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febroker
New Member

Form 1099 B shows a loss from futures trades in boxes 8 and 11. These go on form 6781. When I answer the questions, the amount of loss is showing as zero.

How do I post net futures losses?  Thank you.
3 Replies
MichaelDC
New Member

Form 1099 B shows a loss from futures trades in boxes 8 and 11. These go on form 6781. When I answer the questions, the amount of loss is showing as zero.

Below are the steps to enter the Regulated Futures Contracts and Options 1099-B information in TurboTax:

  • 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)
  • Scroll down to the  Investment Income subgroup
  • Next the Contracts and Straddles line, and click the start button
  • Answer YES that you had Sec. 1256 contracts
  • Don't make any special elections selections unless they apply to you
  • 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.
bsim2123
Level 1

Form 1099 B shows a loss from futures trades in boxes 8 and 11. These go on form 6781. When I answer the questions, the amount of loss is showing as zero.

Careful, my TT-2017 Premier doesn't allow one to do a Federal Capital Loss Carryover to Sch D if you have a loss in 2016 for1256 contracts  Oddly, it allows the carry over loss for my state, so I believe there is an error on the Federal Sch D carryover.  Almost efiled before I caught this, so I need TTax to let me know how to correct the 2016 carry over loss omission to 2017 Sch D.
fanfare
Level 15

Form 1099 B shows a loss from futures trades in boxes 8 and 11. These go on form 6781. When I answer the questions, the amount of loss is showing as zero.

you're posting on an old thread about a separate issue. Start your own posting
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