Where to manually input 1099-B Box 8 (Total Realized P/L) and Box 11 (Aggregated Profit/loss on contracts)?

[Daniro]

Getting this message:

What's Not Supported?

The program does not support the import of Form 1099-B Boxes 8, 9, 10, and 11. If values are reported in Boxes 8, 9, 10, and 11 on Form 1099-B, or similar statement, manual entry is required.

[DianeW777 · Accepted solution]

Only Box 11, needs to be entered since it is the 'Aggregate Profit/Loss on Contracts'. A Section 1256 contract is a type of investment defined by the IRS as a regulated futures contract, foreign currency contract, non-equity option, dealer equity option, or dealer securities futures contract.

What makes a Section 1256 contract unique is that each contract held by a taxpayer at the end of the tax year is treated as if it was sold for its fair market value, and gains or losses are treated as either short-term or long-term capital gains.

1. With your TurboTax return open follow the steps next
2. Under Investment Income, click Start/Update on "Contracts and Straddles"
3. Continue twice and check the box for Section 1256 contracts marked to market.
4. Continue to complete the prompts on each screen

You will find that TurboTax offers only two boxes for Line 11 (a gain or a loss) and that is all that has to be entered.

[Daniro]

Excellent. Thanks

By any chance do you know about this: when I am wrapping up my income I am getting a check this entry:

 "Form 1099-B Worksheet (Interactive Brokers LLC): Sales price must be entered"

I uploaded all the info automatically from the broker, and I have the printed copies of the 1099-B, but I cannot find anything that reads Sales price. Do you know which number is the program expecting me to input?

Thanks again

[DianeW777]

Yes, you may need to take the following steps specifically for the entry that is causing the error. There are a couple of options (no pun intended), that you might try that should eliminate this experience. 

First, you want to go to the specific transaction to edit or delete it. Try to edit with the information below or re-enter it using the steps if you delete it. This should help resolve your error.

These particular steps may provide the ability to post a negative value to form 1099-B, Box 1d (if blank or negative sales price)

1. Select the option for a 1099-B
2. Select to type it myself
3. Enter Bank
4. I'll enter one sale at a time
5. Enter the stock data and leave 10d BLANK
6. When you hit Continue you will get a RED error message
7. At the bottom of the screen select Allow me to continue with incomplete information  > Continue
8. Any less common items will be blank.  Select Done
9. No this is not employee stock
10. Select the last item An adjustment is required for reasons not already covered.
11. Enter the negative number that you had in Box 1d.
12. This will complete the transaction 

Another option is to put $1 in the proceeds box and then add that $1 to the negative gross proceeds as your cost basis (positive figure). This will provide the accurate results of income and tax.  The most important thing is the correct end results on the tax return.

[Daniro]

Hi again, and thanks for the prompt response. The solution you are suggesting implies that I should erase the data that the system uploaded automatically from interactive brokers and then input the all information on the 1099-B manually?

I checked on the data that is there, and the amount on the 1d space is just a number (3700) and the amount on the 1e space is another number (4800), but non is a negative number. The amount on the total gain/loss is the negative number, but that is calculated by Turbotax (3700-4800=-1100).

That means that the automatically upload cannot be used with this broker?

Thanks again

[DianeW777]

No, it doesn't mean that.  If you are still having this experience, and since you have the information for this particular sale/transaction, try deleting just that one and then enter it again.  Be sure to continue through the entire section of sales of stocks, bonds, mutual funds and other until you reach the Wages and Income screen so that TurboTax completes the change.

[Daniro]

Hi Diane. Thanks for your answer. I tried your suggestion, but since it shows all the sales one by one, I adjusted one of them adding 1 to the gain and 1 to the loss, but it did take me to the same page after saving "lets take care of these details now" under "answer to review"and Ensures your final number is right. Then it takes me to the "check this entry" it keeps asking "Form 1099-B (Interactive brokers LLC): Sales Price Must be entered" and a gives a space to input that number. I finish the all skipping that part to see if I was going to get the same message from the information uploaded from other broker, but actually the other one was taken without a problem. I was wondering if this error could be related with a difference related with the broker fee. For example, one sale: reads:

 Proceeds: 229.20

Cost basis: 201.09

Adjustments: 0

Gain/loss: 28

This was the amount I changed putting proceeds 230.20 and cost  basis 202.09 that did not work (I adjusted it back after), But as you can see the Gain/Loss is not exactly since 229.20-201.09=28.11, Could this be the reason of the problem? This kind of difference appears in every single sale

I have been thinking as a last resort to erase the info uploaded from Interactive Brokers and input the totals on the 1099-B manually. Any suggestions?

Thanks

[LearnMoreOnTaxes]

Hey thanks for the info, but I don't see this option in the CD/download version of Premier, how can I report future trading profit/loss? thanks

[GeorgeM777]

If you need to enter transaction information that relates to the purchase and sale of futures contracts, in TurboTax CD/download, that information is entered in Investment Income section, which is under the Wages & Income tab.  However, the program does not support the import of Form 1099-B Boxes 8, 9, 10, and 11. If values are reported in Boxes 8, 9, 10, and 11 on Form 1099-B, or similar statement, manual entry is required.

To enter information manually into TurboTax, you need to go into Forms mode.  To go into Forms mode, click on Forms in the upper right of your screen.  In the left margin, find Form 6781. Click on Form 6781 to open it.  The information in box 8 and box 11 on Form 1099-B are reported on Form 6781.   

@LearnMoreOnTaxes 

[LearnMoreOnTaxes]

actually, this is not the case for me, I found the session in the downloaded version. There is a session named "Contract and Straddles" under "Carry Capital Loss", it is just not conventional, once you are there, the rest is straightforward.