carry over loss

[sfd2]

Hello

I have large futures trading capital loss for the year. When doing my taxes do I have to apply any extra work sheet or forms to note I want to carry over my losses or when filing my regular tax forms does the loss I report automatically just keep carrying over to future years?

Thanks

[MinhT1]

Futures and options contracts are Section 1256 contracts for the IRS.

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

The net Section 1256 losses can be carried forward to future years.

You'll need to complete form 6781. The losses will transferred by TurboTax to Schedule D.

To do this in TurboTax, please follow these steps:

1. Click on Search 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.

[robtm]

Capital losses are applied to your capital gains. If losses exceed your gains, then you can apply 3000

against regular income, Any additional losses are then carried forward to future years. You should keep track of this for next years taxes.