How do I enter and answer the questions for 1099 B futures contracts on oil /cl?
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Futures contracts are Section 1256 contracts for the IRS.
Please read this TurboTax article on how to report income on Section 1256 contracts.
You'll need to complete form 6781.
To do this in TurboTax Online, please follow these steps:
I still do not understand the questions it's asking my and the options it gives me when continueing.
what should we put for
8 - Account Description
?
For account description, according to the IRS instructions, you enter "Form 1099-B" and the broker's name. So for account description there in box 8 you can enter "Form 1099-B" or whatever other account description you think the IRS will understand.
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