I have 1256 contract losses and gains for holdings that were held at the end of the year (12/31/16). How do I match up my broker form with the "Section 1256 Contracts" form in Turbotax?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Premier Online

fanfare

Level 15

Find Line 11 on your substitute 1099-B for futures contracts .

It will show either a gain or a loss, for each of which TurboTax provides a box.

That is the only number that has to be entered into TurboTax.

Anonymous

Thank's for the detail, but just to be clear, my 1099-B details losses from all closed positions while also some gains from positions that were still open on 12/31/16. For illustrative purposes, my losses for close positions are ($5,000), while my current gains for open positions on 12/31/16 are $1,000. So I am going to just put ($4,000) into line 11? And what do I put into "8 - Account Description"? Would it be the account number or "1099-B" or something else?