How do i enter futures contract trades

[mlgold99]

These are similar to stock trades but are for things like wheat, corn, gold, silver. I have a 1099-b which gives the amount of gain for the year.

[MargaretL · Accepted solution]

Please follow steps below to enter commodity futures contracts:

1. Federal Taxes
2. Wages and Income
3. Scroll down to Investment Income
4. Select Contracts and Straddles - answer yes to Any Straddles or section 1256 contracts, don't check any elections (unless they apply to your situation), check the box Section 1256 contracts market to market, continue through the interview. 

[dabbwom]

How do you enter 1256 Gains in TurboTax Business for allocation to LLC shareholders?

[JamesG1]

In TurboTax Business, click on the Search / magnifying glass in the upper right hand corner of the screen.

In the Search box type 'contracts and straddles'.  Enter.

Click on Jump to contracts and straddles.

Answer the questions at the screen Any contracts or straddles?.

[marie1944]

I make sure I help as much as I can and I marked down everything I had to do

[samccord385]

In the 2022 TTO it is called Less Common Investments and Savings

[AbrahamT]

In TTO, it's answered the same way like Turbotax Business, see this

[zyufan]

I saw some Post asking to check "mark to market" box, but some Post asking not to check "mark to market" box when filing Form 6781. Does it make any difference in tax or taxable amount when check or uncheck "the box of Section 1256 contracts mark to market" when there are both realized and unrealized Gain or (Loss) from Section 1256 Contracts or/and Straddles?

[AbrahamT]

With Section 1256 investments, IRS requires you to report actual or would-be gains and losses through the end of the year on Form 6781. The basics of Section 1256 investments are as follows:

• You report gains and losses—as a result of an actual sale or the fair market value—through December 31 of each year.
• You complete Form 6781 even if you keep the investments.
• The process of assigning "fair market value" to investments you continue to hold, and don’t sell, is called “mark to market.”

See HERE  for more information and in entering the 1256 investments in Turbotax.  Based on this article, you would record the investments at market to market for the purposes of maintaining the contracts at fair market value.

[zyufan]

In Form 6781, how to determine the sold option contracts ("Section 1256 Option Contracts" reported on 1099-B) should be entered in Part I (Report your Section 1256 investment gains and losses) or Part II (Report the gains and losses on your straddles)?

In Part I, 60% of Gain or Loss belong to long term gain or loss, while 40% of Gain or Loss belon to short term gain or loss. How about in Part II? Are all of Gain or Loss belong to short-term or long-term gain/loss, or they have the same percentage in short-term and long-term gain or loss as Part I?

[AbrahamT]

Doesn't say anthing about 60%  /  40%  for Part II,  The 60%  40% computation would only apply to Part I . See here