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?
