Your Options Subject to Section 1256 Reporting are not reported with the 1099-B 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.
The fees on your statement are not deductible. Any fees you pay to buy, sell, or hold an asset or to collect interest or dividends are not tax deductible. This includes brokerage or transaction fees, advisor fees, custodial fees, accounting costs, and fund operating expenses.
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