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Level 2
posted Mar 10, 2022 4:28:10 PM

Question on Straddles or Section 1256 Contract question and importing of Schedule K-1.

I invested in United States Natural Gas Fund LP, and received a Schedule K-1. 

 

I was able to import the content of the K-1 (with exception of Box 13, Other Deductions) to TurboTax, and it seems that the straddle/contracts portion was populated with the corresponding amount in Box 11C of K-1.

 

However, after the import, I'm coming across the question in the workflow of Wages & Income, of "Any Straddles or Section 1256 Contracts?".

 

Since I already observed that the Straddles and Contract section in the Investment Income section is already populated with the K-1 content, should I just respond with "No" to this question?

 

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1 Best answer
Expert Alumni
Mar 15, 2022 12:02:10 PM

Yes, if all of your information is already in the Straddles and Contracts section, you can just say No. That question doesn't appear on the tax return, it just helps TurboTax guide you to the next entry screen. 

1 Replies
Expert Alumni
Mar 15, 2022 12:02:10 PM

Yes, if all of your information is already in the Straddles and Contracts section, you can just say No. That question doesn't appear on the tax return, it just helps TurboTax guide you to the next entry screen.