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robinsmel
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I am told short term futures trading is taxed at a lower rate. Does TurboTax facilitate this?

 
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2 Replies

I am told short term futures trading is taxed at a lower rate. Does TurboTax facilitate this?

TurboTax handles Sec 1256 trades.  You don't enter this information using the 1099-B interview.  Instead you use the "Contracts and Straddles" interview.

Anonymous
Not applicable

I am told short term futures trading is taxed at a lower rate. Does TurboTax facilitate this?

this is because futures trading involves section 1256 contracts.  by  federal tax law 60% of such gains are tax as long-term capital gains and the other 40%as short term.    proper entry in TT  would have the total first flow to form 6781   and that's where the split occurs which then flows to schedule D lines 4 and 11

 

 

 

state laws can differ.

 

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