Stock transactions in an import posted; however, the Section 1256 Contracts did not post under Contracts and Straddles. Should they have posted ?

[DavidD66 · Accepted solution]

“Regulated Futures Contracts” (e.g., Section 1256 contracts) from Form 1099-B are not supported by the Turbo Tax® import

Please follow steps below to enter commodity futures contracts:

1. Federal 
2. Income & Expenses
3. Scroll down to Investment Income & Click on "Show More"
4. Click Start next to "Contracts and Straddles" & Answer Yes
5. Continue and enter your Section 1256 contracts

[CJFerreira]

What do you mean, "They aren't supported?". You cannot offer a convenience import of financial documents and then fail to process the imports - especially without informing me. This makes me seriously question the integrity of your product. If you didn't import this, then what else is your program missing? If I had not noticed the discrepancy and relied on your product, I might have been subject to a substantial fine by the IRS.

[gator3]

I agree. What else are we missing?

[Alexander7]

As not professional trader I was shocked. System told me that import successful but it took me so much time to figure out where all my real numbers gone.

Best part: I almost sent forms to irs but couldn't do it because the data that were actually imported (not 1256 transactions) from Interactive brokers also was corrupt and it asked me to correct it.

Ended up deleting imported data and entering everything manually.

[fanfare]

you can't import into Form 6781.

You enter just one dollar amount for this:  Line 11 of your Futures 1099-B.

How hard can it be ?

[Sam Shaw]

Is it not one entry per options transaction?  An options trader has hundreds if not thousands of option trades per year.

[GeorgeM777]

To the extent a taxpayer has multiple Section 1256 contracts to report, Form 6781, Gains and Losses From Section 1256 Contracts and Straddles will include only the summary of all transactions.  In effect, the taxpayer makes one line entry for all applicable transactions.  In the case of multiple transactions, the taxpayer will need to attach a separate statement listing each straddle.  A Section 1256 does not include, among other things, options on a securities future contract, and therefore, those type of options are not included on Form 6781.  

@Sam Shaw 

[Sam Shaw]

Thank you