What is the tax rate on gain by day trading stocks and futures?

Futures contracts are among the 1256 Contracts and Straddles. Gains and losses are taxed under the "60/40" rule. The rate that you'll pay on the your gains from trading futures will depend on your income, with 60% of the gain treated as a long term capital gain at a rate of 0% if you fall into the 10-15% tax bracket, 15% if you fall into the 25-35% bracket, and 20% if you fall into the 36.9% bracket. The 40% of the gains considered to be short term will be taxed at your ordinary income tax rate.

This year you will need to use the TurboTax Premier edition to report capital gains and losses. It also includes form 6781 that you need to report transactions in 1256 contracts and straddles. 

A section 1256 contract that you hold at the end of the tax year will generally be treated as sold at its fair market value on the last business day of the tax year, and you must recognize any gain or loss that results. That gain or loss is taken into account in figuring your gain or loss when you later dispose of the contract. The gain or loss is taxed under the 60/40 rule. Under the marked-to-market system, 60% of your capital gain or loss will be treated as a long-term capital gain or loss, and 40% will be treated as a short-term capital gain or loss. This is true regardless of how long you actually held the property.

Use Part I of Form 6781 to report your gains and losses from all section 1256 contracts that are open at the end of the year or that were closed out during the year. This includes the amount shown in box 10 of Form 1099-B. Then enter the net amount of these gains and losses on Schedule D (Form 1040), line 4 or line 11, as appropriate. include a copy of Form 6781 with your income tax return. 

Please see the following for additional information: http://www.irs.gov/pub/irs-pdf/p550.pdf

How do wash sales work for futures? I have been trading mostly options for several years but hesitant to short term trade futures do the wash sales I have received in the past for stock assignments.