carry over loss

Forum|Forum|3 years ago
February 21, 2023
2 replies
18 views

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

Not A Product Question

MinhT1

Level 15

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:

Click on Search 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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