First year I have Section 1256 gains, specifically a profit on closed contracts, and nothing from prior years. I'm confused on how to enter them. Originally I imported information from my broker into Turbotax, but it seems this section was not included in the import. Here's what I'm doing:
1 - Select Contracts & Straddles (I have no straddles)
2 - Any Elections? (Since I have no straddles or losses, I leave all boxes unchecked)
3 - Contracts and Straddles - I have no open contracts, only profits on closed contracts. If I select nothing on this screen, it takes me out and back to Personal Income. It seems like I have to select "Section 1256 contracts marked to market". However these contracts were closed during the tax year, so is the "marked to market" section correct?
4 - If I select the "marked to market" option, I then have to enter the Broker, Account Description, Total Profits, and Total Losses. So I'm assuming I leave the "Total Losses" box blank as my gains outweighed my losses, and it's not asking for total profits less total losses?
4 continued - there is a special handling section, where "hedging transaction" is an option. Some of the contracts were speculative, some were to hedge against losses in long stock positions I hold. Do I need to select "hedging transaction"?
