Hello Turbo Tax Community:
I am hoping someone can answer this question. My taxes are relatively simple, I own a home and have some investments – very simple. Last year, however I took some training courses and did a few OPTIONS trading (simple things little Selling Calls, and Selling Puts and a few Spreads) very little monetarily wise as well. My investment company sent me the typical 1099 forms which included all my gains and losses from all my investments Stocks, and Options trading. The auto-import feature in Turbo Tax makes things so easy.
However, this year as I was going through the Turbo Tax interview …. I get to the part in Turbo Tax where it asked …… “do you have gains or losses from CONTRACTS or STRADDLES to Report ?” .. I was not sure how to proceed. I know I didn’t do any “Straddle Trades”, but I know “Options” are bought and based on the number of “CONTRACTS” you buy or sell --- so I am not sure if that pertains to me.
So my question is ----- is there something else I need to report. All my gains and losses are on my 1099. I read the Section 1256 that it references but I still can’t figure it out.
I made an appointment to go see an accountant but I figured I’d ask in this forum to hopefully get some help and potentially save me from paying someone to just tell me “that does not pertain to you” … pay the secretary at the front desk. 🙂
Thank you
The Once a Year Accountant
