How do I enter Form 1099-B, box 8 and 11 information into TurboTax?
Form 6781 is used to report capital gains or losses from Section 1256 contracts, which are typically subject to mark-to-market rules. It is also used for gains or losses from straddle positions (such as put and call options) under Section 1092. These type of transactions usually involve regulated futures contracts, nonequity options, foreign currency contracts, dealer equity options, or dealer securities futures contracts, as defined in IRS Publication 550. At the end of the year, these holdings are treated as if they were sold at a fair market value on the last day of the tax year.
To report gains and losses from Section 1256 Contracts and Straddles on your tax return, select your version of TurboTax, then follow the steps provided.
- Open TurboTax Online
- Go to Contracts and Straddles.
- On the screen titled Any Straddles or Section 1256 Contracts? select Yes.
- On the screen titled Any Elections? check the box beside any applicable election and then select Continue.
- On the screen titled Contracts and Straddles, check the box beside any items that apply to your situation, then select Continue.
- Proceed to enter your information as prompted from boxes 8 and 11 of your Form 1099-B.
- Open TurboTax Desktop
- Select either the Federal Taxes or Personal Taxes tab
- Select the tab Wages & Income or Personal Income and then select I’ll choose what I work on.
- Locate the section Investment Income.
- Locate Contracts and Straddles and select Start.
- On the screen titled Any Straddles or Section 1256 Contracts?, select Yes.
- On the screen titled Any Elections?, select check the box beside any applicable elections, and then select Continue.
- On the screen titled Contracts and Straddles, check the box to any items that apply to your situation, then select Continue.
- Proceed to enter your information as prompted from boxes 8 and 11 of your Form 1099-B.
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