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Deductions & credits
You should try to upload your form based on your comments about 2020. You might also call the company to inquire about why you show all zeros and then information uploads that is not on Form 1099-B. For clarification, information is provided below about Section 1256 contracts.
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.
- With your TurboTax return open follow the steps next
- Under Investment Income, click Start/Update on "Contracts and Straddles"
- Continue twice and check the box for Section 1256 contracts marked to market.
- Continue to complete the prompts on each screen
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.
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