Question about Section 1256 (and what to select)?

[ninjanick]

I received my 1099 from TD Ameritrade and everything (mostly) uploaded correctly using my information.

The one issue I'm having is there was a small portion that was broken out on Section 1256 Contracts that won't automatically upload. I uploaded a quick picture of that section to show what I traded (just regular options).

On Line 8 of the 1256 Contract (Profit or (loss) realized in 2020 on closed contracts), I have a -1,453.67.

On Turbo Tax it's asking me a set of questions to input this information and I'm not sure what to do.

1. Any straddles or Section 1256 contracts (I assume the answer is yes)

1. Yes
2. No

2. Any elections? (No idea what to select here)

1. Mixed Straddle Election
2. Straddle-by-straddle identification election
3. Mixed
4. Net section 1256 contracts loss election

3. Contracts and Straddles (No idea what to select here)

1. Section 1256 contracts marked to market
2. Losses from straddles
3. Gains from straddles
4. Unrecognized gains from positions held on December 31, 2020
5. None of the above

4. How to report your transactions? (I assume the answer is I'll report the totals for each broker)

1. I'll report the totals from each broker
2. I'd rather report each transaction

5. Special Handling (I assume the answer is None of the above)

1. Hedging transaction
2. Foreign currency - ordinary income
3. Foreign currency - treat as capital gain or loss
4. None of the above

Any advice on what to select here?

[Critter-3]

@dmertz   can you help

[dmertz]

I know nothing about this subject.

[ninjanick]

@MaryM428 @ErnieS0 

I saw you were Tax Experts in this area...any idea how to answer these questions?

[ninjanick]

Thanks for asking. 

Any idea how tog eat more visibility here?