For Regulated future contracts, in turbo tax (section 1256 contracts) asks for 8 - Account description what to put in?

jaycha2 · ‎June 3, 2019

For Regulated future contracts, in turbo tax (section 1256 contracts) asks for 8 - Account description. In my 1088 B its a profit or (loss) realized in 2017 on closed contracts (a dollar amount).

Box 11 - Aggregate profit or (loss) on contract is populated.

On Turbo tax what do I put in 'Box 8 - Account description'?

fanfare · ‎June 3, 2019

Yes line 8 is an amount not a description.
I see "Box 7 - account description"

But, for a description, put your broker's name or just -REGULATED FUTURES CONTRACTS-

It's not important what it says there.

fanfare · ‎June 3, 2019

I notice that if you have two futures accounts, TurboTax won't handle correctly the description for the second broker.

For Regulated future contracts, in turbo tax (section 1256 contracts) asks for 8 - Account description what to put in?

Investors & landlords

Investors & landlords