Hi,
this is the first year I got "Regulated Futures Contracts, Foreign Currency Contracts, and Section 1256 Option Contracts" in my 1099-B. How should I enter those ? I know I have to go to Contracts and Straddles but the options in TurboTax do not match anything on my form.
My form has the following totals:
REGULATED FUTURES CONTRACTS AMOUNT
Profit or (loss) realized in 2020 - closed contracts $1,920
Unrealized Profit or (loss) on open contracts 12/31/2019 ($2,547)
Unrealized Profit or (loss) on open contracts 12/31/2020 $0.00
Aggregate profit or (loss) on contracts $4,467
Should I go to Contracts and Straddles, make no elections in the first screen, check "Section 1256 contracts marked to market" in the second ? Then in the form, when asked the totals, should I just do:
Broker's Name: XYZ
8. Account Description: [anything I want]
11. Total Profits: 1920
11. Total Losses: 0
Special handling: None
I'm just wondering since my form totals and transactions don't show those names for boxes 8 / 11. I guess I should also ignore the "unrealized" sections of it or the sum which is weirdly adding the loss and gains (like if they were both positive).
Thanks,
