Need Help with IB taxes on Turbotax

So nobody made money trading futures on this site and uses Turbo Tax, why am I not surprised!

Turbo Tax screwed up my form 8949.
My 6781 and Schedule D look OK, according to IRS 8949 instructions as long as 6781 is filled out, 8949 may be unnecessary when you file a net 1256 P/L for the year.

Anybody out there FILE a tax return and trade futures?

I think I will hit the TURBO TAX submit button and call it a day!:D
 
Do you need to file an IRS 8949 trading Section 1256 contracts?
Is IRS 6781 + Schedule D sufficient?

The Turbo Tax POS software does not feed into 8949 properly and entered all zeros.
My net tax result was correct with zeros on 8949 since schedule D was correct.
 
OK, I had a similar problem. Revisit that section and clear all entries out. Start the section over using ONLY the net 1256 contract loss, or gain as it may be.

And, no, sched D is sufficient. (at least for me).
 
Section 1256 contracts are reported on Form 6781, not Form 8949, which is for securities.

Both Forms 6781 and 8949 feed into Schedule D where the summary information winds up for generating cumulative capital gains and losses.

If futures trades only, you don't have a Form 8949, only use Form 6781.
 
Quote from Robert A. Green:

Section 1256 contracts are reported on Form 6781, not Form 8949, which is for securities.

Both Forms 6781 and 8949 feed into Schedule D where the summary information winds up for generating cumulative capital gains and losses.

If futures trades only, you don't have a Form 8949, only use Form 6781.
More...

@Robert

Greatly appreciated, I am in good shape!

surdo
 
You must log in or register to reply here.
Back
Top