Your Section 1256 foreign currency contract should transfer from your federal return to your MA return, either Schedule B or Schedule D. As you proceed through the MA section of TurboTax there will be options to make adjustments to various entries that have transferred from your federal return; however, if the loss is on MA Schedule B or Schedule D, then no adjustment is necessary.
What version of TurboTax are you using? If you are using TurboTax CD/download, you can go into Forms mode and review your MA return.
Could you please clarify?
What is Form 988, and what does it report?
What is the title of the form?
Thanks for quick response. I'm referring to IRS section 988 for Forex. I had a loss listed on my federal return but I don't know where to list it on the Ma form. The fed form is 6781
Your Section 1256 foreign currency contract should transfer from your federal return to your MA return, either Schedule B or Schedule D. As you proceed through the MA section of TurboTax there will be options to make adjustments to various entries that have transferred from your federal return; however, if the loss is on MA Schedule B or Schedule D, then no adjustment is necessary.
What version of TurboTax are you using? If you are using TurboTax CD/download, you can go into Forms mode and review your MA return.
My Forex losses went under Less Common Income as a negative Miscellaneous number. The issue is when it transfers to my MA state return it goes under Form 1-NR/PY Income Worksheet line 11 as other income from Form 1099-MISC as a negative number. The software keeps giving me an error that this can not be a negative number.
Is there another place to enter this negative loss on my MA return?