If you are reporting futures transactions they do not go on Form 8949 and Schedule D. You don't enter them like you would stock and mutual fund transactions. They are subject to different rules and reported in a different section. To enter your Section 1256 Options in TurboTax Online, From the Tax Home:
- Click on Income
- Scroll down to "Less Common Investments and Savings"
- Next to "Contracts and Straddles" select "Start"
- Answer "Yes" to "Any Straddles or Section 1256 Contracts?"
- On the next screen, it is highly unlikely that you need to make any elections, so just click "Continue"
- On the screen with "Contracts and Straddles", more than likely you only need to select Section 1256 contracts... You may want to read the IRS instructions for Form 6781, Gains and Losses from Section 1256 Contracts and Straddles
- Select "I'll report the totals from each broker or account.
- Enter the information to report your your profits and losses from your Section 1256 Options transactions.
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