1099 B futures contracts

Futures contracts are Section 1256 contracts for the IRS.

 

Please read this TurboTax article on how to report income on Section 1256 contracts.

 

You'll need to complete form 6781.

 

To do this in TurboTax Online, please follow these steps:

 

1. Click on the magnifying glass icon on the top right of your screen
2. In the search box, type form 6781
3. In the search result page, click on Jump to form 6781
4. TurboTax will take you through a questionnaire where you can enter your information
5. TurboTax will then automatically split your gains between long-term and short-term to report them on your tax return.

I still do not understand the questions it's asking my and the options it gives me when continueing. 

what should we put for 

8 - Account Description
?

For account description, according to the IRS instructions, you enter "Form 1099-B" and the broker's name.  So for account description there in box 8 you can enter "Form 1099-B" or whatever other account description you think the IRS will understand.

 

@isalirezag