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's also used for gains or losses from straddle positions (such as put and call options) under Section 1092. These types 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, follow these steps:
Navigate to the Contracts and Saddles section:
TurboTax Online: Go to the Contracts and Straddles screen under Income in the Federal section, and select Yes.
TurboTax Desktop:
Go to Federal Taxes.
Go to Wages & Income.
If asked How do you want to enter…?, select I’ll choose what I work on.
Under Investment Income, select Start or Update next to Contracts and Straddles.
On the Any Elections? screen, select any applicable election, then Continue.
On the Contracts and Straddles screen, select any items that apply to your situation, then Continue.
Proceed to enter your information as prompted from boxes 8 and 11 of your Form 1099-B.
