topic Re: What do those form 6781 elections mean? in Get your taxes done using TurboTax

What do those form 6781 elections mean?

VAer — Mon, 23 Feb 2026 12:10:07 GMT

This is my first year using TurboTax software, and I don't quite like it. TurboTax website is much more convenient.

I never have separate 1099B, but Turbo Tax website is able to import section 1256 data, and I don't need to worry about it.

Now I am using Turbo Tax software, and it cannot import section 1256 data and it only imports form 8949 type data.

Now I need to manually input information for form 6781. Could someone please explain what those four elections (checkbox) mean? I trade SPX option and VIX option, I think I should choose Net section 1256 contracts loss election.

How to answer the question 8-Account Description?

Thanks.

Re: What do those form 6781 elections mean?

fanfare — Sun, 19 Feb 2023 06:04:45 GMT

don't check any boxes

enter Line 11 gain or loss in the box provided.

in description enter "Schwab futures and forex"

@VAer

Re: What do those form 6781 elections mean?

fanfare — Sun, 19 Feb 2023 06:26:33 GMT

since TD did not give you a separate document,

the description should be "1099-B Futures & FOREX"

@VAer

It doesn't really matter what you put there.