turbotax 2026 new layout lost the ability to enter forex income/loss in MISC/other reportable income section??

[Ikk]

the old turbotax layout allowed one to enter the misc income section and select "other reportable income" and under that there was the section 988 option that one can select and enter numbers. now under MISC income you can only enter 1099-MISC, but with no option to choose from a list "other reportable income' or to find the section 988 page. really? so how do one enter section 988 forex income now, or has turbotax simply deleted that functionality? this new layout sucks..

[CesarJ]

According to Section 988: "Except as otherwise provided in this section, any foreign currency gain or loss attributable to a section 988 transaction shall be computed separately and treated as ordinary income or loss (as the case may be)."

To enter Section 988 foreign currency transaction income or loss in TurboTax 2026, follow this path inside the program:

1. Go to Federal Taxes > Wages & Income.
2. Scroll down and select Less Common Income.
3. Click on Misc Income 1099-A, 1099-C.
4. Choose Other Reportable Income.

Here, you should find the option to enter Section 988 forex income or loss, which is treated as ordinary income or loss.

This process matches the IRS rule that Section 988 gains or losses are computed separately and treated as ordinary income or loss.

[Ikk]

the reply is correct, however it was how it worked under the old layout. After the new turbotax layout, after entering 'other reportable income', you are simply asked whether you have 'Taxable court settlements, Executor's fees, or Punitive damage awards'. There is no mention of section 988. However, you must answer 'yes' here, and upon clicking 'yes', you are allowed to manually write an any income description. I suppose one simply writes down 'section 988 gain/loss' manually here, and report the number.  the entire turbotax website has no button or section that says 'section 988' or 'forex', anywhere, whatsoever, that one can click on and enter the forex gain/loss formally.

that was not the case last year or a few years ago. i remember distinctly that there was a section 988 button in turbotax online version under 'other taxable incomes', and upon clicking it and entering the number, turbotax would even generate a forex income statement attached to the end of the automatically-generated tax return