topic Stock Options and Futures trading in Get your taxes done using TurboTax

Stock Options and Futures trading

dakota3496 — Sat, 22 Dec 2018 12:06:54 GMT

I am trying to figure out which version of the program I need to purchase and will it handle the below listed items:

1. I trade stock options and options on the futures market in a taxable account. Which version of the program should I used will it handle the profits/losses form this type of specialized trading?

2. I have a small consulting business Partnership that I need to submit returns for and generate K-1's

Any help would be appreciated.

Re: Stock Options and Futures trading

Stinkerbellkity — Wed, 26 Dec 2018 10:35:43 GMT

You would need the Business program to file for the Partnership. This is a separate program from TurboTax for individual tax returns and needs to be purchased in addition to any version for individual returns. Premier would be best for your personal program and could handle the k-1 entry in your personal return.

Re: Stock Options and Futures trading

yingliu888 — Sat, 07 Mar 2020 03:31:50 GMT

where do you report the gain or loss of stock option trading

Re: Stock Options and Futures trading

MaryK4 — Sat, 07 Mar 2020 03:49:24 GMT

Please follow steps below to enter commodity futures contracts:

Federal Taxes
Wages and Income
Scroll down to Investment Income
Select Contracts and Straddles - answer yes to Any Straddles or section 1256 contracts, don't check any elections (unless they apply to your situation), check the box Section 1256 contracts market to market, continue through the interview.

@yingliu888