turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Deciphering Your Tax Forms on Feb 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I enter income from substitute 1099B. OMB 1545-0715?

I have a loss from future contracts.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Ashby
New Member

How do I enter income from substitute 1099B. OMB 1545-0715?

Below are the steps to enter the Regulated Futures Contracts and Options 1099-B information in TurboTax:

  • Click on the Federal Taxes tab
  • Select the Wages and Income tab
  • Select  the EXPLORE ON MY OWN option (this may require you to click through one or two other screens beforehand)
  • Scroll down to the  Investment Income subgroup
  • Next the Contracts and Straddles line, and click the start button
  • Answer YES that you had Sec. 1256 contracts
  • Don't make any special elections selections unless they apply to you
  • On the Contracts and Straddles page, choose the box next to the Sec. 1256 Contracts marked-to-market
  • Click continue, and from there TurboTax will take you through the necessary questions and answers tree.

View solution in original post

2 Replies
Ashby
New Member

How do I enter income from substitute 1099B. OMB 1545-0715?

Below are the steps to enter the Regulated Futures Contracts and Options 1099-B information in TurboTax:

  • Click on the Federal Taxes tab
  • Select the Wages and Income tab
  • Select  the EXPLORE ON MY OWN option (this may require you to click through one or two other screens beforehand)
  • Scroll down to the  Investment Income subgroup
  • Next the Contracts and Straddles line, and click the start button
  • Answer YES that you had Sec. 1256 contracts
  • Don't make any special elections selections unless they apply to you
  • On the Contracts and Straddles page, choose the box next to the Sec. 1256 Contracts marked-to-market
  • Click continue, and from there TurboTax will take you through the necessary questions and answers tree.

How do I enter income from substitute 1099B. OMB 1545-0715?

there's only one item to be entered, Line 11.
If you had a loss enter the amount in the Loss Box.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question