How do I enter 1099-B boxes 8-11 into TurboTax? Didn't seem to find the place?

[HelenC12 · Accepted solution]

Only Box 11, needs to be entered since it is the 'Aggregate Profit/Loss on Contracts'. A Section 1256 contract is a type of investment defined by the IRS as a regulated futures contract, foreign currency contract, non-equity option, dealer equity option, or dealer securities futures contract.

What makes a Section 1256 contract unique is that each contract held by a taxpayer at the end of the tax year is treated as if it was sold for its fair market value, and gains or losses are treated as either short-term or long-term capital gains.

1. Sign into your TurboTax Account
2. Click on Pick up where you left off 
3. On the left side screen, select Federal then Wages & Income
4. On the Wages and income screen, scroll down to Less Common Investments and Savings. You may need to click on Show more. 
5.  Scroll down to Contracts and Straddles then Start/Edit/Review
6. On the Any Straddles or Section 1256 Contracts? screen and answer Yes
7. Continue with the onscreen interview until complete

You will find that TurboTax offers only two boxes for Line 11 (a gain or a loss) and that is all that has to be entered.

Previously posted by Employee Tax Expert DianeW777: