How to do tax for Future Contracts Trading - 1099B (?)

[isalirezag]

As part of my trading I trade Future contracts, my bank sent me this 1099-B form.

It is very unclear how to fill the form for it.

In the form that I got from my bank I have the following information:

```

1099-B PROCEEDS FROM BROKER & BARTER EXCHANGE TRANSACTIONS -OMB.1111-1111

-REGULATED FUTURES CONTRACTS-

------------------------------------------------------------------------------------------------------------------------    Converted Amt.

8. -- Profit/(Loss) Realized on Futures Contracts in USD for 2023                                               ( 9,185.71)

*** Total Reported for Line 8 in USD for 2023 . . . . . . . .                                                                ( 9,185.71)

11. Aggregate Profit or (Loss) from lines 8, 9 and 10 . . .                                                               ( 9,185.71)

* * * END OF 1099-B STATEMENT (REGULATED FUTURES CONTRACTS) * * *

Instructions for Recipient - 1099B

Brokers and barter exchanges must report proceeds from transactions to you and the IRS on Form 1099-B.

Reporting is also required when your broker knows or has reason to know that a corporation in which you own stock has had a change in control or a substantial change in capital structure.

You may be required to recognize gain from the receipt of cash, stock, or other property that was exchanged for the corporation's stock.

If your broker reported this type of transaction to you, the corporation is identified in the box below your name and address on Form 1099-B.

Account Number. May show on account or other unique number the payer assigned to distinguish your account. REGULATED FUTURES CONTRACTS (BOXES 8 THROUGH 11):

Box 8. Enter the profit or loss realized on regulated futures contracts closed during 2023.

Box 9. Enter the unrealized profit or loss on open regulated futures contracts at the end of 2022.

Box 10. Enter the unrealized profit or loss on open regulated futures at the end of 2023.

Box 11. Enter the aggregated profit or loss for the year from regulated futures contracts.

Use boxes 8, 9, and 10 to figure the aggregate profit or (loss).

````

How should I provide this information? what is the right form and how we can do it?

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Update:

I think I need to do 1256 form.

I am not sure what to put for 

what should we put for 

8 - Account Description
 though?

[JohnW152]

To enter your futures trading information (including Form 1099-B box 8, 9, 10 and 11 data) in TurboTax Online:

1. Open TurboTax Online
2. Select Tax Home in the left pane
3. On the  Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Income & Expenses box, then select Work on other income, Review/Edit or Pick up where you left off
4. On the  Your income and expenses screen, scroll down and select the dropdown to the right of Less Common Investments and Savings 
5. Select  Start or Revisit to the right of Contracts and Straddles
6. Answer  Yes on the Any Straddles or Section 1256 Contracts? page 
7. If you made any elections, please select as appropriate on the Any Elections? page

Continue entering all information as appropriate. You'll be able to enter information that includes Form 1099-B box 8, 9, 10 and 11 data.

For your section 1256 description, you might use

• Regulated futures contract
• Foreign currency contract
• Nonequity option or
• Dealer equity option

as appropriate.

[fanfare]

description is whatever you want it to be.

try "1099-B from <broker> "

dont check any options.

only line 11 has to be entered in the right box.'

That's it.