IB Tax Forms: IRC Section 1256 vs 1099-B

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DisciplinedHedg

Hoping someone can shed some light on the 2 tax forms for futures traders.

IB does a good job with IRC Section 1256 summarizing all futures transactions.

But I'm not clear on how they get the amounts for box 8 and 11 on Form 1099-B or why a 1099-B is even needed for futures traders. It doesn't correlate with any amount I can find, or maybe it's just late and I should go to sleep.

Anyone know?
 
Well, it must be late at night as I just found the answer to my question.

The IRC Section 1256 includes futures and futures options. But the 1099-B only includes futures.

Still a little confusing to me. Anyone know why IRC Section 1256 and 1099-B are reported differently?
 
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