Hello,
I have four 1099's that I am importing into Turbo Tax desktop.
Two of the four 1099's have Section 1256 contract gains (1099-B).
Line 11 of the two 1099's which have this type of gain is "Aggregate profit or (loss) on contracts".
I have imported all four 1099's into TT desktop using the import function.
My understanding is the sum of these two line 11 numbers from the two 1099's with 1256 contract gains should be the starting number for IRS form 6781 - "Gains and Losses From Section 1256 Contracts and Straddles".
However, when I look at line 1 in TT Desktop for Form 6781, it is not the sum of the two imported 1099's that have this type of income.
For example, one 1099 says I have $2,000 of line 11 "Aggregate profit or (loss) on contracts" and the second 1099 says I have $10,000 of line 11 "Aggregate profit or (loss) on contracts". Turbo Tax desktop has imported these two 1099's, and on Form 6781 line 1 the TT generated form says "Form 1099-B TD Waterhouse" $11,000 gain. $10,000 + $2,000 = $12,000, and I was expecting that amount ($12,000) to be the starting number line 1 for form 6781, but the starting number generated by TT is $11,000.
There are two other 1099's I am importing into TT, but they have zero for 1099-B line 11 Aggregate profit or (loss) on contracts.
Does anyone have any idea why TT desktop would generate a starting number for line 1 on Form 6781 which is different (it is slightly less) than the sum of two 1099-B line 11 Aggregate profit or (loss) on contracts?
Thanks for any help!
