I trade futures contracts. My broker's 1099b form only has totals for Boxes 8 thru 11. How do I enter this information in Turbo Tax?

Futures contracts are Section 1256 contracts for the IRS.

 

Please read this TurboTax article on how to report income on Section 1256 contracts.

 

You'll need to complete form 6781.

To do this in TurboTax, please follow these steps:

• Click on Search on the top right of your screen
• In the search box, type form 6781
• In the search result page, click on Jump to form 6781
• TurboTax will take you through a questionnaire where you can enter your information

 

To enter this correctly,

do not check any of the boxes.

 

TurboTax provides two boxes, Gain and Loss.

Enter the amount from Line 11 in the proper box.

 

That is all.