as "Account Description."  On my  Form 1099-B line 8 contains an amount for "Total Profit/(Loss) on Futures Contracts in USD for 2022."   If my 1099-B is formatted correctly, then TurboTax has this input box mislabeled.  I left this box blank.

TurboTax does not provide  input boxes for 1099-B lines 9 and 10.  

TurboTax provides two boxes for 1099-B line 11; one for gains and one for losses.   Here I input the amount from line 11 in the appropriate box and left the other blank

I believe reporting only an amount from 1099-B line 11 is sufficient to calculate your tax liability.  Line 11 is the net of the lines 8 (current year realized P/L) and line 9 (prior year unrealized P/L) and line 10 (current year unrealized P/L).   Thus the year-end mark to markets (unrealized P/Ls) should roll forward and be included in the taxable gain/loss reported on line 11.

I hope my experience may help others. Please post if you have any comments or corrections.