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1256 Contracts -Which Boxes to Check

For 2023 I have traded Futures, Futures Options and Index Options (all 1256 contracts). I have NOT traded any Straddles and I did NOT held on to any positions form either 2022 to 2023 or 2023 to 2024 so no Mark to Market by year end.


In Turbo Tax interview,


First Section is Any Elections? There are 4 options to choose


Mixed Straddle

Straddle by Straddle

Mixed Straddle account election

Net Section 1256 Contract loss election  (I am assuming I should check this one, not sure why it is labelled loss vs loss/gain?


In tax reporting all gains and losses are in line 11 of 1256 Contract sections but in details it is split to show


Futures Net Mark to Market Gain of losses

Net gains/losses from Options


Next Interview: Contracts and Straddles


Section 1256 Contracts marked to Market (do I need to check this or just report all gain or loss from line 11)

losses from straddles

gains from  straddles

unrecognized gains from positions held on Dec 31st 2022

none of above  (does it matter if check this one if all above options do not apply to me)


Do I need to check any of boxes from  2nd Interview



Amount to Carried Back. What is the purpose of that one? I assuming if you have big loss in 2023 but gain in 2022 then one can amend 2022 return and apply that loss to previous year. Are there restrictions like need TTS or TTS with 475 election etc?

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