topic Re: Section 1256 & Form 6781 in Get your taxes done using TurboTax

Section 1256 & Form 6781

Looney1966 — Tue, 23 Feb 2021 01:52:02 GMT

I have a question on how to enter Options that are subject to Section 1256 reporting on form 6781. I cannot get my statement to import so I am trying to enter my self. I have included the Schwab statement I received, but unsure how to answer the questions in TT.

Do these show up in Part I, Part II or Part III of 6781?

Do I take the loss in 2020?

I am unsure of what I have to do to get these to show up correct on my return. When I do enter them they show under Part 1 but I have nothing marked at the top of the 6781(mixed straddle, net 1256, mixed straddle account or straddle by straddle) and then the loss carries to Schedule D - Is that correct? How do I know what they are?

Re: Section 1256 & Form 6781

M-MTax — Tue, 23 Feb 2021 02:33:08 GMT

Hard to read that screenshot but your entries should end up on SCH D.

Re: Section 1256 & Form 6781

Looney1966 — Thu, 25 Feb 2021 00:06:23 GMT

But based on that form it is sayin 6781? Gains and Losses from Section 1256 Contracts and Straddles? Which do I pick on the top of that form? Mixed Straddles Election, Mixed Straddle Account, Net 1256 Contract Losses or Straddle by Straddle?

Re: Section 1256 & Form 6781

DaveF1006 — Thu, 25 Feb 2021 00:24:58 GMT

You need to know what types of 1256 contracts you have in order to pick the right elections. Usually these are enclosed in a disclosure statement but you may need to contact the broker for more specific information.

Please review this Turbo Tax link for more information about straddle elections.

[Edited 02-24-2021|04:24 PM PST]

Re: Section 1256 & Form 6781

fanfare — Thu, 25 Feb 2021 01:30:20 GMT

unless you have made specific elections (which you would know) do not check any of the box options.

enter the total gain or loss shown on Line 11.

That is all.

Re: Section 1256 & Form 6781

teboff — Sat, 11 Mar 2023 13:00:14 GMT

Where do I enter these in Turbotax online? The instructions say to search for form 6781, then select the Go To Form, but there is no option to Go To that form. This is very frustrating as that's the only entry I need to complete my taxes.

Re: Section 1256 & Form 6781

DoninGA — Sat, 11 Mar 2023 13:10:02 GMT

@teboff wrote:

Where do I enter these in Turbotax online? The instructions say to search for form 6781, then select the Go To Form, but there is no option to Go To that form. This is very frustrating as that's the only entry I need to complete my taxes.

Where are having trouble entering entering Form 6781 in the Search box located in the upper right of the program screen and pressing Enter, which then gives you the Jump to Form 6781 link?