In Massachusetts how do I report Form988 loss

[JohnW152]

Could you please clarify?  

What is Form 988, and what does it report?  

What is the title of the form?

[Bbob72]

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

[GeorgeM777 · Accepted solution]

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. 

@Bbob72

[ruimarqu]

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?