1099 B futures contracts

Forum|Forum|2 years ago
February 20, 2024
1 reply
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How do I enter and answer the questions for 1099 B futures contracts on oil /cl?

MinhT1

Level 15

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:

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

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Bjamin1107Author

Level 2

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

RobertB4444

Level 15

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

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