The answer by TurboTax MichaelDC from June 2019 needs to be updated slightly to match the 2022 TurboTax Online version of the software. I'm not a financial advisor or a tax advisor, just a regular TurboTax user doing my own taxes again this year. I just entered my 1099-B Aggregate Profit-Loss amount for my Regulated Futures Contracts accounts. Here are the exact steps I followed in this year's 2022 TurboTax Online:
- Click on the Federal Taxes tab
- Select the Wages and Income tab
Select the EXPLORE ON MY OWN option (this may require you to click through one or two other screens beforehand) I did not see an EXPLORE ON MY OWN OPTION in the 2022 TurboTax Online.- Scroll down to the Less Common Investments and Savings Income subgroup, then click on Show More
- Next to the Contracts and Straddles line, click the start button
- Answer YES that you had Sec. 1256 contracts
- Don't make any special elections selections unless they apply to you, click Continue
- On the Contracts and Straddles page, choose the box next to the Sec. 1256 Contracts marked-to-market
- Click continue, and from there TurboTax will take you through the necessary questions and answers tree.
The form will ask only for the Broker’s Name and information in boxes 8 and 11 on your 1099-B. Be aware, box 8 on my 1099-B reports a dollar amount of profit-loss, but TurboTax asks for you to enter a Description here. I entered the title of Box 8, Profit-loss 2022 on Closed. Then I entered my Aggregate Profit-loss dollar amount in box 11.
