Substitute 1099-b

[TaxDunce8]

This question was answered in 2021 but that answer appears to be no longer valid under the current TurboTax process. I trade futures and received a substitute 1099-b showing ONLY profit / loss. It does not have the cost basis or any other information the app requires. Where do I enter this information?

[JohnW152 · Accepted solution]

To enter your futures trading information in TurboTax Online:

1. Open TurboTax Online
2. Select Tax Home in the left pane
3. On the  Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Income & Expenses box, then select Work on other income or Pick up where you left off
4. On the  Your income and expenses screen, scroll down and select the dropdown to the right of Less Common Investments and Savings 
5. Select  Start or Revisit to the right of Contracts and Straddles
6. Answer  Yes on the Any Straddles or Section 1256 Contracts? page 
7. If you made any elections, please select as appropriate on the Any Elections? page

Continue entering all information as appropriate. You'll be able to enter information including cost basis.

[dalawman]

 Thank you for posting the steps to "fix" the problem of the Substitute 1099 Form. It worked well. Thank uou  again.

[doucette9498]

How do I get to these same screens on the locally installed version of TurboTax 2024?

-Thanks

[JamesG1]

To access Contracts and Straddles in TurboTax Premier Desktop, follow these steps:

• Across the top of the screen, click on Federal Taxes.
• Across the top of the screen, click on Wages & Income.
• Click I'll choose what I work on.
• Scroll down to Investment Income.
• Click Start to the right of Contracts & Straddles.
• At the screen Any straddles or Section 1256 Contracts, select Yes.

@doucette9498