Section 1256 & Form 6781

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I have a question on how to enter Options that are subject to Section 1256 reporting on form 6781. I cannot get my statement to import so I am trying to enter my self. I have included the Schwab statement I received, but unsure how to answer the questions in TT.

Do these show up in Part I, Part II or Part III of 6781?

Do I take the loss in 2020?

I am unsure of what I have to do to get these to show up correct on my return. When I do enter them they show under Part 1 but I have nothing marked at the top of the 6781(mixed straddle, net 1256, mixed straddle account or straddle by straddle) and then the loss carries to Schedule D - Is that correct? How do I know what they are?

M-MTax

Level 15

Hard to read that screenshot but your entries should end up on SCH D.

Looney1966Author

Level 4

But based on that form it is sayin 6781? Gains and Losses from Section 1256 Contracts and Straddles? Which do I pick on the top of that form? Mixed Straddles Election, Mixed Straddle Account, Net 1256 Contract Losses or Straddle by Straddle?

DaveF1006

Alumni - Intuit

You need to know what types of 1256 contracts you have in order to pick the right elections. Usually these are enclosed in a disclosure statement but you may need to contact the broker for more specific information.

Please review this Turbo Tax link for more information about straddle elections.

[Edited 02-24-2021|04:24 PM PST]

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