Does turbotax deluxe have 1256 contracts forms? Online version does not.

[Mystery123]

I'm going through turbotax online and it imported other investments but for SPX options, it didn't do anything and the only option I see with 1256 was something like 

'Unknown term basis not reported to IRS'.

Very confusing as 1256 contracts should be taxed 60% as long term and 40% as short term even on short term trades.

I checked online and saw someone mention the desktop deluxe version has it so wanted to confirm.

Should I get deluxe or premier?

[Mike9241]

since 1256 contracts are not initially  reported on form 8949 or schedule D they probably can't be imported. in any version. they're reported on form 6781 and from there the 60/40 split flows to schedule D.  and yes desktop supports this form and I'll bet the upper tier online apps do to just that you can't import.  read the instructions for line 1 of the form 

[Mystery123]

Thanks for answer.

So should I buy the deluxe desktop version or premier?
There's like $60 difference in price.

[Mystery123]

I got the premier desktop and it's useless for the 1256 contracts.

It just brought in SPX trades with 0 amount.

I have 100's of SPX trades and have to enter manually so I didn't use it.

So the answer is none of the Turbotax software import 1256 trades.

Waste of money.

[fanfare]

Use the "Section 1256" panel when your 1099-B has data on lines 8-11.

Only line 11 needs to be entered.

For description enter "<broker>'s 1099-B"

@Mystery123 

[Mystery123]

It complained about errors as the imported SPX transactions had 0 for both cost and proceeds.

I filed for a refund as I didn't use this  product.

Will see how it goes.

[phildonnia]

I'm using Premier desktop version. 

It has Form 6781, and Turbo Tax put everything in the right place when I entered it from a K-1.  

I'm not sure where you'd enter Section 1256 gains directly in the Q&A flow, but you can go to the "forms" view, find Form 6781, and enter stuff there.

See if there's something similar in the Online Version you're using.

[Mystery123]

Too late now. 
I used another software to file taxes.
I filed for refund and it rejected it twice even though I included all the information.

Looks like a scam.

We are unable to process the refund for TY2022 TurboTax Desktop Premier DIY Retail Case ####### at this time because all required information was not provided within the request. In order to complete your request, please provide us with a receipt from the retailer that contains the following information:

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