topic Form 1099 B shows a loss from futures trades in boxes 8 and 11. These go on form 6781. When I answer the questions, the amount of loss is showing as zero. in Investors & landlords

Form 1099 B shows a loss from futures trades in boxes 8 and 11. These go on form 6781. When I answer the questions, the amount of loss is showing as zero.

febroker — Wed, 05 Jun 2019 02:09:28 GMT

How do I post net futures losses? Thank you.

Below are the steps to enter the Regulated Futures Contra...

MichaelDC — Wed, 05 Jun 2019 02:09:30 GMT

Below are the steps to enter the Regulated Futures Contracts and Options 1099-B information in TurboTax:

Click on the Federal Taxes tab
Select the Wages and Income tab
Select the EXPLORE ON MY OWN option (this may require you to click through one or two other screens beforehand)
Scroll down to the Investment Income subgroup
Next the Contracts and Straddles line, and click the start button
Answer YES that you had Sec. 1256 contracts
Don't make any special elections selections unless they apply to you
On the Contracts and Straddles page, choose the box next to the Sec. 1256 Contracts marked-to-market
Click continue, and from there TurboTax will take you through the necessary questions and answers tree.

Careful, my TT-2017 Premier doesn't allow one to do a Fed...

bsim2123 — Wed, 05 Jun 2019 02:09:31 GMT

Careful, my TT-2017 Premier doesn't allow one to do a Federal Capital Loss Carryover to Sch D if you have a loss in 2016 for1256 contracts Oddly, it allows the carry over loss for my state, so I believe there is an error on the Federal Sch D carryover. Almost efiled before I caught this, so I need TTax to let me know how to correct the 2016 carry over loss omission to 2017 Sch D.

you're posting on an old thread about a separate issue. S...

fanfare — Wed, 05 Jun 2019 02:09:33 GMT

you're posting on an old thread about a separate issue. Start your own posting

Re: Below are the steps to enter the Regulated Futures Contra...

kevinbsmith — Wed, 01 Mar 2023 18:46:43 GMT

The answer by TurboTax MichaelDC from June 2019 needs to be updated slightly to match the 2022 TurboTax Online version of the software. I'm not a financial advisor or a tax advisor, just a regular TurboTax user doing my own taxes again this year. I just entered my 1099-B Aggregate Profit-Loss amount for my Regulated Futures Contracts accounts. Here are the exact steps I followed in this year's 2022 TurboTax Online:

Click on the Federal Taxes tab
Select the Wages and Income tab
~~Select the EXPLORE ON MY OWN option (this may require you to click through one or two other screens beforehand)~~ I did not see an EXPLORE ON MY OWN OPTION in the 2022 TurboTax Online.
Scroll down to the Less Common Investments and Savings Income subgroup, then click on Show More
Next to the Contracts and Straddles line, click the start button
Answer YES that you had Sec. 1256 contracts
Don't make any special elections selections unless they apply to you, click Continue
On the Contracts and Straddles page, choose the box next to the Sec. 1256 Contracts marked-to-market
Click continue, and from there TurboTax will take you through the necessary questions and answers tree.

The form will ask only for the Broker’s Name and information in boxes 8 and 11 on your 1099-B. Be aware, box 8 on my 1099-B reports a dollar amount of profit-loss, but TurboTax asks for you to enter a Description here. I entered the title of Box 8, Profit-loss 2022 on Closed. Then I entered my Aggregate Profit-loss dollar amount in box 11.