Your futures contracts are Section 1256 investments. Section 1256 investments include non-equity options, foreign currency contracts, regulated futures contracts, dealer equity options, and dealer securities futures contracts. To enter your Section 1256 Futures Transactions 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 profits and losses from your Section 1256 Investments.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
