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Level 2
posted Jun 3, 2019 10:22:20 AM

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

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'?

0 2 3734
2 Replies
Level 15
Jun 3, 2019 10:22:22 AM

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.

Level 15
Jun 3, 2019 10:22:23 AM

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