1057938
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

If all of my 1256 option contracts were closed prior to year end (and within the calendar year), how do I enter them into TT SE during the interview phase?

 
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 Reply
Anonymous
Not applicable

If all of my 1256 option contracts were closed prior to year end (and within the calendar year), how do I enter them into TT SE during the interview phase?

you should be getting a tax form from the brokerage.  in the meantime, the net should be entered on form 6781.   this will split it 60% long-term 40% short-term flowing to schedule D.  when you get the 1099 or other reporting form from the brokerage check that the numbers agree. note that brokerages may not issue the forms until 3/16/2020.  so you may want to file beforehand if you're sure the numbers will agree.   otherwise, you may have to file an amended return. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question